London — Banks are set to miss out on as much as $280bn in revenue from their payments operations by 2025, as new start-ups muscle in and more of the business of sending money to individuals and companies becomes instant and free, according to a new report.

The global payments business, which covers anything from card payments to wiring money overseas, is dominated by banks and in 2019 was worth about $1.5-trillion, professional services firm Accenture said in a report published on Monday.

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