Banks' payments system in peril: Morgan The Australian...

Banks' payments system in peril: Morgan
The Australian
Australian banks must not lose control of the lucrative payments industry. David Morgan, CEO of Westpac Banking, warned that banks lacked interest in the sector. The US, UK and Australian industry is estimated to be worth $A470 billion in 2006 and accounts for between 25 per cent and 35 per cent of total bank revenues. Morgan said that non-traditional providers were expanding into the sector and would take high-growth segments from banks. He said that banks could not afford to ignore the opportunities offered by the sector