As much as 15% of banks’ global payments revenue, or US$280 billion, is likely be displaced by the growth of digital payments and competition from non-banks, as payments become more instant, invisible and free, according to a new report from Accenture (ACN). The report found that global payments revenue will likely grow at an annual rate of 5.5%, from US$1.5 trillion in 2019 to more than US$2 trillion by 2025. Only banks that change their business models to adopt the latest technologies and focus on providing value-added services to customers will capture a share of the US$500 billion in incremental revenue growth.

source https://finance.yahoo.com/news/banks-risk-losing-us-280-075900211.html?.tsrc=rss