Bankers have no more than two years to act if they are to prevent Internet portal companies from stealing their business, the chairman and chief executive officer of Cybercash Inc. said last week.

"Unless banks move fairly rapidly to leverage their position, consumers will gravitate toward whoever will provide them with convenience," said Cybercash founder and payment system entrepreneur William Melton.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.