The fast-growing world of online payments represents a major challenge for banks in China.
As much as 13% of Chinese bank revenues from payments, or $61 billion, is likely to be displaced by third-party digital payment and non-bank competitors by 2025, according to a report by consultancy Accenture published on Monday.
Total payment revenues on the Chinese mainland are set to grow at a compound annual rate of 9.1% to $494 billion by 2025, it said. But only banks that can adapt to the latest technologies will be able to capture a share of this booming business.
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