On Sun, May 27, 2018 at 9:29 AM, Bob Ling <RLing888@... mailto:RLing888@...> wrote:
Are Alipay and WeChatpay threatening America’s credit card companies? I saw many Factory Outlet stores now in America accepting Alipay and WeChatpay. Alipay is so convenient and super fast , credit cards is clumsy and charge the merchants a whopping two percent fees on average, and the credit card companies can’t stop so much frauds going on. China will now making money in the Financial Services too? Cheers Bob Why China’s Payment Apps Give U.S. Bankers Nightmares By Jennifer Surane https://twitter.com/jennysurane and Christopher Cannon https://twitter.com/homiedonttweet May 23, 2018 Wandering the streets of Shanghai to admire the architecture, the head of one of the largest U.S. consumer banks recently found himself surrounded by a gaggle of teenagers. Entranced by their phones, they hardly made way for the banker. The teens were messaging, shopping and sending money back and forth, all without cash. Instead, they were using Alipay and WeChat. The scary thing for the American: Banks never got a cut. The future of consumer payments may not be designed in New York or London but in China. There, money flows mainly through a pair of digital ecosystems that blend social media, commerce and banking—all run by two of the world’s most valuable companies. That contrasts with the U.S., where numerous firms feast on fees from handling and processing payments. Western bankers and credit-card executives who travel to China keep returning with the same anxiety: Payments can happen cheaply and easily without them. https://www.bloomberg.com/ graphics/2018-payment-systems- china-usa/ https://www.bloomberg.com/graphics/2018-payment-systems-china-usa/
