Banks

Why China's banks must rise to the online payments challenge

The online payments market is evolving fast and banks need to adapt if they are to face off the competition and grab a piece of the extra $200-billion revenue-action expected by 2025.

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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