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As more Chinese choose mobile payment systems over credit and debit cards, banks lose out on merchant fees and access to important data

2 months ago
Sky Canaves
hina UnionPay, the state-run payment settlement network, is struggling to deal with the shift to ecommerce and mobile payments among Chinese consumers, which cost banks an estimated $20 billion in fee income in 2015.
By Sky Canaves
Sky Canaves previously reported for The Wall Street Journal in Beijing and Hong Kong, where she covered media, culture, social issues, and legal affairs, and served as the founding editor and lead writer of the WSJ’s China Real Time site. Prior to becoming a journalist, Sky worked in the China corporate law practice of Baker & McKenzie, and she has also taught journalism and media law at the University of Hong Kong. She speaks Mandarin and has accumulated more than a decade's experience living, studying and working in China.