Monday, January 13, 2020
U.S. Banks Are Terrified of Chinese Payment Apps
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.
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A relatively easy way of doing this would be through Post Office Banking.
USA - https://en.wikipedia.org/wiki/United_States_Postal_Savings_System
UK - https://www.postoffice.co.uk/banking
India - https://en.wikipedia.org/wiki/India_Post_Payments_Bank
While local Post Offices would make convenient branch locations, all citizens should be allowed inherently risk-free accounts of their own at the Central Bank itself and all other privileges for private depository institutions abolished too.
We already have no fee banking in Canada.
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