U.S. Banks Are Terrified of Chinese Payment Apps

[oprih]

China is truly more advanced and high tech compared to the primitive muricans. Well done China!

 

[nahtanbob]

no the real looser are people who will loose their jobs, Banks are happy to close all branches and just make money on online transactions

Banks may lose money on auxillary services. the real losers are some of the customer facing bank employees and owners of real estate

The real winner are average consumers, they only need a phone to do everything, super convenient, tha't why you see in China people walking everywhere without carrying anything.

Without a smartphone none of this was feasible. If Chinese consumer wanted anything 20 years ago he/she would be in the same boat as American consumer.

consumers in America have a good deal - generally stable banks, easy access to credit.

 

[Hamartia Antidote]

no the real looser are people who will loose their jobs, Banks are happy to close all branches and just make money on online transactions

Interesting read on what Chinese banks did when companies like AliPay took their customers.

https://www.bloomberg.com/opinion/a...trol-alipay-wechat-pay-deposits-is-power-grab

 

[beijingwalker]

World is moving toward cashless in the future, China is leading the way, it's gotta happen everywhere.

 

[925boy]

Through Ali Pay itself, everyone has Alipay and evreywhere you can pay with it, you don't have to see cash. But you can't turn the money into cash if your Alipay is not connceted to a bank account, but cash is a thing of the past, so it doesn't really matter.

Wow. thanks for the insight. i ALREADY know our Whatsapp here should have payment via the app, so should out telegram, and facebook....we dont have payment via app easily available to masses here. cashless economy seems to be happening over there. thats amazing, cuz we all talk about it, but no one expected it to happen. lol.

 

[Oldman1]

Ali Pay is the bank

American banks can easily build the virtual app. the real impact is in the business model. The real losers are the owners of bank real estate and more bank tellers

Indeed. Its just similar to Zella or Apple pay when you transfer money to friends or family through apps. Just different accounts. This is nothing new really. Got to have an account. Otherwise where would the money be. In your phone? Does that mean your phone is the bank itself?

World is moving toward cashless in the future, China is leading the way, it's gotta happen everywhere.

Thought Sweden was the first to be all cashless country.

 

[Hamartia Antidote]

Indeed. Its just similar to Zella or Apple pay when you transfer money to friends or family through apps.

You can do it through ApplePay Cash.