Banks face a reckoning as technology shakes up their payments businesses. Digital wallets such as Apple and Google Pay have muscled their way onto banks’ turf, powered by pandemic-driven shifts in consumer purchasing and payment patterns, threatening their once-mighty margins. Younger consumers are bypassing credit cards, opting instead for “Buy-Now, Pay-Later” (BNPL) services. Can legacy banks adapt, or will they lose their customer relationships? Matt Ingram, Senior Financials Analyst at Bloomberg Intelligence joins hosts John Lee and Tom Corbett as they look at how this trend is rewriting the rules of retail in Australia.

<p>Banks face a reckoning as technology shakes up their payments businesses. Digital wallets such as Apple and Google Pay have muscled their way onto banks’ turf, powered by pandemic-driven shifts in consumer purchasing and payment patterns, threatening their once-mighty margins. Younger consumers are bypassing credit cards, opting instead for “Buy-Now, Pay-Later” (BNPL) services. Can legacy banks adapt, or will they lose their customer relationships? Matt Ingram, Senior Financials Analyst at Bloomberg Intelligence joins hosts John Lee and Tom Corbett as they look at how this trend is rewriting the rules of retail in Australia.</p>

Some of the world's largest and fastest-growing markets, economies and companies are in Asia. Every Thursday, John Lee from Bloomberg Intelligence speaks with experts and newsmakers about the big ideas and trends moving money across the region.

<p>Some of the world's largest and fastest-growing markets, economies and companies are in Asia. Every Thursday, John Lee from Bloomberg Intelligence speaks with experts and newsmakers about the big ideas and trends moving money across the region.</p>

Asia Centric by Bloomberg Intelligence

Consumers Are Turning Away From Traditional Banks

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