Apple card? Google checking account? Why Big Tech wants to be your banker.
The American pocketbook is quickly becoming obsolete, by global standards.
Weighed down by credit cards and checkbooks, the nation’s payment system can’t keep pace with developing nations’ alternative, where consumers pay with smartphones and send and receive money in minutes instead of days.
Sensing an opportunity to diversify and use their digital savvy to modernize a tradition-bound industry, America’s biggest high-tech firms are expanding into finance with everything from digital wallets to credit cards and even checking accounts.
“That’s going to be a natural next step for these companies to grow,” says Dan Ives, an analyst at Wedbush Securities, which is based in Los
