From American Banker:
"Big technology firms are racing to build financial super apps, and two of them — Amazon and Square — recently have made big moves to more directly connect the point of sale and nonpayment products such as loans.
"Amazon is reportedly working on a new point-of-sale project to compete with payment processing firms such as PayPal, Square and traditional bank technology firms, and last week it deployed contactless, checkout-free technology at a non-Amazon merchant for the first time."
Square, the story says, "has launched Cash App Pay, which allows consumers to make payments at merchants with their Cash App account; it is the latest in a series of add-ons for the popular peer-to-peer payment service Cash App."
- KC's View:
They want to dominate and control as much of the financial services supply chain as they can, which makes a lot of sense from the business perspective, even if I, as a consumer, think that (as much as I feel a certain amount of antipathy toward traditional banks) this is not exactly where I want to do business.