patrick and john collison quit college because they had an idea for shaking up. >> patrick collison: in a world where people can send a facebook message or sort of upload an instagram photo and have it available to anyone anywhere in the world like that, i think the fact that that doesn't work for money is something that seems kind of increasingly, honestly, unacceptable to people. and so, i think the question for banks is just can they get there first in providing these services? or will it be somebody new? >> stahl: they want to be the somebody new. john, 26, and patrick, 27, first noticed the problem when they were in high school in dromineer, a dot of a town in ireland. and you were coders? >> john collison: yeah, we had both learned to program growing up, and we had been building iphone apps, we had been building web services. >> stahl: but when they wanted to charge people to buy the apps they hit an unexpected snag: they had to go to the bank and file paperwork just to be able to collect the money. >> patrick collison: like really sort of kind of like getting a mortgage. >> jo

you would have to, like, convince them that you were worth supporting-- >> john collison: and like a ave to be approved. >> patrick collison: right, exactly. and it would take sort of weeks for this approval process to happen. and it just seemed sort of like this crazy mismatch. >> stahl: so they decided to do something about it. they created software that allows businesses to cut through all that bureaucracy and instantly accept payments online from countries across the globe. we visited their startup, stripe, in the mission district, the heart of san francisco's tech scene, where patrick showed me how fast a business could set up a money-collection system using stripe. set me up! pretend i left "60 minutes" to create an online business. >> patrick collison: what do you want to sell? >> stahl: i think i'm going to sell dog food. homemade dog food. in five minutes, after a few clicks and a cut and paste of their code, he said my company would be ready to receive payment for homemade dog food online, right then and there. >> patrick collison: it doesn't need to take any longer. this is

brothers patrick and john collison quit college because they had an idea for modernizing the financial industry they thought needed a shaking up. >> in a world where people can send a facebook message or upload an instagram photo have it available to any one, anywhere in the world. like that. i think the fact that doesn't work for money is something that unacceptable to people. so i think the question for banks is can they get there first and providiing services o somebody new. >> they want to be the somebody new. john, 26, patrick, 27, first noticed the problem when they were in high school in a dot of a town in ireland. you were coders? >> we both learned to program growing up. we had been building, iphone apps, web services. >> when they wanted to charge an unexpected snag. they had to go to the bank and file paperwork just to be able to collect the money. >> look really sort of -- kind of look getting a mortgage. you have to convince them that you are worth supporting. >> like the mortgage it would have to be approved. >> it would take weeks for the approval process to happen. just