Banks have lost a quarter of the payments franchise to new players - BIS

November 06, 2019 | Banking
Written by FinTech Alliance
Banks have lost a quarter of the payments franchise to new players - BIS

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

Read more here

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