If Apple’s mobile wallet Apple Pay is successful banks will be the big losers.pdf
Discusses Apple Pay’s prospects and impact on players across the payments value chain and contends to the extent Apple Pay is successful it will capture additional economics from bank issuers and diminish their payments customer relationships.
Should President Biden keep Jay Powell? Americans have cause to worry who leads the Fed
Because of its outsized impact on the economy the choice of Fed leadership is enormously consequential. If the Fed were less powerful, if it exercised less discretion in monetary, fiscal, regulatory, and operating policies, it would matter less, much less. President Biden’s upcoming Fed appointments should concern every American. It’s up to him whether to […]
Read more...China fires a shot across the bow of King Dollar
China’s pilot of a digital yuan is a shot across the bow of King Dollar. Domestically it will displace anonymous physical cash and compete with China’s card-network monopoly China UnionPay, and its PayPal analogues Alipay and WeChat Pay. Abroad it will help it bypass the dollar-dominated global financial system, facilitating China’s Belt and Road Initiative, […]
Read more...Will Covid-19 sound the death knell of cash?
In January NYC lawmakers banned merchants banning cash. Last year SF mandated merchants accept cash. They may rue the day. Covid-19 is hammering vulnerable populations and the economy. It’s also making consumers and merchants increasingly leery of transacting in dirty, potentially contaminated cash. On Visa’s April 30th earnings call CEO Al Kelly warned “Currency is […]
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