UK Lenders Set to Lose at least $1.45 billion in Payments Revenue
British banks could lose at least £1.45 billion ($2.68 billion) in payments revenue within the next few years as retailers develop mobile apps for people to shop and bank at the same time. Retailers, financial technology groups and others are planning to offer customers the ability to pay for goods, check their balance and monitor transactions through their own app or online site, in order to shop and use banking services in one place, according to Accenture
” Retailers develop mobile apps for people to shop and bank at the same time “
For merchants, it means they can facilitate payments from customers’ bank accounts effectively, without relying on traditional card networks such as MasterCard and Visa in a process that involves interchange fees and charges.
MasterCard Worldwide advances global commerce by providing a critical link between financial institutions and millions of businesses, cardholders and merchants worldwide. Through the company’s roles as a franchisor, processor and advisor, MasterCard develops and markets secure, convenient and rewarding payment solutions, seamlessly processes more than 16 billion payments each year, and provides industry-leading analysis and consulting services that drive business growth for its banking customers and merchants. With more than one billion cards issued through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories, and is a partner to 25,000 of the world’s leading financial institutions.
Visa is a global payments technology company that connects consumers, businesses, banks and governments in more than 200 countries and territories, enabling them to use digital currency instead of cash and checks. Visa has built one of the world’s most advanced processing networks. It’s capable of handling more than 24,000 transactions per second, with reliability, convenience and security, including fraud protection for consumers and guaranteed payment for merchants.
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