U.S. Banks Are Terrified of Chinese Payment Apps
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- Опубліковано 14 жов 2024
- If mobile payment apps became as popular in the U.S. as they are in China, banks would lose a projected $43 billion in revenue annually. Bloomberg QuickTake explains how cheap and easy payments by phone are threatening one of the banking industry's most profitable businesses.
Video by Robin Fall
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Middle men are finally being phased out. Bout time!
BUT MUH CUT
Screw the middle man taking a cut for adding nothing to the value!
Party time!
No middle man is taken out, just replaced :)
The difference is that you don't need any of those fancy services like credit, checks, checking accounts.
It's just not needed anymore.
But you need a middle man to ensure security, always.
Emanuel Gug thanks you giving a balanced view
Handjobs will be the new currency in the usa ✊🏽🇺🇸✊🏽
My heart goes out to the big banks.......not
Lol same . Fuck these guys
Seriously fuck the big banks.
What yall saying how is it not obvious this guys a chinese bot
Fucking 50 cent army ass generic name photo
Oh wont somebody please think of the bankers!
LMAO
*China [7th Century]:* Invents paper currency
*China [2019]:* Ends paper currency
it's been happening for years you American 🙄
More like 2015
China [2013] : Ends paper currency, sorry
@@bren8926 高速路今年才开始也能微信支付。所以说2019也不为过。现在真的是日常生活完全不需要现金了。没有地方强制现金了。
@@bren8926 It's a sarcastic statement made to agree with the video. Be nice.
2.6% fee vs 0.1% fee
@Tyler Durden 3$ per transaction for bitcoin. lol. I am all about bitcoin but this is just misinformation
@Tyler Durden Do you know what Cash on Delivery is? Its very popular in india
@@swaystar1235 not everyone lives in india tho
@@demonsheadshot8086 Yeah but the software and such already exists, it would take less than an hour to roll it out to the whole world
@@swaystar1235 jokes on you we dont even have the technology for amazon and paypal here oof
I'm from Singapore and i was SO DARN IMPRESSED when i visited Shanghai last month. Everything there is now cashless. I felt awkward whenever i used notes to pay, as no one else was doing it..... At a restaurant, i didn't even have to ask for the bill. My girlfriend just scanned the qr code sticker on the table, and our bill came up on the phone and we paid for it via WeChat. I asked my girlfriend how anyone knew if we paid, as people would definitely just walk out if no one checked.... And she just said to flash our payment confirmation at the waitress on our way out. Ok...... My girlfriend who lives in Shanghai, does not even bother to bring her wallet out (which has annoyed me plenty a time) as she almost never gets a chance to take it out. Taking the subway via phone qr code payment? Check. Buying street food from random stalls on the road? Check. We saw this old man selling cups and bowls on a wooden cart. And my girlfriend paid via her phone for a few bowls. Right next to that wooden cart was an auntie selling savoury sweets on her rattan baskets, AND SHE ALSO HAD QR code payment. Literally every single business and person selling something accepts WeChat pay & AliPay. NO KIDDING.
We wake up in the morning, and she can just order delivery via her WeChat phone app and breakfast arrives at our doorstep in less than half an hour before i even get off the bed. I'm not even talking McDelivery or fast food. It was proper food like porridge, beancurd, fried fritters and dumplings.
We HAD FRIGGIN HOTPOT for dinner delivered to our doorstep, pots, switches, condiments, sauces and all, just by browsing the WeChat App.
The most ridiculous one was when my girlfriend felt ill at 2am and i was wondering how to get medication for her. She just.... Used WeChat... And some 24/7 drugstore delivered medicine to our apartment in like what 30 minutes? I was like wtf....
The only drawback is that once your phone dies, you're pretty much screwed. That's why in Shanghai, there were portable battery stations at almost every 100m intervals. Ridiculous yet so impressive.
Interesting that you felt the need to write all of that.....definitely not a CCP propagandist....
Seems super unsustainable. One blackout and everyone’s broke
that is right
@@powerthirst1478 You need to have gold and silver and some cash with you. In case if there is black out you can use your cash money. And the gold and silver keep yourself incase economic collapse
@@Smiler2724 中国不停电的呀，你不知道中国电网在全世界很牛逼的吗
Funny there's people saying that mobile payment undermines privacy. Whenever you made a perchase with your credit card, the transaction information is recorded by banks and credit card companies. So, what is the difference, in terms of privacy, between have the transaction information recorded by a tech company or a credit card company.
