Global Cards & Payments Market

Cards are provided by a bank or other financial organization, which enables users to withdraw money or make purchases using a line of credit. Payment instruments are systems that enable funds held in accounts at credit, payment or similar institutions to be transferred to a payee on receipt of a payment order. The main types of cards and payments are cards and payments. The cards refer to the debit and credit cards that are issued by a bank to manage financial transactions. The various institution types include banking institutions, non-banking institutions. The cards are used for food and groceries, health and pharmacy, restaurants and bars, consumer electronics, media and entertainment, travel and tourism, other applications. The cards and payments research report is one of a series of new reports from The Business Research Company that provides cards and payments statistics, including cards and payments industry global market size, regional shares, competitors with cards and payments share, detailed cards and payments segments, market trends and opportunities, and any further data you may need to thrive in the cards and payments industry. This cards and payments research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global cards & payments market grew from $833.27 billion in 2022 to $903.22 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cards & payments market is expected to grow to $1238.14 billion in 2027 at a CAGR of 8.2%. Cards and payments companies are investing in technologies and formulating guidelines to prevent card and payment fraud. In this regard, payment service providers and merchants have implemented various solutions, including the Payment Card Industry Data Security Standard (PCI DSS) compliance, EMV technology, 3-D Secure services, tokenization, biometrics, and end-to-end encryption. To combat the constantly evolving card fraud methods, the National Retail Federation (NRF) also updates its security guidelines continuously. Major companies in the cards and payments market include American Express, Banco Santander, Visa, PayPal, MasterCard, Nippon Telegraph and Telephone Corp, Industrial and Commercial Bank of China, Apple, China Construction Bank, and Intesa Sanpaolo. Asia-Pacific was the largest region in the cards and payments market in 2022. Western Europe was the second largest region in the card and payments market. The regions covered in the cards and payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the cards and payments market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The cards and payments market consists of revenues earned by entities that are engaged in storing, processing and transmitting payment card data, and facilitating payment transfers between individuals, companies or both. The payments industry consists of establishments primarily engaged in processing money transfers and payments between various accounts. This market covers issuing and acquiring banks, card processing and issuing companies and others. Revenue generated from the cards and payments market include all processing and service fees levied by banks and financial institutions for payments processing and for processing card based payments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global cards and payments market is segmented - 1) By Type: Cards, Payments 2) By Institution Type: Banking Institutions, Non-Banking Institutions 3) By Application: Food And Groceries, Health And Pharmacy, Restaurants And Bars, Consumer Electronics, Media And Entertainment, Travel And Tourism, Other Applications Subsegments Covered: Credit Card, Debit Card, Charge Card, Prepaid Card

A credit card is a class of payment cards issued by a bank or financial services company that allows cardholders to make purchases while having the option of repaying the amount later. The main types of credit cards are reward cards, credit builder cards, travel credit cards, balance transfer cards, and other types. The reward card refers to the card that issues certain rewards for the credit card holder based on the reward points and even offers some special offers that can be claimed based on the points. The various card types are base, signature, and platinum. The different service providers involved are Visa, Mastercard, Rupay, and other service providers. The credit card research report is one of a series of new reports from The Business Research Company that provides credit card statistics, including credit card industry global market size, regional shares, competitors with credit card share, detailed credit card segments, market trends and opportunities, and any further data you may need to thrive in the credit card industry. This credit card research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global credit card market grew from $101.98 billion in 2022 to $103.72 billion in 2023 at a compound annual growth rate (CAGR) of 1.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The credit card market is expected to grow from $109.04 billion in 2027 at a CAGR of 1.3%. The rising demand for credit cards is expected to fuel the growth of the credit card market in the forecast period. The rise in demand for consumer credit and the benefits offered by credit cards encourage individuals to use credit cards. According to the Equifax Quarterly Consumer Credit Demand Index June 2022, the demand for credit cards in Australia increased by 6% as compared to June 2021. Overall consumer credit demand grew by 10.2% as compared to June 2021. Therefore, the rising demand for credit cards drives the growth of the credit card market. The impact of COVID-19 on a new credit card is expected to hinder the growth of the credit card market. Consumers are dialling back on applying for credit cards and reducing balances as there are fewer chances to spend money due to the economic recession. Also, digitally focused businesses