The global payments business, which covers anything from card payments to wiring money overseas, is dominated by banks and this year was worth around $1.5 trillion, professional services firm Accenture said in a report published on Monday. Banks face rising competition from tech start-ups like Silicon Valley payment providers Stripe and Square, as well as technology platform PayPal, and the likes of London-based TransferWise that offer foreign exchange payments to retail and small business customers with lower fees. More payments are becoming instant – removing the need for credit cards that earn banks revenue – and they will increasingly be made directly to the end merchant using new technology, Accenture said.

source https://finance.yahoo.com/news/start-ups-grab-280-billion-072124835.html?.tsrc=rss