Apple (AAPL), Alphabet (GOOGL), and Amazon.com (AMZN) are rapidly encroaching on financial firms’ territory with digital wallets, payment apps, and even savings accounts, Joe Light writes in this week’s edition of Barron’s. Tech giants aren’t pushing into payments and banking for the money per se. The bigger prize is monetizing consumer data and building “network effects”-keeping more customers in their ecosystems and selling more hardware or software, the author says. Also vulnerable to being marginalized are payments companies PayPal (PYPL) and Block (SQ).
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