Oh no the poor banking industry what will they ever do
Not true
Adolfo Castro 😂
they'll go to hell where they belong
Make War? I guess?
Adolfo Castro don’t worry guys they’ll find some way to earn money even on that.
But my drug dealer doesn't tale Venmo or cash app
Paypal? Find a dealer with paypal account.
i plug uses apple cash. mind blown.
Give them time. I'm sure Highpay will be along soon...
My drug dealer is the state of Florida and they only accept cash..
He would find way, if he doesn't want to retire.
"Many Chinese don't even have bank accounts"😂😂😂😂😂😂I get what you are trying to say, but this statement is so wrong...for any Chinese to use any payment app, a bank account is a must...do your homework please...
I was about to write something similar... I hope they notice this and correct for future stories.
China doesnt have iphones nor tesla, shake my head! They dont even have orange chicken
@@beatificnationproductions3346
Do you know
What Tesla Shangai Gigafactory makes ?
@@beatificnationproductions3346
China makes better electric vehicles than garbage overpriced Tesla. BYD is miles ahead of Tesla.
@@beatificnationproductions3346why should they have iphone and tesla if they can make their own phones and electric cars?
Finally the bank system gets some serious competition, its not a monopoly anymore.
Yup not a monopoly when all of the transactions are being handled be Wechat and Alibaba, better look up the definition of monopoly.
@@ebunny80 That'd be the case in China, because people chose to use them most, but there are many other alternatives
And you should too. China is a corrupt country. One news journalist spoke out against their government, calling out lies that he heard while inside government. He is now locked down, unable to move around (by train, bus or plane), has restricted internet access and is constantly spies on by the government. It gives the government too much control.
@@zachb1706 China is really not the best alternative, you're right...
Idk, we will have to see what happens next
You have China and bitcoin threatening American banks. That’s awesome.
Same reason why banks feared cryptos.
This new era of storing money differently is looking more and more attractive as banks keep getting up to more bullshit.
Too bad cryptocurrencies will never take off as they are now because they are too volatile.
@@mrnarason yeah just like gold, you dont see anybody going around trading goods with gold anymore
@@naynyamish270 that's because it's to heavy, this is the reason money became a thing in the first place and it used to be all gold backed, that's not the case anymore unfortunately, money only has value because governments say it does.
The banks never feared crypto . You only thought they did . BTC already went back down not Up
US be like... Something, something....NATION SECURITY!!!
Hahahahahahahaha........what a loser.
William Wong Kim Ping That’s the damn truth
hahah yeah, first it was Huawei (no proof), now is tiktok (no proof) next are the mobile payments like this.
Next national security thread: Ali Pay and WeChat Pay.
No the paper dollar is
Bamboo uhh Alipay and wechat are linked to Chinese banks ONLY. I’m sure you knew that before making that comment.
StrategicFooyoo so If China can restrict every other company and banks from functioning, should China act hypocritical and be offended when they get banned by other nations? You are defending one cartel for another. Atleast one cartel can be used globally. I bet you will defend china’s censorship of its citizen because it simply exists and therefore the USA is threatened by the censorship that the Chinese citizens get lol. At the end of the day, youre just defending for the sake of -? Because you’re doing a bad job. Hey I know let’s ask more Chinese citizen for their opinion... oh wait, UA-cam is blocked.
@@99keltin censorship? Yes, snowden and assange have told a lot
Norway’s central bank also has a payment app like that. Get in the game americans.
yeah but Norway is socialist
Isn't the whole point that this isn't tied to a bank?
Saw in another comment that the alibaba and wechat was tied to bank of China
@@overzhitz got a system like that in denmark too, love it. atm the danes do 96% of payments cash less, via app or credit cards.
Ah, that’s great. But not so great if someone decides to hack Norway’s central bank and specifically its payment app.
We’re still here, and we’ve survived while dealing with private banks too. Not sure what game you’re referring to? The cashless game?
