Sunday , December 22 2024
Home / Mike Norman Economics / U.S. Banks Are Terrified of Chinese Payment Apps

U.S. Banks Are Terrified of Chinese Payment Apps

Summary:
If mobile payment apps became as popular in the U.S. as they are in China, banks would lose a projected 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. [embedded content]

Topics:
Mike Norman considers the following as important:

This could be interesting, too:

Mike Norman writes Trade deficit

Mike Norman writes Bond market now pricing in one 25 bps rate cut by Fed in 2025

New Economics Foundation writes What are we getting wrong about tax

Sandwichman writes The more this contradiction develops…

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.




Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

Leave a Reply

Your email address will not be published. Required fields are marked *