German Bundesbank executive board member Burkhard Balz has urged European countries to create new payment systems, alternative to the American ones.
"It can't be indifferent to us as the Bundesbank, when important tech companies such as Apple, Google, Paypal, and Amazon take over the relations with clients more and more, while banks remain just payment processors in the background", Balz told Welt am Sonntag.
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"My appeal to the industry is: think about which products you want to use to address those of Apple & Co", Balz concluded.
Deutsche Bundesbank is the central bank of Germany and one of the vital components of the European System of Central Banks (ESCB).