China never had a card-payment era, those banks' revenue haven't been depending on that, so, the impact is very limited.
oh lady...u need to get ur facts straight first...China did have a card payment era, except it started too late, around 2007 and before it could even gain any significant national attention, it got gutted by digital payment around 2015. Compare to western countries like the US or Canada, credit cards took off in the 90's during the dial-up era, as a replacement for cash, it was a safer choice plus it was way quicker and cooler swiping a cc with a signature.
as for the banks, they are already under siege, and the impact of digital payment is huge to say the least. State owned banks don't really care about numbers and profits, u should take a look at them privately owned banks. If not for the booming real estate market which in turn brings in astronomical amount of mortgages, which by the way seems to be cooling down, I wouldn't be surprised to see at least some private bank closures.
China have Union Pay, as an alternative to Visa, MasterCard and American Express since they are not accepted there.
Maybe u weren't old enough to own own one back then, but we did have a credit card era, a decade worth.
What you heard : No banks in China
What they said : No banking fees in China.
Banks exist in China, I lived there for two years and had two different bank accounts. However everyone gets their cash without banking fees. I still used a credit card, because I am a late adopter American, but it was always strange to the Chinese. Virtually all of them used their phones, very little paper cash as well.
Ra Him basicly wechat can be use to pay everything
@Ra Him actually most proper companies would pay via bank transfer. But most people would "deposit" that money into wechat/Alipay to spend. Small business may even pay directly in mobile. I receive tutoring fees via WeChat lol, and I live in Canada
Push them out! Time for a simpler smarter and cheaper system!
Mike Halve also a more corrupt system, which allows the government to lock people out of travelling by public transport, accessing the internet and possibly many other things (health, education, ect)
Do we want our government to have that control
Zach B who said anything about that?
@@mattkennedy6115 social credit system in China does that. Just the mention of Tiananmen will cut a person's internet connection there.
Tattle Boad profit v agenda? If we allow our government to our money, they have all the control in the world.
Zach B “More corrupt?” Well haven’t you heard those conspiracies between banks and the gov?
One thing wrong. Most of Chinese have bank account. And the account of Alipay or WeChat pay have to be linked to the bank account
Not really, they can add money, like if they were using prepaid card
Not really , alipay or wechat can works without links to bank account, but there are a lot of limitation without the bank account
准确的讲，应该是支付宝或微信的充值和提现必须连接到银行账户，如果你要收钱需要实名登记
First of all, you have to bind the bank card before you can recharge it. It is very convenient to recharge the money in the bank card to the WeChat account, but you can pay without recharging it.
It sucks. Made foreign visitors lives difficult if they want to use wechat pay and don’t have bank account
And that is why they will lobby against these payment mechanisms
Because it’s corrupt?
@@zachb1706 coz bank is corrupt, moblie payment tech is first brought by us company, and wall st banks kill it coz this more efficient way of payment methos will end endanger banks interests. sigh how powerful these banks are, unbelievable
Ah why ever lobbying is acceptable and not considered bribery is beyond me.
Jeremy Ren the Chinese government can control where you go, what you can buy and can track every inch of it. One news reporter who spoke out against certain leaders of Government is now unable to use public transport (train, plane, bus) has restricted internet access, and is spied on anywhere they go through payment details and through surveillance. Your bank can’t do that, but your government can. That’s one of many reasons against this.
@@zachb1706 we will only let our system get away with so much. Hence the reason we have fair elections every 4 years to determine if our leader is doing right by us or for themselves.
No system is perfect, BUT, I would much rather live under our F**KED up system than chinas any day of the week. JUST SAY NO TO APP $$$$ !!!!!
Meanwhile in the west: "Mobile payments a national security threat, says head of intelligence agency".
No, Chinese also need to have a bank account first in order to use mobile payment.
Not alipay Hong Kong and Wechat pay Hong Kong, though. You don't need bank accounts for them.
my china alipay has a band account attached to it but all the money inside was transferred from my friend, i haven't touch that bank account for a long time.
DDMM DM no for banks outside China, Macau, Hong Kong and China.
In africa you don't need bank account your simcard is your account and you deposit ro your account in any shop at zero cost.
Yes but you don't use the bank's card anymore or their services they don't make money on late fees transactions overdraft Etc
DDMM DM : would you like to have my bank account number too? I just don't know what to do with it anymore.
US banks are much powerful, they will use government resources to stop any mobile payment system who wants to challenge them
Other US industries behave this way, but not the financial industry. Wall Street has a long history of being early adopters to technology compared to other industries (retail and food service, for example).
