LONDON: Banks are set to miss out on as much as US$280bil 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.
The global payments business, which covers anything from card payments to wiring money overseas, is dominated by banks and this year was worth around US$1.5 trillion, professional services firm Accenture said in a report published yesterday.
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