Global Cards & Payments Market

The cards market consists of sales of cards services by entities (organizations, sole traders, and partnerships) that are engaged in storing, processing, and transmitting payment card data. This market covers issuing and acquiring banks, card processing, issuing companies, and others. Revenue generated from the cards market includes all processing and service fees levied by banks and financial institutions for processing card-based payments. It excludes interest charged by banks on payment cards. The main types of cards are general-purpose and private labels. The general-purpose cards can be used as debit cards for retail purposes and are used for depositing online payments. The cards are used for general-purpose reloadable cards, government benefit/disbursement cards, payroll cards, and other usages. The cards are used by retail establishments, corporate institutions, government agencies, financial institutions, and other end-users. The cards research report is one of a series of new reports from The Business Research Company that provides cards statistics, including cards industry global market size, regional shares, competitors with cards share, detailed cards segments, market trends and opportunities, and any further data you may need to thrive in the cards industry. This cards 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 market grew from $251.33 billion in 2021 to $271.03 billion in 2022 at a compound annual growth rate (CAGR) of 7.8%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The cards market is expected to grow to $360.87 billion in 2026 at a CAGR of 7.4%. The rising demand for credit cards is expected to fuel the growth of the cards market in the forecast period. The rise in demand for consumer credit products tends to be very apparent in an economic crisis during COVID-19 outbreak, where pay delays and job losses are feasible, and the outstanding credit card balance indicates that individuals are borrowing to cover their daily expenses. According to TransUnion CIBIL Limited, an India-based credit information company, credit card debts, and the number of accounts increased by 40.7% and 29.8%, respectively, with 44.5 million cards in circulation in 2019. Therefore, the rising demand for credit cards drives the growth of the cards market. The increasing incidences of fraud are expected to hamper the growth of the cards market in the coming years. 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 at 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 for almost $712.4 billion in 2020 was $721.3 billion in 2021. Therefore, the increasing incidences of fraud restrain the growth of the cards market. Technological innovations have been gaining popularity in the cards market over recent years. 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 March 2019, Prepaid Financial Services Limited, a London-based financial services company, acquired the Physical Prepaid Card Portfolio of Barclaycard in the UK for an undisclosed amount. This acquisition will enable Prepaid Financial Services Limited to offer an enhanced service to existing and future Payroll and Corporate clients. Barclaycard is a credit card brand for credit cards of Barclays PLC, a UK-based financial services company that helps consumers, retailers, and businesses to make and take payments flexibly, and to access short-term credit and point of sale finance. Major players in the cards market are Citibank, Mastercard Incorporated, The American Express Company, Visa Inc., JPMorgan Chase & Co, Kaiku Finance LLC, Mango Financial Inc, Green Dot Corporation, NetSpend Holdings, and PayPal Holdings. Asia Pacific was the largest region in the cards market in 2021. Western Europe was the second largest region in the cards market. The regions covered in cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cards market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The global cards market is segmented - 1) By Type: General Purpose, Private Label 2) By Usage: General-purpose Re-loadable Card, Government Benefit/Disbursement Card, Payroll Card, Other Usage 3) By End User: Retail Establishments, Corporate Institutions, Government, Financial Institutions, Other End-Users

The lending and payments market consists of sales of lending and payments services by entities (organizations, sole traders, and partnerships) that are engaged in lending and payments-related activities such as lending, payments, and money transfer services. The lending and payments industry is categorized based on the business models of the firms present in the industry. Some firms offering lending services may also offer other services, financial or otherwise. Revenues from lending and payments services include interest on loans, margins, or commissions charged on transactions, but not the loan or repayment values themselves.  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 $7,833.28 billion in 2021 to $8,565.3 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The lending and payments market is expected to grow to $11,315.39 billion in 2026 at a CAGR of 7.2%. Artificial Intelligence is gaining prominence in the payments sector due to its various applications allowing businesses to synthesise 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 organisations 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 2020. 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 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

The debit card market consists of sales of debit card services by entities (organizations, sole traders, and partnerships) that are engaged in storing, processing, and transmitting payment card data. 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. 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. Only goods and services traded between entities or sold to end consumers are included. 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 is expected to grow from $90.49 billion in 2021 to $93.23 billion in 2022 at a compound annual growth rate (CAGR) of 3%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The debit card market is expected to grow to $96.84 billion in 2026 at a CAGR of 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 March 2019, MasterCard, a USA-based financial services company acquired Ethoca Limited, a fintech company for an undisclosed amount. The acquisition is expected to help merchants and card issuers to collaborate for identifying and resolving fraud in digital commerce. Ethoca Limited will strengthen MasterCard’s multi-layered cyber strategy and provide its customers with better checkout every time. MasterCard intends to combine Ethoca Limited with its current security activities, data insights, and AI solutions. Ethoca Limited is a Canada-based global network of card issuers and merchants that provides intelligence and technology solutions empowering businesses to prevent fraud and improve customer experience. 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 debit card market in 2021. Western Europe was the second largest region in the debit card market. The regions covered in the 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, UK, and USA 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