There is simply too much money at stake to be stupid and fall behind technologically. Right now, as we speak, big US banks are spending billions to research and develop cryptocurrencies, tokenized currency, cashless systems and next generation platforms. It is easy to Google these things.
The 2 things America doesn't mess around with is military and finance. These 2 industries are strategically important to America's position in the world. Donald Trump can't really change these things. The MIC and big banks are more powerful than any president.
they will fail and bankrupt in time
@Benon Ma i didn't get your point, my statement is banking is in traditional financial industry, and US banks are very powerful, so they pretend to use any policy they can get to stop some challengers who may hurt their traditional business, and mobile payment system is the biggest challenger i can see so far; Alipay and Tencent pay are not backed by government, because they are private company, their success are based on the support from ordinary Chinese people, because Chinese banks dont care about those ordinary people due to they are relatively "poor", but Alipay and Tencent care.
@Benon Ma Which government doesn't moniter their own citizens? Are you suggesting that the American Government are unlike the Chinese Government that they never spy America citizens?
I went to Asia one year. So awesome. My subway card was the same card I used for my whole travel to buy food and such in 7/11 in Japan. Their money system integration is so awesome along with the other Asian countries doing the same thing
Wechat and Alipay are way ahead of their time. I am American living in China and it takes seconds to pay in any store. You can even send and receive money from your friends quickly and securely.
When I first arrived in China I was shocked how convenient shopping and payments were. You can even instantly deposit your money received from friends into your bank in minutes!
It makes Venmo look obsolete.
Country : *exists*
USA media : Why USA is afraid of X
Cuz they become a weaker and sensitive country when trump became the president in cheat
@@zedrhyx1788 you are so misinformed, sorry to hear of your controlled thought syndrome. ooops,
that's right, you must not know that you are being controlled and that is truly sad. Or not ?
Let's be honest here. USA is full of insecure white boys. That's the only reason why Trump got elected.
if being powerless is so terribly wrong, then does having power make you right? do you find vengeance evil?
Oh please. The liberal SJW's are the ones who complain about everything being racist or sexist. China is laughing at us.
Trump: China is a threat to national security.
*Sells guns next door.
I feel so terrible for the bankers who'll no longer be able to take my money for doing nothing except extract fees from me.
By and afar, banking should be the first to go in favor of digitized automation.
Wrong, you still need a bank card to top up your Alipay/WeChatPay e-wallet
and Yes, alternatively you can look for 3rd party dealer to help you top up your e-wallet with higher rates
Yeah...I was wondering that as well...doesn't make sense if they don't have banks....if they keep all their money in Alipay then Alipay itself has become a bank
I can confirm it too 🤗
J Chang why bother to explain this vid is made by trump organization
J Chang dude, they just started. Do you think they won’t improve in the future? Believe my words, soon enough people tend to get their paychecks to these merchants instead of bank account.
do you really know that? it's not necessary to have a bank card, you can just use your current 余额 by someone send money to you. like get money from terminal and use money from terminal.
"The banks never get a cut". And that's a bad thing because ?...
Because of america being controlled by the bank
It's the reason why the US Banks are terrified. It's in the title
The comments section is a mix of:
Chinese saying they do need a bank account and lambasting Bloomberg and Americans
Chinese saying they do not need a bank account and lambasting others who say they do
Conspiracy theorists ragging against the Federal Reserve
People understandably complaining about their banks.
they do need a bank account (may be for security issue), but the money in your alipay/wechat doesn't need to go through the bank account, you can just store the money your mobile app and pay money without going through the bank account.
stinger913 😂
stinger913
You need bank account to upload the money into Wechat pay or Alipay.
You can sent money to children without bank account, wechat will store the money in your children’s app.
I went to China for 3 months. And I wanted to use WeChat Pay.
But my WeChat was created outside China, so I had to make a new account.
Then I had to connect it to a bank account, which I opened up in less than 20 minutes.
I put 1000 RMB in my bank account and put it all on WeChat pay.
I used to to buy some drinks, public transport, those bikes and late night food delivery.
That was my experience.
PS. America should be punished for economic mess they created.
Have you forgotten to include your comment in your made-up list as well? We don't need your generalization. F*ck off please, will you?
