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It's a number I found some time ago that on further investigation appears to be quite wrong as you say. It seems it's closer to 1tn USD annually, which would r
by lorddoig 11y ago
It's a number I found some time ago that on further investigation appears to be quite wrong as you say. It seems it's closer to 1tn USD annually, which would rank around number 16 in world GDP tables.
Edit because HN isn't allowing a reply: these numbers are industry revenue, not profit.
https://www.bcgperspectives.com/content/articles/financial_institutions_pricing_global_payments_2014_capturing_next_level_value/
http://data.worldbank.org/indicator/NY.GDP.MKTP.CD?order=wbapi_data_value_2013+wbapi_data_value+wbapi_data_value-last&sort=desc
- tptacek 11y agoThat huge number also does not square with the 2014 profits of the largest issuers. Look at Amex and Discover, both of which have relatively pure issuer/payment processing businesses.
- lorddoig 11y agoNow it decides I can reply. It's revenue, not profit, because I'm coming at this from the perspective of money (potentially) wasted. It's all in the first link.