JPMorgan (JPM) tells fintechs they have to pay up for customer data, Bloomberg reports
"The charges would drastically reshape the business for fintech firms, which fundamentally rely on their access to customers’ bank accounts. Payment platforms like PayPal Holdings Inc.’s Venmo, cryptocurrency wallets such as Coinbase Global Inc. and retail-trading brokerages like Robinhood Markets Inc. all use this data so customers can send, receive and trade money. Typically, the firms have been able to get it for free."
Reaction details (19:21)
- Downside PayPal (PYPL) and Block (XYZ).
- Downside is also seen in Visa (V) and Mastercard (MA)
- Affirm (AFRM) also sold.
11 Jul 2025 - 19:14- CryptocurrencyImportant- Source: Newswires
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