Alipay and WeChat Pay requires bank card
Exactly. I hate when they put out these half baked reports like this and have no idea what they're talking about.
So, who guarantees your money against fraudulent charges in China?
@Just another Bird Exactly what I was thinking
No, they do not. You can transfer to any Wechat account that is not bound to a card. The user can spend that money as they wish.
Western media is total fXXk-up. "Lying without blinking". If no bank is linked, who knows you is the real you? Things need to get verified.
normal logic: I am giving my money to you to hold out of which you will generate revenu by lending it to others so I should get an interest on money deposited in your account.
US logic: pay banks to keep money in account and pay again to take it out.
From $100 that you deposit in bank, the bank can lend 10times more.
Boohoo big corporations are about to lose out on making money from individuals and small businesses, cry me a river. It sounds like these app payments will actually be beneficial for consumers in the US but our system just has a hard time implementing it because of corporate greed.
irrational greed
You can just copy what you said for healthcare, guns, and every industry in America. America is controlled by corporations, not the people.
they ain't beneficial at all.
Alipay also offers 4% interest when you opt-in their investment account, which you can use as mobile payment as well.
Similar to PayTm in India.
@@SukhdeepSingh-hp4xs The founder of PayTm mentioned that he went to China to study Alipay system and then went back to India to start up PayTm with Ant Financials (Alibaba's subsidiary) as one of its biggest shareholders.
Do they offer Loans through which they earn income to pay for this 4% interest??
@@imran4006 Yes, it also has a function like a credit card, you can borrow money, you can also use it to buy things and pay back next month.
forget the haters, they gonna hate anyhow :)
I’m a hater of this! US are now harassing our country china!
Ohh dear, bankers will lose money...how terrible... My heart pumps 40 shades of piss for them ...neeeeeext!
Banks : I am scared of no one , but that thing ( Alipay...) scares me .....
Lmfao
I tried to use my bank card in China and they looked really confused, then laughed and shook their heads haha.
Felt like im outdated in tech
My name is Karma.
The punishment of Bankers.
See you soon, Greedy to Needy.
Don't worry Karma, bankers will find another way to f things up. Maybe they will start a war to destroy civilization as they have done in the past
@@Najib101010 Exactly, somehow they always get their cut whatever happens!
The Chinese systems are also fundamentally more secure because your identity/account info is never shared with the vendor.
@@diamondwave100 what s wrong with that ？
@@diamondwave100 any problem?
Your power to purchase has a lot to do with your power to decide, if you are suddenly unable to purchase because someone doesn't like your opinions and they shut off your account. How do you pay for things with out access to your online money and no physical cash? This is already the case for many, best be careful what you wish for.
The big brother watching your every move
@@ebunny80 how does this have anything to do with mobile payment?? If you only had bank accounts and no mobile payment, the government can still freeze the bank accounts to cause major discomfort
This information is not correct. For one to use alipay and wechat pay one needs a bank account. The video says "most people in China dont even have bank accounts", that's not true.
I was wondering how the hell one would be able to pay with one's phone without a bank account to back up that virtual currency
Silent Piroro Not really. As long as you have a smartphone with the app, people can send you money. Instead of direct deposit, your employer can pay you with the app. No matter how small a business is, they all use the same app. You might think about what if you need cash, but you really don’t need cash. No one carries cash anymore.
Not really, people can send you money on wechat and that money is stored in your wechat wallet, not a bank account. Most people not having a bank account is not really true though, but there is much less of a need for one
You got it man
You don't need a bank account to use Alipay or WeChat
In India, a mobile payment app called "paytm" is growing in popularity. Even small vegetable markets accept payment through it.
sciencerulez3 angel I heard they do this in africa too
Paytm found got the idea after he went to china
sciencerulez3 angel founder*
Partm 30% stock is owned by Alibaba who owns Alipay.
Credit cards, bank accounts, are technology of the 70s and 80s, the mobile payments are technology of today.
Doesn't matter either way for me. Bottom line is I'm still poor as fuck.
@@pinkfreud62 Think about that percentage they took for decades for EVERY payment you made. It adds up.
I' d be more comfortable with an old fashioned bank book with balance printed on it - at least as a backup - no computer glitch or sim card can screw my bank account that way
China shows to the world how cashless society is implemented!
