As a result, many of the high-yield bonds Morgan issued to finance its bigger merchant-banking deals have slumped in recent weeks along with the rest of the high-yield market.
Amazon, meanwhile, has shifted its emphasis from selling all sorts of goods itself to serving as a sales and shipping agent for other goods from bigger merchants.
Meanwhile, manufacturers like Oakley, Tommy Bahama and many others have opened their own retail outlets, saying the stores help build brand awareness, and thereby sales, for bigger merchants.
Among other things, he has pushed fixed-price sales and adjusted the site's search functionality so that bigger merchants with better reputations show up higher in the results list.
The company claims that there are now 1.4 million active Paidy accounts, with the ambitious goal of increasing that number to 11 million by 2020 by expanding to bigger merchants and offline transactions.
We have fought against the big merchant banks.
You know things are upside down when the "big merchant banks" are attacked by a former City trader called Nigel Farage.
"But if a big merchant jumping into some mobile payment solution signals to other merchants that there is an opportunity here," he added, "that might change the psychology for other merchants".
In Kolkata in those days, the West was evident everywhere, but it was the old, British edition: jute mills, tramcars, tea dealers and big merchant companies.
The canal and Panama's business-friendly regulations have spawned big insurance, finance and legal industries and endowed Panama with the world's biggest merchant navy, at least on paper.
