Barclays and Paypal announce tie-up as banks mull big tech threat
Updated : April 26, 2018 08:29 AM IST
The pair aims to allow Barclays customers in the United States and Britain to use their PayPal accounts on the bank’s online and mobile phone-based platforms while Barclays products will be used in PayPal accounts.
The move comes amid mounting concerns from bank industry executives that big technology companies such as Amazon and Apple in the US or China’s Alibaba could come to dominate the $1.8 trillion global payments industry.
Tech firms face their own obstacles in trying to break into the financial sector, from stringent regulations on any activity resembling deposit-taking to customers trusting banks more than new tech firms to safeguard their money.