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Analyst: Rise of OEM Pay smartphone wallets to cost banks US$15bn — in Australia alone

$22b of bank revenue at risk from smartphone wallets: Morgan Stanley — The Australian Financial Review — “Smartphone digital wallets offered by Google, Apple and other technology giants will put A$22bn of revenue across the major Australian banks at risk, according to Morgan Stanley… Its analysts came to that figure after looking into how a banks’ payments capability influences decisions relating to other products. This includes transaction accounts that give major banks an opportunity to cross-sell customers more profitable products such as mortgages.”