September 16 - 12:09
Banks to lose as much as $280 billion to start-ups by 2025
According to a new report by Accenture, banks could lose up to $280 billion to start-ups as payments to individuals and companies become instant and free. The global payments business, dominated by banks, was this year worth $1.5 trillion. Although this is expected to grow to $2 trillion by 2025, banks are likely to lose out on a much as 15% ($280 billion) due to rising competition from start-ups.
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