JPMorgan Chase’s Jamie Dimon isn’t just keeping an eye on other financial institutions like Wells Fargo and Bank of American. The company’s CEO is also sizing up Google and its online services like Wallet. “We move $10 trillion a day,” Dimon said today at the Euromoney Saudi Arabia conference in Riyadh. “We’re one of the largest payments systems in the world. We’re going to have competition from Google and Facebook and somebody else.”
The global electronic payment market is big business and companies like PayPal, Facebook and Google want a piece of the pie. Dimon has his eye on Wallet, Google’s mobile payment system that offers fast online checkout options and quick NFC-based payments via smartphones and other compatible devices. The Chase executive said that regulators need to determine if they will monitor non-traditional financial institutions like Google providing bank-like services.
“There’s no way that Google wants to be a regulated bank,” he told attendees.
Dimon said that business from non-banking financial institutions was increasing due traditional lenders being held back by strict capital requirements. “As banks have to have more capital liquidity, that it will push things to that segment,” Dimon said. “There’s nothing wrong with that.”
While Bank of Google may not be opening up anytime soon, it’s clear that the folks in Mountain View are investing a great number of resource into developing new ways for people to find and pay for goods.