Your friend, Peter, tells you that banks and PayTech companies (which provide digital wallet services) compete against each other. Peter thinks that the rise of PayTech companies will increase the supply of money deposit services. Given that the demand for the service remains unchanged, it will lower the profit of the traditional banks.

Do you agree with Peter's view? Explain your answer in detail.

Answer rating: 100% (QA)

Peters view that the rise of PayTech companies will increase the supply of money deposit services and lower the profit of traditional banks is a plausible argument Heres an explanation of why this cou... View the full answer