On today's episode of Asking for a Trend, host Julie Hyman breaks down the biggest themes and stories that dominated the trading day. Klarna is branching out...
,"Back in the days when you used to use a card from a bank, you would press one for debit and two for credit. And then banks stopped doing that because people weren't building as big balances and weren't revolving as much, and that meant lower revenue and profit for banks. But it's a healthier credit product." He highlights the ability for consumers to choose debit or credit and clone a balance on a transactional basis.
Perhaps there was a bit of a by the dip mentality, which is why tech has really led markets out of this draw down.And of course, we have in video earnings at the end of the month and that could be the next big catalyst for stock. It's actually already, it's not as known in the US, but we are a fully licensed bank in Europe and 30% of our $100 billion volume per year is already debit.But also to your point on the long term ambition of disrupting the big banks because there is so much to do, especially in the US where payment fees are still substantially higher than what we're used to in Europe.
Well, I think like, you know, already actually this, this strategy started in 15 for us where we sat down and said, where is consumer retail banking going? We need not only that you spend $100 in Macy's, we know exactly the product and items that you purchase and that information that customers are trusting us with allows us to provide very, very relevant advice and insights to help them do that.
And so I'm curious what you're seeing in your customer base in terms of the flow of consumer spending.So I, I think that like, I was actually more nervous around Christmas when I, in my opinion, some of the pretty good Christmas sales we saw now almost nine months ago were mostly discount driven by the retailers.
And in addition to that, we still have so much opportunity to grow because like, I mean, retail banking is like a trillion dollar market opportunity, right?I'll speak to the company's president of North America on the other side.Yeah, thanks for having me. So services, infrastructure and mobility infrastructure in particular was a record 65% up uh revenue wise, improving profitability.Uh You can go to the mobility space.Uh That's a little over 30% of Android.Uh The business that I look after North America, we've seen five straight quarters where we've outpaced the market and gain share.I think it's a culmination of a very sound strategy, good execution and continued investment in innovation.
Uh We just launched the new Razor uh line uh in June and Uh And we incorporated Google's Gemini A I functionality into that.And in the infrastructure space I mentioned the, the great results, 65% up year over year.Uh We announced last year a billion dollar investment to kind of modernize our infrastructure and bring A I across the portfolio from pocket to cloud.
And what we see when we look at the chart that Goldman was highlighting was it really depends on who you ask from a consumer standpoint.You can see sentiment has been tracking back up.
Retail Banking Services Sebastian Siemiatkowski Global Payments Debit Or Credit
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