New Accenture study looks at payments revenue on a global scale
- Global payments revenue is expected to grow to over $2 trillion by 2025, and banks can capture at least $500 billion of that.
- In Mainland China, payments revenue will likely grow at an annual rate of 9.1 per cent, to $494 billion by 2025.
- However incumbent mainland China banks could risk losing as much as 13 per cent in payments revenue, or $61 billion, by 2025, to FinTech firms.
What this means
The growth of digital payment companies and FinTech firms which allow free payments on their wallets will eat into fees banks earn from card payments as more users move online rather than depend on cards with transaction fees.