In a new interview, Microsoft cofounder Bill Gates described how he hopes mobile payments can serve the unbanked, particularly in the developing world. Gates hopes his initiative will reduce overhead costs for small transactions between users, bringing down the barriers for secure transactions. Gates praised Apple Pay and said he hoped Microsoft would soon introduce a mobile payment solution of its own. Gates foresees mobile payments eliminating many bank transaction fees, forcing them to rethink their fee structures. "If it's a pure digital-to-digital transaction, then you should be paying less than a percent to move that money from you to a merchant -- or from you to a friend -- even while meeting all the regulatory requirements," he said.