such as Apple, which announced the satisfactory acceptance of its Apple Card, noticed lower spending across the board. According to data from Federal Reserve Bank of New York, the credit card balances were reduced by $76 billion (8.3%) in the second quarter of 2020 and new credit card applications were down by 40%. Therefore, the impact of the COVID-19 recession restrains the growth of the credit card market. Growing technological innovation is a key trend gaining popularity in the credit card market. Major corporations are concentrating on offering digital prepaid card services in emerging economies to attract a large consumer base for prepaid credit cards. For example, in June 2020, in collaboration with the Mastercard alliance, Grab Holdings, Inc., a multinational ride-hailing company based in Singapore, launched a new card to facilitate cashless payments in the Philippines. With the card linked to Grab's prepaid wallet, which includes 53 million global merchants that accept Mastercard, users can pay for anything online. In September 2021, M2P, a company that provides digital infrastructure based in India, acquired Wizi for a deal amount of $5 million. With this acquisition, the companies manage the credit card sector and provide the customers with benefits. Wizz is a company that provides credit cards based in India. On August 1, 2010, this entry was published. Major players in the credit card market are Citibank, American Express Company, Mastercard Incorporated, Visa Inc., JPMorgan Chase & Co., Mango Financial Inc., BBVA Compass Bancshares Inc., Total System Services Inc., The PNC Financial Services Group Inc., and Capital One Financial Corporation. Asia-Pacific was the largest region in the global credit card market in 2022. Western Europe was the second largest region in the credit card market. The regions covered in the global credit card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the credit card market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The credit card market consists of revenues earned by entities that are engaged in storing, processing and transmitting credit card data. Credit cards are payment cards issued by banks and financial institutions that can be used to borrow funds. Credit cards are mostly used for short-term financing of consumer goods and services. The credit limit is preset depending on the borrower’s credit rating and credit cardholders are charged interest each month by the credit card provider. Revenue generated from the cards market include all processing and service fees levied by banks and financial institutions for processing card-based payments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The global credit card market is segmented - 1) By Type: Reward Card, Credit Builder Card, Travel Credit Card, Balance Transfer Card, Other Types 2) By Card Type: Base, Signature, Platinum 3) By Service Provider: Visa, Matercard, Rupay, Other Service Providers

Debit cards are payment cards that are linked directly to a customer’s bank account and can be used to make purchases and withdraw cash. The main types of debit cards are classic, signature, platinum, and gold. The classic debit card refers to the card that allows making payments easier, faster than other cards and will have benefits based on the bank. The various service providers are visa, Mastercard, Rupay, other service providers. The cards are used in commercial, bank, shopping, other applications. The debit card research report is one of a series of new reports from The Business Research Company that provides debit card statistics, including debit card industry global market size, regional shares, competitors with debit card share, detailed debit card segments, market trends and opportunities, and any further data you may need to thrive in the debit card industry. This debit card research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global debit card market grew from $93.23 billion in 2022 to $94.64 billion in 2023 at a compound annual growth rate (CAGR) of 1.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The debit card market is expected to grow from $98.88 billion in 2027 at a CAGR of 1.1%. Reduction in the use of cash following various factors contributed to the growth of the debit card market. Various institutional bodies and governments are trying to minimize the use of cash as cashless transactions reduce the risk of crime and money laundering, lessen tax evasion, and reduce transaction costs for businesses. For instance. In 2020, a bulletin released by the Bank for International Settlements, advisor to central banks across the world, stated - the pandemic would help gain momentum for cash fewer payments around the world. In June 2021, according to Financial Times, there is a 35% reduction in cash payments. Thus, reduced use of cash and the ongoing trend of digital payments is expected to drive the debit card market. The universal presence of mobile has increased the use of mobile payments and wallets which are expected to restrain the debit card market growth. Mobile wallet refers to a payment service through which payments could be received or sent using mobile. According to a Forbes article published in March 2020, mobile payments in the USA exceeded$130 billion in 2020. Most mobile wallets have built-in security such as fingerprint Touch ID, six-digit password, and other features that reduce the risk of fraud. Mobile wallets like Apple Pay, Samsung Pay, and Google Wallet are coming with advanced features of store checkout, where the customer just needs to take his phone close to the merchant's NFC enabled point of sale. Ease of transaction and more safety features in the mobile wallet will increase its use, restricting the growth of other payment modes including debit cards thus restraining its market growth. Cryptocurrency debit card is a new trend in the cards industry. Crypto debit cards act as an efficient bridge between the existing financial systems and the crypto world. They offer instant purchasing power from bitcoin or other cryptocurrencies. According to a cards and payments industry report published by Infosys, the cryptocurrency market is expected to reach $1.4 billion by 2024, growing at 6.2% annually. Crypto-backed debit cards allow cardholders to make payments and withdrawal of fiat currency from ATMs, similar to debit cards linked to bank accounts. Major card networks such as MasterCard, Amex, and Visa are focusing on corporate payments with the use of blockchain. Revolut, a UK-based start-up offers the metal card with the MasterCard logo and access to 5 cryptocurrencies and 150 fiat currencies. Moreover, in October 2020, Coinbase launched its cryptocurrency Visa debit card in the USA, which allows customers to spend cryptocurrency anywhere Visa cards are accepted. Increasing acceptance of crypto cards, no foreign exchange fees, access to fiat and crypto assets with a single card, and cashback rewards are some factors that will support crypto debit card market growth. In September 2022, JP Morgan, US-based multinational investment bank and financial services company, acquired Renovite Technologies for an undisclosed amount. The acquisition would help JP Morgan to achieve its goal of developing next-generation payments processing platform for its customers. Renovite Technologies is a California-based payment solutions provider. Major players in the debit card market are Capital One Financial Corp., American Express Company, Visa Inc., MasterCard, Citigroup Inc., PayPal Holdings Inc., Bank of America Corporation, JPMorgan Chase And Co., PayU, and State Bank of India. Asia-Pacific was the largest region in the global debit card market in 2022. Western Europe was the second largest region in the debit card market. The regions covered in the global debit card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the debit card market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The debit card market consists of revenues earned by entities that are engaged in storing, processing and transmitting debit card data. Debit cards usually have daily purchase and cash withdrawal limits and transactions made via these cards appear on the accountholder’s bank statement each month. This market excludes cash withdrawals through a cash dispenser. Revenue generated from the cards market include all processing and service fees levied by banks and financial institutions for processing card-based payments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The global debit card market is segmented - 1) By Card Type: Classic, Signature, Platinum, Gold 2) By Service Provider: Visa, Matercard, Rupay, Other Service Providers 3) By Application: Commercial, Bank, Shopping, Other Applications

Prepaid cards are preloaded payment cards issued by financial institutions that can be used to make both online and in-store payments. Once the amount loaded on the card is used, it may be disposed of (for a non-reloadable prepaid card) or reloaded (for a reloadable prepaid card) by the cardholder. The main types of prepaid cards are general-purpose reloadable cards, prepaid gift cards, government benefit cards, payroll cards, and other types. The general purpose Reloadable cards can be used as debit cards for retail purposes and are used for depositing online payments. The various card types are open-loop prepaid cards and closed-loop prepaid cards. The cards are used in retail establishments, corporate institutions, government establishments, and other establishments. The prepaid card research report is one of a series of new reports from The Business Research Company that provides prepaid card statistics, including prepaid card industry global market size, regional shares, competitors with prepaid card share, detailed prepaid card segments, market trends and opportunities, and any further data you may need to thrive in the prepaid card industry. This prepaid card research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global prepaid card market will grow from $15 billion in 2022 to $16.32 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global prepaid card market is expected to grow to $21.7 billion in 2027 at a CAGR of 7.4%. Increasing the use of prepaid cards as a substitute for traditional bank cards is a key factor driving the growth of the prepaid card market. A prepaid card is not connected to a bank checking account or a draught account for a credit union share; instead, users invest money in advance deposited into the prepaid card account. According to the Reserve Bank of India, debit card payments in 2021 reached 412 crore. Prepaid cards are similar to debit cards and permit the consumer to spend money up to the amount loaded on the card for making purchases, paying gas bills, shopping, and paying online bills. Therefore, increasing usage of prepaid cards is expected to propel the growth of the prepaid card market in the forecast period. The increasing incidents of fraudulent cases are expected to hamper the growth of the prepaid card market in the forecast period. Card fraud losses are sustained on all credit, debit, prepaid general-purpose, and private-label payment cards distributed around the world by payment card issuers, retailers, purchasers of card purchases from retailers, and acquirers of card transactions at ATMs. For instance, according to the Aite Group, a company that provides insurance services, in 2020, 47% of Americans experienced financial theft and found that losses from these identity theft cases cost $502.5 billion in 2019 and increased 42 percent in 2020, totaling $721.3 billion in 2021. Therefore, the increasing incidences of fraud restrain the growth of the prepaid market. Major players operating in the industry are undertaking various strategic initiatives such as partnerships and collaborations, which are gaining