Part two of a five piece series on emerging threats to banks from non-financial companies. To read part one, “For Banks, the Sky IS Falling,” click the hyperlinked title.
I am not big on scare tactics, so apologies in advance of my next sentence. But when HP’s chief technologist for financial services, Ross Feldman calls PayPal “the poster child of new technology,” adding, “they are the No. 1 scary emerging player in the eyes of bankers” how can you not be concerned? PayPal, a subsidiary of eBay, is already a major player in the person-to-person payment business (P2P) and is poised to take a massive bite out of traditional banking revenue.
What is PayPal Up To?
To preface this part of today’s post, keep in mind that as an unregulated entity, PayPal is not subject to the same regulations and compliance expenses as banks. I share this oh-so-salient point as the company moves…
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