It's not just China. Here in Cambodia, these payments (Alipay, Wing and Pi Pay) are also common. I find it annoying as I don't have a smart phone and just want to pay cash. Hopefully, I will still be able to use my cash for the next several decades as I hate the idea of having my *entire life* tied to a device that can be lost, stolen or broken. With cash I never have to worry about it being lost or stolen as I never carry all of it at one time and only carry enough for the day's purchases.
In fact you can always freeze your account once you lose your phone. And you can set a maximum payment per day.
And crypto wants a piece of the bankless transaction industry.
You know nothing
Rest of the world is scared of Google Payment services 🤣
What an ignorant comment. Why should the 'rest of the world' trust an American company with their money?
That's not being 'scared', that's being smart.
Either most comments are posted by foreign people or usa 🇺🇸 haters/traitors 🙏 why don’t you all go to live in China ?
@@LazaroAlejo Now you can see how much people love USA "The cancer of the world" and if America can't beat China in his economic war, USA will declare military war to China, likes always do.
Poor banks. I m crying over the greediness they may no longer enjoy.
I come from Germany and haven't used or seen a cheque in over 20 years. Nobody does.
But I bet you use a banks debit card.
I'm a part time cashier in the US and I see people using checks, it's mostly older people though. Then you have customers that use there phones to pay, or cards, or cash.
Matthew Lewis In Poland we don’t use cash when we have Apple Pay and Gpay since 2017/18
I thought they did away with Checking accounts years ago.
I mean most banks have gone digital and most payments are electronic.
Who has a check/cheque book these days? Why would anyone need or want one.
@@rick_terscale1111 Most of the time the times you need one it's gonna be one you need a bank teller to make special and will cost you close to $10 to get. That's what was needed the 3 times I've bought a house.
I know a parent from S. Africa and she couldn't believe the US still uses CHECKS! she says she laughed and thought it was a joke when she read stuff that says "accepts checks"... she even felt weird going to the bank and getting checks. I told her, yep, that's where we STILL are.
Wont change anything for the consumer. The fees are worked out in the items we buy, retailers would love to cut out the middleman and just take the extra earnings. Thats how corp greed work.
In a market with any competition... that's not how economics works.
We say Jack Ma(the founder of alibaba group) changed the bank rules in China(alipay is part of alibaba group)
All the money kept in Alipay accounts creates a float which can be invested. So he's created his own bank.
@@Mortum_Rex exactly
Mortum Rex correct, but Jack Ma pay more interest than the banks...
But Jack became very greedy lately. China won't allow such a corporation to be too big to fail.
Yup when I was living in China and used Wechat Pay for everything, I also thought banks are no longer necessary in most transactions.
Banks take a huge cut in between
I'm an American and I've been living in China for about four years - I absolutely LOVE Alipay and WeChat Pay!
How do you like Chinese government taking money directly out of your bank account without warning for whatever they deem is necessary, example fines!
You're totally oblivious!
@@77Treasurehunter77 I've never had that happen and I keep close track of my money. Stop trolling.
Aaron Piper I have read many stupid comments but yours is the stupidest one that I would ever read for sure
Have banks ever made you any money? Nope? Have they cost you a fortunate in endless fees? Yes? Screw em. Time for a change!
You wanna spend your own money? Gotta pay a fee to us first. Not a tax, just that we got to take more money before you get any of it. Each time. Regardless of the fact that we're probably gonna lose your money eventually by lending it to someone who won't pay it back. And if you don't have enough money you have to pay extra.
What does Bank of America worry about? As long as Trump said that national security was threatened, all the problems were solved :)
this is banking, not telecom espionage or IP theft (actually idk for certain about the IP theft)
i'D rATheR leT aN AmERiCaN cOmpANy sPy oN mE tHaN a cHinEsE CoMPaNy
Perfect excuse ...
@@bdcookie83 Unfortunate, none of us have chocie
In Indonesia, the banks started to release virtual wallet account as we become more and more cashless
tp masih jauh dr sempurna sistemnya, masih perlu banyak pengembangan
@@peacewalker3344 gpp bro, lebih maju daripada amrik. Banyak diskon lg
Pemerintah Amerika butuh duit banyak buat penelitian nasa, dan habis banyak juga buat tentara (army), makanya pajak yang masuk ke bank itu penting banget, indonesia gk se egois Amerika, bersyukurlah kita :D
Gonna chime in here as someone based out of China. You still need a bank account to source Wechat/Alipay (unless you constantly get someone else that has a bank account to fund your account), and also in order to use many of the features.
