Interesting statistics on the growth of the payments industry outside traditional financial services - presumably the long term effects, in part at least, of the introduction of payments legislation over the past decade or so that was designed to do exactly that: to open up the performance of payments functions to companies other than traditional banks.
This has not only allowed particular sections of the payments market to specialise in their own specific functions (e.g. card acquiring). It has also allowed tech companies and retailers to make moves into providing payments-related services that are suited to their own needs - think Uber's new financial services division, which is looking to increase driver loyalty by providing its drivers with tailored mobile bank accounts. The result of this diversification of market participants is greater market efficiencies and innovation, as services converge to cater for the specific needs of particular sectors. All of this ultimately benefits customers - long may it continue.
Non-banks now account for a quarter of the institutions offering payment services or payment instruments, up from 14% in only six years, according to a fresh batch of statistics from the Bank for International Settlements.