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US Banks Are Terrified of Chinese Payment Apps

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Published May 28, 2019 1:38 AM PDT

If mobile payment apps became as popular in the US 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.

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Last Updated 7th January 2026

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US Banks Are Terrified of Chinese Payment Apps

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