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China: banks lost USD 22 bln to Alibaba and Tencent businesses in 2015 | The Paypers

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his led to a USD 23 billion (CNY 150 billion) ‘loss’ in potential transaction fees for China’s banks and UnionPay in 2015 as overall consumer spend continued to shift from traditional card payments where banks are strong, to online payments, where they are weak. This number is projected to increase to USD 61 billion (CNY 400 billion) by 2020.

From China: banks lost USD 22 bln to Alibaba and Tencent businesses in 2015 | The Paypers

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