Startups to garner $280b in banking payments revenues by 2025: Accenture

Photo: Hemant Mishra/Mint

Banks are set to miss out on as much as $280 billion in revenue from their payments operations by 2025, as new startups muscle in and more of the business of sending money to individuals and companies becomes instant and free, according to a new report.

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.

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