That being said the fees to transfer money from your Alipay back to your bank are minuscule compared to transaction charges back in North America.
I remember when I was in China, I was thrilled by wechat. I wish I could make payments like that in my country.
WRONG! You need a bank account to couple to your WeChat Pay and AliPay to register
No, it's not needed. You can but you don't have to.
Having bank is optional for we chat. U r wrong
Banks are not "bad". Wall Street is bad.
I don't know how it works for Chinese citizens, but for expats we need a Chinese bank account in order to use Alipay and WeChat Pay. Also, to open a bank account in China, expats need to put a scan of their passport and work visa on record at the bank. It's such a long process - the last bank account I opened took almost three hours (and that was with a Chinese friend helping me).
I think Chinese citizens can actually use WeChat Pay without a bank account, provided they're not planning to top up or withdraw any money from it. Foreigners on the other hand have to take photos of some documents before they can use it (at least that's the way it was back in 2016 when I did it). As for opening a bank account, you may have just had some bad luck. I opened one at an ICBC in Pudong and it took waaay less, maybe around 20 minutes.
Matthew Casella 😂
@@cesarbravo822 20 minutes?! Next time I need to open a bank account, I'm flying you in :-D
@@cesarbravo822 exactly. You are right.
@@cesarbravo822 exactly. You are right.
My bank doesn't charge me for my payments. But hey, I'm not American 😂
My bank doesn’t ether and I’m American.
Settowin They don’t charge the consumer. The charge is to the business. If you go into a small business some will charge you a dollar for using your card.
AliPay and WeChat now have 98+% retail usage in China, because the Chinese government decided several years ago to create a cashless society, to enable a more efficient mass-market, monetary system.
WeChat is like WhatsApp with a payment system built in, so you can make and receive payments using one-time QR Codes. You do actually require a debit/credit card to put funds in your digital wallet, but after that it's really easy to use.
Who told you many Chinese people do not have bank accounts?Comments after detailed research would be a better way to post something online.
This like Cryptocurrency that those GREEDY bankers hated soo much!
crypto is a well and truly fad.
Yea, crypto fad.
India is far ahead in digital payment in terms of technology and payment volumes. We use banks but it's not like American system.
Yupe UPI is all great ❣️👌
American propaganda to keep the cash flow in banks.... Alipay requires a bank card
If anything this is just a commercial for China's cash alternative payment methods. Once these are fully accepted everywhere in China cash will be phased out handing more population control to the government. Soon to be pushed in U.S like was already done in other small western nations.
@@cleverdickrick Its already been pushed for years in Sweden and several eastern European countries. Not far from completion. Forbes did an article on it in April that's worth reading.
That’s not correct. Tencent and Ali’s payment systems still work through banks. You need to have a bank account to connect to the online payment systems.
only withdraw or cash in requires banks.
Most Alipay or Tencent Pay accounts in China are linked to either debit or credit cards issued by local banks. No big difference.
Qr based payment is also widely used in india, instant transfer without any charges.
I hate the Banksters!
Anything we can do to stop their extortion is great!
Damn straight
Is there a feasible way to deprive banks of these fees in the US currently? If someone can recommend an app, I'd be most appreciative.
The last time humanity say we don't need banks , the whole world are at war
That's exactly what threatening national security looks like!
Does it? Or are you mixing it with huawei espionage?
@@idcaf it was supposed to be a joke -_-
I have been using alipay and wepay for a month and It's so practical, you show the product, they scan it, you show your hone with the barcode, they scan it, you leave, it takes five seconds, way more practical than using credit cards.
i love the fact this video is popular, viva progress!
The next "national security threat"
With a bank your money is protected up to $250,000 . What abt wechat ? Who returns your money if any of these companies are hacked or banned ?
banks are crooks and parasistes anyways. I prefer to don't have to paid them
Cashless is inevitable. Bank is fearing for loss of control. Thats all
Cashless is a better control medium
That's not true.
All these services still required a debit or credit card to tide up and use.
