Japanese banks are looking at digital payments due to a recent regulatory change which may bring in more competition; the law will be introduced in phases which makes it easier for depositors to give third parties access to both their accounts and data; it is part of a government push to reduce high cash use in the country; Projects around QR codes, blockchain and digital currencies are currently in the works. Source
A recent report by Bain & Company just shares how successful Amazon could be if it were to enter banking; according to the report: "We could imagine Amazon's banking services growing to more than 70 million U.S. consumer relationships over the next five years or so — the same as Wells Fargo, the third-largest bank in the US. Although many retail bankers and observers have pegged the nimble fintech start-ups as the likely disrupters, it has become clear that established technology firms pose a bigger threat.”; the CNBC article shares several of the advantages Amazon would have in banking, products they could expand into and some of the talks that are already taking place with banks. Source
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