- Delivering Truth Around the World
Custom Search

Banks TERRIFIED! Chinese Payment App Cuts Out Banks!

Smaller Font Larger Font RSS 2.0

(Bloomberg Series) U.S. Banks Are Terrified of Chinese Payment Apps:

If mobile payment apps became as popular in the U.S. as they are in China, banks would lose a projected $43 billion in revenue annually. Bloomberg QuickTake explains how cheap and easy payments by phone are threatening one of the banking industry's most profitable businesses. (Video by Robin Fall) (Source: Bloomberg):

(JImmy Dore) Banks TERRIFIED! Chinese Payment App Cuts Out Banks!:

Why Alibaba's Hong Kong IPO May Signal a Chinese Retreat From Wall Street:

China's payment apps scare U.S. bankers: Bloomberg:

The popularity of Alibaba's (NYSE:BABA) Alipay and Tencent Holding's (OTCPK:TCEHY)

WeChat have changed payment systems in China, allowing consumers to pay for goods with their phones without credit or debit cards or checking accounts.

Why is that scary to U.S. bankers? If similar app-based systems gain ground in the U.S., banks will no longer be reaping the processing and handling fees they've become accustomed to--what could amount to a $43B hit to revenue.

Tencent Holdings Limited, an investment holding company, provides Internet value-added services (VAS) and online advertising services in Mainland China, Hong Kong, North America, Europe, other Asian countries, and internationally.

Tenpay Online Payment & PC WeChat Payment: