Cards And Payments Market Characteristics
The cards and payments market consists of sales of cards and payments services by entities (organizations, sole traders and partnerships) that engage in storing, processing and transmitting payment card data. The card and payments industry includes issuing and acquiring banks, card processing and issuing companies, payment processing institutions such as banks, and non-banking financial corporations. Revenues generated from the cards and payments market include the processing and services fees or commissions levied by the banks and financial institutions for payment processing. This market excludes interest charged by the banks on credit cards or other cards.
Competitive Landscape of the Cards And Payments Market
Major players in the global cards and payments market include American Express Company, Visa, Bank of America, PayPal, Mastercard.
Cards And Payments Market Size
The cards and payments market size is expected to reach above $500 billion by 2022, significantly growing at a CAGR of around 6.8% during the forecast period. The growth in the cards and payments market is due to introduction of additional security features such as EMV, launch of innovative products and rising penetration of contact less cards which are easy to use.
However, the market for cards and payments is expected to face certain restraints from several factors such as increasing digitization and rising demand for payment services post financial crisis as global economies recovered.
Cards And Payments Market Segmentation
The global cards and payments market is further segmented based on type and geography.
By Type - The cards and payments market is segmented into cards, payments, among these segments, the cards market accounts for the largest share in the global cards and payments market.
By Geography - The global cards and payments North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America cards and payments market accounts the largest share in the global cards and payments market.
Trends in the Cards And Payments Market
Growing adoption of Europay, MasterCard, and visa (EMV) technology, increasing focus on security of card payments, growing demand of prepaid cards, are the major trends witnessed in the global cards and payments market.
Potential Opportunities in the Cards And Payments Market
With increase increasing government initiatives in countries such as India and China to promote digital payments, improved earning capacity, emerging markets growth, the scope and potential for the global cards and payments market is expected to significantly rise in the forecast period.