significant popularity in the prepaid card market. Companies are collaborating with other market players to offer prepaid cards with flexible credit limits to attract a large consumer base for prepaid cards. For instance, in November 2020, MobiKwik collaborated with the American Express (Amex) card network to introduce its first virtual prepaid payment card with a flexible credit limit. With the launch of the prepaid payment card, MobiKwik becomes the first non-bank in India to issue cards. In June 2022, Rewire, an Israel-based prepaid debit card provider, acquired Imagen for an undisclosed amount. The acquisition would complement the company’s offerings and expand its portfolio. Imagen is an Israel-based pre-paid card company that provides pre-paid cards to immigrants. Major players in the prepaid card market are American Express Company, BBVA Compass Bancshares Inc., Green Dot Corporation, JPMorgan Chase & Co., Kaiku Finance LLC., Mango Financial Inc., NetSpend Holdings Inc., PayPal Holdings Inc., UniRush LLC., and Master Card Incorporated. The Asia-Pacific was the largest region in the prepaid card market in 2022. Western Europe was the second largest market in the global prepaid card market. The regions covered in the global prepaid card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the prepaid card market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The prepaid cards market consists of revenues earned by entities that are engaged in storing, processing and transmitting prepaid card data. Prepaid cards may be open-loop or closed-loop. While an open-loop prepaid card can be used at any locations accepting cards, a closed-loop prepaid card can only be used at certain locations such as a specific store or a group of stores. Revenue generated from the cards market include all processing and service fees levied by banks and financial institutions for processing card-based payments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The global prepaid card market is segmented - 1) By Type: General-Purpose Reloadable Card, Prepaid Gift Card, Government Benefit Card, Payroll Card, Other Types 2) By Card Type: Open Loop Prepaid Card, Closed Loop Prepaid Card 3) By Application: Retail Establishments, Corporate Institutions, Government, Other Applications

Lending is the act of allowing a person or organisation to use a sum of money in exchange for an agreement to repay it later, typically with interest. Payment instruments are systems that enable funds held in accounts at credit, payment or similar institutions to be transferred to a payee on receipt of a payment order. The main types of lending and payments are lending, cards, and payments. Cards and payments refer to the payment process through different types of cards. The various lending channels are offline, online channels that are used by B2B and B2C end-users. The lending and payments research report is one of a series of new reports from The Business Research Company that provides lending and payments statistics, including lending and payments industry global market size, regional shares, competitors with lending and payments share, detailed lending and payments segments, market trends and opportunities, and any further data you may need to thrive in the lending and payments industry. This lending and payments research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global lending and payments market grew from $8721.16 billion in 2022 to $9585.48 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The lending and payments market is expected to grow to $13415.12 billion in 2027 at a CAGR of 8.8%. Artificial Intelligence is gaining prominence in the payments sector due to its various applications allowing businesses to synthesize data to improve customer experience. Artificial intelligence refers to the development of computer systems that can perform tasks using human intelligence. Payment companies can improve their operational efficiency through AI, such as reducing processing times, error-free insights, and increasing automation. Many banking and non-banking institutions are using AI applications to monitor payment transactions from the point of payment message to the payment gateway. For example, AI-enabled application chatbots are being adopted by payment firms as they can understand customer language and respond to customer queries on a real-time basis. AI machine learning is significantly used to improve fraud detection and reduce false transactions. For instance, according to the latest Economist Intelligence Unit adoption study, 54% of financial services organizations adopted AI for payments for strengthening customer relationships. Alternative lending is gaining traction as it gives loans to individuals and businesses who cannot access loans through traditional banking platforms. Alternative lending is becoming popular mainly because offering commercial loans to small businesses is deemed unprofitable by traditional banks. Alternative lenders rely on advanced technologies such as big data to obtain data-driven insights, which can be used to quicken the overall lending process. This allows alternative lenders to earn profits on loans that are conventionally considered unprofitable by traditional lenders. Examples of alternative lenders include Lending Club and OnDeck. Major companies in the lending and payments market include China Construction Bank, Agricultural Bank Of China, JPMorgan Chase & Co., Bank of China, Industrial and Commercial Bank of China, Bank of America Corporation, Banco Santander, Citi Group, Wells Fargo & Company, and State Bank of India Western Europe was the largest region in the lending and payments market in 2022. Asia-Pacific was the second largest region in the lending and payments market. The regions covered in the lending and payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the lending and payments market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The lending and payments include revenue by entities by providing secured or unsecured loans to borrowing entities, payment and money transfer services. The lending and payments industry is categorized on the basis of the business model of the firms present in the industry. Some firms offering lending services may offer other services, financial or otherwise. Revenues from lending and payments services include interest on loans, margins or commissions charged on transactions, and not the loan or repayment values themselves. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global lending and payments market is segmented - 1) By Type: Lending, Cards And Payments 2) By Lending Channel: Offline, Online 3) By End User: B2B, B2C Subsegments Covered: Corporate Lending, Household Lending, Government Lending, Cards, Payments

