The cards and payments market comprise establishments engaged in storing, processing and transmitting payment cards data. This market covers issuing and acquiring banks, card processing and issuing companies, payment processing institutions such as banks, non-banking financial corporations and others. Revenue generated from the cards and payments market include all the processing and services fees levied by the banks and financial institutions for payment processing. This market excludes interest charged by the banks on credit card and other cards.
The top five companies covered are American Express Company, Visa, Bank of America, PayPal and MasterCard. American Express Company was the largest competitor in the cards and payments market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The global cards and payments market was valued at over $390 billion in 2017. North America was the largest region in the cards & payments market in 2017, accounting for more than 50% market share. The USA was the largest country in the market in 2017, accounting for more than 47% market share.
The global payments industry has witnessed rapid increase in the adoption of EMV technology. This growth is driven by a higher level of data security offered by EMV chip and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards including debit, credit, charge and prepaid cards. The chip carries data of the cardholder and the account, which is protected using both hardware and software security measures.
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