The future of the payments landscape is hard to predict. Will account-to-account payments replace traditional card rails? Will central bank digital currencies (CBDCs) replace the role of payment intermediaries? What new use cases will this unlock for merchants? Only time will tell how far these innovations go, but the cost of inaction is likely to increase due to the simple fact that if payment providers don’t innovate, new global fintechs […]
Yet, as digital payments continue to grow, banks can tap into US$500 billion opportunity in new payments revenue if they adopt innovative business models. As much as 15% of banks’ global payments revenue, or US$280 billion, is likely be displaced by the growth of digital payments and competition from non-banks, as payments become more instant, invisible and free, according to a new report from Accenture. The report found that global […]