Payment instruments are systems that enable funds held in accounts at credit, payment, or similar institutions to be transferred to a payee on receipt of a payment order. The main types of payments are credit transfer, direct debit, check payment, and cash deposit. Credit transfer refers to the payment method of transferring credit from one account to another. The various applications include those of banks, non-banking financial institutions, and others. These are used by retail, banking and financial services, telecommunications, the government, transportation, and other end users.d other end users. The payments research report is one of a series of new reports from The Business Research Company that provides payments statistics, including payments industry global market size, regional shares, competitors with payments share, detailed payments segments, market trends and opportunities, and any further data you may need to thrive in the payments industry. This payments research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global payments market will grow from $561.77 billion in 2022 to $612.04 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global payments market is expected to grow to $847.59 billion in 2027 at a CAGR of 8.5%. The outbreak of COVID-19 is expected to drive the growth of the payments market over the forecast period. Contactless payments are becoming a preferred payment method in the current pandemic situation because less human contact is required. Contactless payment systems at the point of service, such as facial recognition, Quick Response (QR) codes, or Near-field Communication (NFCs), will render the virus less likely to spread to others via payment exchanges. In the first quarter of 2020, the credit card giant Mastercard announced a 40% increase in contactless payments as the global pandemic deepened. Therefore, the widespread of the coronavirus is expected to propel the contactless payment market's growth in the forecast period. The increasing fraud in payments has impacted the growth of the payments market. Payment fraud is a form of fraudulent or unlawful transaction carried out by a cybercriminal. Fraudsters use third-party platforms such as e-commerce portals to defraud consumers by charging for products or items that are never shipped. According to Merchant Savvy, global losses from payment fraud have tripled to $32.39 in 2020 and are expected to continue to cost $40.62 billion in 2027, which is 25% higher than in 2020. Therefore, the increase in fraud cases restrains the growth of the payments market. The integration of biometric authentication technology into payments is a key trend gaining popularity in the payments market. Biometric authentication is a specific and significant payment method that integrates and offers accuracy, effectiveness, and protection within a single package. The methods of authentication include fingerprint scanners, facial recognition, iris recognition, pulse tracking, and venous mapping. For example, In January 2022, Apple Inc., a company operating in payments based in the United States, introduced an iOS 15.4 beta periocular biometrics that allows Face ID to be used with a mask and without an Apple Watch for biometric authentication. In November 2020, Refinitiv, a London-based financial services company, acquired GIACT for an undisclosed amount. The acquisition of GIACT’s fraud prevention capabilities brings new offerings to Refinitiv’s customers by enhancing and broadening Refinitiv’s digital identity verification and document proofing solutions. GIACT is a US-based financial services company. Major players in the payments market are PayPal, Square Inc., Apple Inc., Amazon Payments, Flagship Merchant Services, GoCardless, Bitpay, Stripe, Payline Data, FIS., ACI Worldwide, MasterCard, Fiserv. Asia-Pacific was the largest region in the payments market in 2022. Western Europe was the second largest region in the global payments market. The regions covered in the global payments report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the payments market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The payments market consists of revenues earned by entities that are engaged in facilitating payment transfers between individuals, companies, or both. The payments industry 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 includes all the processing and services fees levied by the banks and financial institutions for payment processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The global payments market is segmented - 1) By Type: Credit Transfer, Direct Debit, Check Payment, Cash Deposit 2) By Application: Banks, Non-Banking Financial Institutions, Other Applications 3) By End-user Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Other End Users

