Non-banks now account for a quarter of the institutions offering payment services or payment instruments
In Brief:
- Non-bank payment services have leaped from 14% to 25% in just six year
- The data comes from the Basle-based Bank for International Settlements' annual Red Book report on payments and financial infrastructures
- Non-bank providers now account for 10% of direct participants in RTGS systems in jursidictions covered by the BIS-convened Committee on Payments and Market Infrastructures
What this means
The traditional bank-based ecosystem is being disrupted from below by fintechs and from above by well established big techs and payments are leading the charge
