Indian banks are at risk of losing over USD 9 billion in revenues over the next six years because of the changes in the payments landscape, a consultancy firm said on Thursday.
Payments will become “more instant, invisible and free” in the next few years, which will put the revenues of the lenders at risk, despite an evident growth in the segment, the survey said.
It can be noted that the last few years have seen a massive surge in digital payments, which will be giving a convenient alternative to users has presented banks with an attractive revenue stream.
In its study, Accenture said payments revenues will grow by 10.7 per cent every year over the next six years to USD 70 billion by 2025. However, banks may not be able to garner all the goods for themselves, as the non-bank players become more active in the segment, it warned.