Mmastodon BusinessBanking first seen 20 h ago, last 3 h ago, peak #3
Payments now make up 40% of global bank revenue
Original: Payments income bolsters banks Income from card, digital and other rails has swelled to about 40% of revenue for the glo
Income from card, digital and other payment services has grown to roughly 40% of revenue for the global banking industry, according to consulting firm McKinsey. The finding highlights how payments have become a core profit driver for banks rather than a side business, and analysts are weighing what that concentration means as fintech competition intensifies.
Why now: A new McKinsey estimate shows payments have grown into a major share of global bank revenue, prompting discussion about banking strategy and fintech competition.
McKinseyglobal banking industry
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