China’s Mobile Ecosystems Making Banks Obsolete

How China’s Mobile Ecosystems Are Making Banks Obsolete

by Ellen Brown

Giant Chinese tech companies have bypassed credit cards and banks to create their own low-cost digital payment systems. The US credit card system siphons off excessive amounts of money from merchants, who must raise their prices to cover this charge. In a typical $100 credit card purchase, only $97.25 goes to the seller. The rest […]

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