If PayPal
and new
payment competitors like Google and Starbucks were not enough, get
ready for Alibaba to steal our bank transaction revenue. The world’s
biggest e-commerce company, much larger than Amazon and serving both consumers
and business, uses its AliPay unit to process and settle
payments just like PayPal, as discussed in today’s Wall Street Journal.
This means for your checking accounts that settlement happens as a debit ACH,
just like PayPal, for which you earn no revenue, and diminishing
your customer relationship and payment relevance.
You need
a “Payments Approach to Checking
Revenue” with PaySound® to protect and grow
your checking revenue.
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