The payments market consists of establishments primarily engaged in processing money transfers and payments between various accounts. This includes all institutions involved in payment processing such as banks, non-banking financial institutions, and others. Revenue generated from the payments market include all the processing and services fees levied by the banks and financial institutions for payment processing.
The top five companies covered are PayPal, FIS, Bank of America, Industrial and Commercial Bank of China, and Citigroup Inc. PayPal was the largest company in the payments market.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The global payments market was valued around $136 billion in 2017. Asia Pacific was the largest region in the payments market in 2017, accounting for around 38% of the total market. The USA was the largest country in the market accounting for around 37% of the total market.
NFC-based mobile payments are increasing rapidly and offer strong growth potential in both developed and developing countries. This growth is collectively driven by increasing competition between payment card issuers, mobile operators and smartphone manufacturers such as Apple and Samsung.
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