Payment security refers to the rules, regulations, and security mechanisms in place to safeguard the privacy, data, and transactions of a customer or partner to prevent money laundering, fraudulent transactions, and data breaches. These mechanisms are used to provide the customer with data security and to avoid unauthorized transactions and data breaches. The main types of solutions provided in payment security market are encryption, tokenization, and fraud detection and prevention. Encryption is a technique for security and fraud prevention that automatically breaks apart and reorders data before it is transferred over telephone lines or the internet. Encryption is used to protect data in transit and data at rest. The services offered by payment security are integration services, support services and consulting services to the large enterprises and small and medium-sized enterprises (SMES). The industries using payment security include retail, travel and hospitality, healthcare, it and telecom, education, media and entertainment, others (automotive, financial services, and manufacturing). The payment security market research report is one of a series of new reports from The Business Research Company that provides payment security market statistics, including payment security industry global market size, regional shares, competitors with an payment security market share, detailed payment security market segments, market trends and opportunities, and any further data you may need to thrive in the payment security industry. This payment security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. The global payment security market size grew from $24.7 billion in 2022 to $28.42 billion in 2023 at a compound annual growth rate (CAGR) of 15.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The payment security market size is expected to grow to $50.63 billion in 2027 at a CAGR of 15.5%. The increasing adoption of digital payment modes is expected to propel the growth of the payment security market. Digital payments offer a quick, safe, and convenient method to buy goods and services. Consumer trust and concerns about fraud and security in digital payment are critical for future use of digital payment cards. Payment security measures ensure to prevent any fraud and concerns regarding payments. The increasing adoption of digital payment modes will create significant demand for payment security solutions as these are essential for secured payment transactions. For instance, according to the Press Information Bureau (PIB) of India, in March 2022, digital payment transactions have increased exponentially in the last four years, from 3,134 crores (31.34 billion) in FY 2018-19 to 5,554 crores (55.54 billion) in FY 2020-21. A total of 7,422 (74.22 billion) crore digital transactions were reported until February 28, 2022, in the current fiscal year 2021–22. Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) emerged as customers' favorite payment platform, with 452.75 crores (4.52 billion) digital payment transactions worth ?8.27 lakh crore ($106 billion) completed by February 28, 2022. Similarly, according to the Commonwealth Bank, the number of monthly digital wallet transactions between March 2020 and March 2021 increased by 90%, with the rise in the number of transactions from 36 million to 68 million. Therefore, the increasing adoption of digital payment modes will drive the growth of the payment security market. Technological advancement is a key trend gaining popularity in the payment security market. Three-Domain Secure 2.0 (also known as 3-D Secure 2.0 or 3DS 2.0) is a recent improvement in digital transaction security technology. As there is a rise in the adoption of digital payments, technological advancements are growing to secure transactions in digitalized payment platforms. 3-D Secure 2.0 is a security measure that adds an extra layer of fraud protection for online credit or debit card purchases. This technology detects and prevents fraud using an unprecedented amount of contextual data. It creates an authentication pipeline between online merchants, payment networks, and financial institutions, allowing all parties to share and analyze intelligence about the authenticity of a purchase more easily. Key players are focusing on offering 3-D Secure 2.0 payment security to customers to effectively secure transactions and strengthen their position in the market while enhancing their services. For instance, in July 2020, Visa Inc., a US-based payments technology company partnered with an Indian banking company Federal Bank to offer "Visa Secure" to the bank's cardholders. "Visa Secure" is a technology built on EMVCo 3DS (3D Secure) 2.0 protocol that allows customers to check out faster and with less friction. It provides an extra layer of authentication for issuers and merchants making the e-commerce highly secured at the point of purchase. In May 2022, TokenEx, a US-based company offering cloud-based data security services for digital payments announced the acquisition of Auric Systems International, for an undisclosed amount. Through this deal, TokenEx will acquire Auric System’s AuricVault® service, a secure data storage service and aims to expand its presence in Latin America and Africa. Auric Systems International is a US-based company offering tokenization services. Major players in the payment security market are CyberSource Corporation, Elavon, Bluefin Payment Systems LLC, Ingenico, SISA Information Security Pvt Ltd., Shift4 Corporation, TokenEx LLC, Signifyd, Broadcom Inc., GEOBRIDGE Corporation, Thales Group, Intelligent Payments, Transaction Network Services (TNS) Inc., Mastercard, and SecurionPay. North America was the largest region in the payment security market in 2022. The regions covered in the payment security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the payment security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The payment security market includes revenues earned by entities by preventing unwanted transactions and data breaches and ensuring that the data of their consumers is protected. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global payment security market is segmented - 1) By Solution: Encryption, Tokenization, Fraud Detection And Prevention 2) By Services: Integration Services, Support Services, Consulting Services 3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs) 4) By Vertical: Retail, Travel And Hospitality, Healthcare, IT And Telecom, Education, Media And Entertainment, Others (Automotive, Financial Services, And Manufacturing)

