Will Chinese Tech Giants (alipay, we chat) enter our banking system? Bloomberg Thinks so!

You don’t need to watch the video or response: Essentially the argument is China has switched to a cashless economy and will the U.S.

Arguments for why the US will:

1) China has, fees are lower (Bloomberg released this video on May 20th www.youtube.com/watch?v=SJh_Uir5EMI&t=1s and www.bloomberg.com/graphics/2018-payment-systems-china-usa/)

Arguments against

1) Banks are quite powerful

2) American consumer is a bit different from the Chinese

Here is the response: youtu.be/z-SLpqSugf4

I’d be interested in anyones thoughts on how the banking system could chance because of China.

 

h/t JohnnyPoster