maybe so - but it's just another case of technology advancing faster than laws and society.
ethically and morally there is absolutely nothing wrong with people running their own money transfer services - it just goes against the grain because the banks start to struggle to justify their existance.
It's no difference to Supermarkets opening Deli's and bakeries on premise and taking some of the local business out of the equation - this time it's just the other way around.
all very good points!