Name: Why Big Tech Is Getting Into Finance WSJ
Uploaded: 2020-01-18T09:39:27.000Z
Duration: 3 min
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

- [Narrator] Big Tech has its eyes set on your wallet.

Facebook is trying to introduce its own currency.

And Google has plans to offer checking accounts

You can do a lot with a wallet in your phone,

processes a payment for you, they find out

They know what you bought, where you bought it,

what time of the day or what day of the month

and that's really valuable information for advertisers.

- [Narrator] Also, banking is another way

to talk to your friends, and then became a place

you shared baby photos with your grandparents.

And now you can shop on Facebook properties,

they make original movies and television shows.

So these companies all started off with one thing

and finance is kind of the last frontier.

- [Narrator] As more people change their banking habits,

tech companies say they can bring something to the table.

For its part, Apple promises to eliminate fees

for its credit card, and give you cashback instantly.

that help users track their buying habits.

Meanwhile, the Facebook-backed Libra Association

says that using a blockchain to process transactions

could make cross-border payments cheaper and faster.

The company says its planned cryptocurrency, Libra,

could provide banking services for billions of people.

Several early partners dropped from the project

and US Fed chairman Jerome Powell raised concerns

with the plan, saying that Facebook's size

could make Libra immediately, systemically important.

That size is on display in the other services too.

According to projects from Juniper Research,

Google Pay is on track to have 100 million users

By that time, Apple Pay could have 227 million users.

- These tech companies are already really big

already have antitrust investigations into Google,

A poll from McKinsey and Company suggests

would trust Google and Apple to handle their finances,

of giving tech companies access to their location

Financial data is just way more personal.

- [Narrator] More concerns over privacy and power

will be on display as tech firms get into finance.

they're in the hands of a few tech companies.

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Why Big Tech Is Getting Into Finance WSJ

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