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Thread: U.S. Banks Are Terrified of Chinese Payment Apps

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    Default 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.



    Wake up and smell the coffee.


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    Nothing new, after demonization in 2016 i visited india and was surprised to see that entire country is getting dominated by Mobile payment apps and banking UPI methods.

    Even streetwise food cart and small Stoll's had their own UPI code alongside barcodes printed on their counter.

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