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Can Phone Makers Replace Your Banks?

News Snapshot:

Listen to this story When Apple launched ‘Apple Pay’ in 2014, it opened the doors for phone makers to enter the financial services market, a segment which no other phone maker had explored earlier. A year later, Samsung launched ‘Samsung Pay’. Earlier this month, Apple teamed up with Goldman Sachs to launch no-fee, high-yield savings accounts for its Apple Card customers. In September, Samsung launched two credit cards in India in partnership with Axis Band and Visa. While Apple’s financial products are not available in India, Chinese phone making giant Xiaomi launched Mi Pay (now discontinued) in India in 2018…

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