But it is true the banks dont get a cut per transaction, versus using the card directly
Not if you get paid straight to that account like they do in China
@@madbujor previously maybe yes
But recent years the service require ID and bank card to activate
I been encounter when my last year visit to China
I can sense a tone of jealousy
Banks should be obsolete by now.
Here in somaliland is the same thing cash is starting to disappear but the only difference is that we use Mobile cash Service provided to us by our two giant Communication companies and they even own a banking and internet services
Same in Somalia.
Well,if a third world country has payment services bank are finished
HB youre wrong my friend
@HB its a autonomous region
@HB we can use our payment system on a brick phone too,in india its not that uncommon
I don't think it is possible to eliminate the banks because the Value being transacted electronically must have a physical presence in a bank account.
however is you use an American payment app they take far more than the banks do.
For a £6 payment PayPal takes 40p.
Rip off.
Aldi it is mobile not mobil. Mobil is a brand of motor oil.
wait are you for real i do my online purches via paypal never ever did i pay intress on itt
Banks are the devil incarnate. I hate them and also fear the government tracking me via every purchase I make. Cash is King.
The 43 billion $$ is actually the projected "Savings" for users of this...Laurie
This is why the economy in China is called "state-capitalism" - the banks are mostly state-owned, and they don't care that much of revenue, but more on bringing the services to everyone. The banks were worried about the digital payment systems for a while, but once they see it actually helps the economy in general, the government decided just to go with it with few regulations.
couple of things here. Wechat or alipay doesn't notate your stored value as money, it's just 1 for 1 transaction from real money to a number on an app, therefore it doesn't get interest nor does it get any protection like a normal bank account. Meaning if you lost your phone and someone guessed your 6 digit code, your money could be gone from your app and no one will be there for you, whereas banking fraud or ach that's not approved by you can be traced and banks are in legal obligation to get it back. i have wechat pay and frankly i do love it when i am there but beware to keep bare minimum to weekly usage, not a big amount.
Paying via phone? Yeah, I’ll pass. That’s a hackers dream come true.....
i love how y'all are canceling banks
when y'all get scammed on ebay and there isn't a way to chargeback, who you gonna go to? Not the bank, bank begone!
In China soon each one will get social rating via special internet database and if you are scammer or cheater - you will be ignored. Same with stores.
In anonymity based internet aka DarkNet buyers and stores communicate via Escrow System and it works.
Lol this guy thinks banks have some exclusive right on scam recourse.
@@green4ao I don't agree with the social credit system as it's currently implemented. Americans would be pissed if we had that.
@@formerlycringe Which americans, rich one, 1% of population?
Wait... I might have missed part of the video, why would US banks be afraid? I mean alipay or wechat pay isn't coming to American market, at least not in us dollars. If the two company ever poses any threat, just ban them. You know, declare them as national security concern or something.
I miss wechat pay so much after moving back to the us!
It is a smart decision to remove real money from our daily shopping. Printing money is an inefficient practice due to the expiration of paper and hygienic concerns. Banks should come up with a new idea to make a profit rather than stopping us from using IT for our shopping.
You missed the point... Firstly, American banks does have IT shopping options such as Apple pay. Secondly, why would they spend tons of money to develop new stuff when they can just ban it?
@@HenryTitor Banks will disappoint and lose the customers if they force them to stick to their outdated method for handling transactions. Customers are always demanding new and convenient methods to handle their shopping.
Kamal Karkonasasi Looking at the evidence... they don’t (2008)
But that would mean price cuts on items we purchase everyday, as there wouldn’t be any processing fees.
We should stop this cashless system cause there are many people who need our money to survive . The pick pocketers . -\_(-_-)_/-
To bad it won't help any of the poor because poor people can't afford all the tech to work in the cashless age......You're so Oblivious!
I always do my part. When I'm in crowded places, I always have cash hanging halfway out of my pockets. Life is tough. Don't make it tougher still.
China is sooo ahead of America, in this way!
Same thing is sorta happening in Kenya and East-Africa.
Most citizens use Mpesa, it's liquid cash you use on your phone, you buy products and sell without needing a single note or coin on you, but we still need banks because not every payment is available that way
The time has come, the World Wide Web has taken over.
Have you been living under a rock? The web took over years ago man.
One error, to use Alipay or WeChat pay, you should have a bank account.
You top up your WeChat or AliPay and that limits you use of a bank card or bank account directly exponentially.