Banks are set to miss out on as much as $280 billion in revenue from their payme...
LONDON - Banks are set to miss out on as much as $280 billion in revenue from their payments operations by 2025, as new start-ups muscle in and more of the business of sending money to individuals and companies becomes instant and free, according to a new report.
That is expected to grow to $2 trillion globally by 2025 but banks are likely to lose out on $280 billion, or 15% of their global payments revenues, Accenture estimates. “Rather than being at the forefront of the new wave of the booming payments market, banks are feeling the heat from new competition and seeing their margins squeezed,” said Gareth Wilson, head of Accenture’s global payments team.
It estimated that free payments would put 8% of banks’ payment revenue at risk. A further 3.9% is at risk from non-bank rivals offering “invisible payments”, while instant payments could take another 2.7% of revenues.
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