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Third-party mobile payment tools to eat up RMB 700b of China banks’ income

The boom in China’s third-party mobile payment market is threatening the revenues of traditional Chinese banks, with DBS Bank estimating that, in 2030 alone, up to RMB 683 billion is likely to evaporate from China’s banking fee income. This loss of fee income will most likely be driven by a loss in retail deposits, according to the Singaporean bank, and…

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