Financial services are products and services provided by financial institutions that facilitate various financial transactions and other financial activities like loans, insurance, credit cards, investment opportunities, and money management. The main types of financial services are lending and payments; insurance; reinsurance; insurance brokerage; investments; and foreign exchange services. The lending and payments market refers to the lender's making funds and making them available to a person. The services are offered to small- and medium-sized businesses as well as large businesses. The services are used by individuals, corporations, governments, and investment institutions. The financial services research report is one of a series of new reports from The Business Research Company that provides financial services statistics, including financial services industry global market size, regional shares, competitors with financial services share, detailed financial services segments, market trends and opportunities, and any further data you may need to thrive in the financial services industry. This financial services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry. The global financial services market grew from $25848.74 billion in 2022 to $28115.02 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The financial services market is expected to grow to $37484.37 billion in 2027 at a CAGR of 7.5%. The global payments industry has witnessed a rapid increase in the adoption of EMV technology. This growth is driven by the higher level of data security offered by EMV chips 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 for the cardholder and the account, which is protected using both hardware and software security measures. According to the global technical body EMVCo, the number of EMV chip payment cards across the world reached 10.8 billion in 2020. In line with the rest of the world, the adoption rate of EMV chip payment cards has steadily grown across various regions in the world, reaching 71.7% in Canada, Latin America, and the Caribbean region, 61.2% in Africa and the Middle East region, and 32.7% in the Asia-Pacific region. Banks and financial institutions are adopting digitization to modernise their commercial lending business. This move is mainly a result of increased competition among banks and growing demand for a simplified and quick commercial lending process. Digitization leads to improved customer satisfaction in obtaining a commercial loan, which can otherwise be a complex and slow process. It also enables banks to target new customer categories and offer customer-centric solutions, which leads to improved efficiencies in the commercial lending business. Some of the banks that have incorporated digitization into lending are Commonwealth Bank of Australia, Hana Bank, and Fidor Bank. Many wealth management companies are investing in big data analytics capabilities to generate insights about clients. Big data solutions are being implemented to deliver insights around client segments, product penetration, and training programme effectiveness. These technologies are being implemented to assess existing and prospective clients’ inclination to purchase various products and services being offered by a wealth management company, their lifetime value, investment pattern, and the ability of the client to take risks. They are also helping wealth management companies to track business performance, increase client acquisition and retention rates, increase sales, and offer real-time investment advice. For instance, CargoMetrics, an investment firm based in Boston, used the Automatic Identification System (AIS) to collect data on commodity movement such as cargo location and cargo size to develop an analytics platform for trading commodities, currencies, and equity index funds. This tool was also sold to other hedge funds and wealth managers. Major companies in the financial services market include Allianz Group, Industrial and Commercial Bank of China, JPMorgan Chase & Co., Ping An Insurance, Axa Group, Anthem, Inc., Agricultural Bank Of China, China Life Insurance, China Construction Bank, and Centene. Western Europe was the largest region in the financial services market in 2022. North America was the second-largest region in the financial services market. The regions covered in the financial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa The countries covered in the financial services market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The financial services market includes revenues earned by entities by providing financial or money related services such as lending, investment management, insurance, brokerages, payments, and fund transfer services. The financial services industry is categorized on the basis of the business model of the firms present in the industry, and most firms offer multiple services. Revenues include fees, interest payments, commissions, or transaction charges. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The global financial services market is segmented - 1) By Type: Lending And Payments, Insurance, Reinsurance And Insurance Brokerage, Investments, Foreign Exchange Services 2) By Size Of Business: Small And Medium Business, Large Business 3) By End User: Individuals, Corporates, Government, Investment Institution Subsegments Covered: Lending, Cards & Payments, Insurance, Insurance Brokers & Agents, Reinsurance, Wealth Management, Securities Brokerage And Stock Exchange Services, Investment Banking