The payments market consists of sales of payments services by entities (organizations, sole traders, and partnerships) 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. The revenue generated from the payments market includes all the processing and service fees levied by the banks and financial institutions for payment processing. The main types of payments are credit transfer, direct debit, check payment, and cash deposit. Credit transfer refers to the payment method of credit transfer from one account to the other. The various applications include banks, non-banking financial institutions, and other applications. These are used by retail, banking and financial services, telecommunications, government, transportation, and 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 grew from $511.87 billion in 2021 to $560.6 billion in 2022 at a compound annual growth rate (CAGR) of 9.5%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The payments market is expected to grow to $776.1 billion in 2026 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 2021. Western Europe was the second largest region in the payments market. The regions covered in the 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, UK, and USA. 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

The digital payments market consists of all the transactions that take place across the digital media, along with the products and services associated with them. Digital payments are a payment mode that uses digital mediums such as the internet, cell phones, and automated devices to send and receive money. It needs both payer and payee to use digital means to send and receive money. It is not mandatory in some situations for the payee to use a digital medium to receive money. The main types of digital payments are point of sale and online sales. Online sales refer to the sales of products and payments made online. The various deployments are cloud-based and on-premise. The services are used in retail, banking and financial services, telecommunications, government, transportation, and other digital payments. The digital payments research report is one of a series of new reports from The Business Research Company that provides digital payments statistics, including digital payments industry global market size, regional shares, competitors with digital payments share, detailed digital payments segments, market trends and opportunities, and any further data you may need to thrive in the digital payments industry. This digital 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 digital payments market is expected to grow from $83.27 billion in 2021 to $96.19 billion in 2022 at a compound annual growth rate (CAGR) of 15.5%. 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 affecting many markets across the globe. The digital payments market is expected to grow to $170.95 billion in 2026 at a CAGR of 15.5%. Quick onboarding and ease of use are expected to drive the digital payments market. Individuals require flexibility, transparency, and friction-free onboarding. They are more attracted to such methods which are frictionless, and as a result, software innovators such as Square and PayPal are using automation to decrease the onboarding time to a few minutes. Digital payments are very easy to use compared to conventional methods as they only require a bank account or phone number and a smartphone with an internet facility. For instance, according to new data compiled by Taiwan's government, out of a population of about 23 million, nearly 10 million are mobile payment users. The ease of adoption increases the number of users, thereby contributing to the growth of the market. A breach in security is expected to hinder the digital payments market globally. The increase in the digitalization of payments has led to security breaches, incurring losses to merchants and customers as well. According to the American Express digital payments survey in 2019, 8 of 10 respondents said they experienced some type of fraud in their business. The threat of security thereby hinders the digital payment market. Contactless payment technology is soaring in the digital payments market. Many users are increasingly opting for contactless payment technologies such as mobile wallets, contactless cards, and others as they are more secure and convenient to use. Contactless payment technology uses radio frequency identification (RFID) or near-field communication (NFC) for the transmission of amounts among users. Black Friday sales in 2019 had an 82% rise in the number of purchases made with mobile wallets. In July 2019, Fidelity National Information Services, Inc., a US-based international company that provides financial services technology and outsourcing services, acquired WorldPay for an amount of $43 billion. This acquisition enhances the global technology position of FIS and also increases the company's growth opportunities. It helps the FIS serve its customers with new technology. WorldPay is a UK-based technology provider and payment processing company. Major players in the digital payments market are Alipay, Amazon Pay, Apple Pay, Tencent, Google Pay, First Data, Paypal, Fiserv, Visa Inc., and MasterCard. Asia Pacific was the largest region in the digital payments market in 2021. Western Europe was the second largest region in the digital payments market. The regions covered in the digital payments report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the digital payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The global digital payments market is segmented - 1) By Mode Of Payment: Point Of Sale, Online Sale 2) By End-User Industry: Retail, Banking And Financial Service, Telecommunication, Government, Transportation, Other End Use Industries 3) By Deployment: Cloud, On-Premise 4) By Enterprise: Large Enterprises, Small And Medium Enterprises

The financial services market consists of sales of financial or money-related services by entities (organizations, sole traders, and partnerships) that are engaged in financial services-related activities such as lending, investment management, insurance, brokerages, payments, and fund transfer services. The financial services industry is categorised based on the business models of the firms present in the industry, and most firms offer multiple services. Revenues include fees, interest payments, commissions, or transaction charges. 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 $23,319.52 billion in 2021 to $25,588.3 billion in 2022 at a compound annual growth rate (CAGR) of 9.7%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The financial services market is expected to grow to $33,358.77 billion in 2026 at a CAGR of 6.9%. 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 2021. 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 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

The mobile payment technologies market consists of sales of mobile payment technologies and related services. This market deals with a method of payment that does not involve cash or cheques but allows consumers to make immediate payments using portable electronic devices such as smartphones or tablets. The various type of solutions provided are point-of-sale (PoS), in-store payments, and remote payments. A point-of-sale or POS is the place where the customer makes a retail payment for products or services. The different types of PoS solutions are near-field communication (NFC) payments, sound-wave based payments, magnetic secure transmission (MST) payments and in-store payments solutions are mobile wallets, quick response (QR) code payments. The various types of remote payments are internet payments, SMS payments, direct carrier billing, and mobile banking. The applications of mobile payment technologies are in retail & E-commerce, healthcare, BFSI, and enterprise. The mobile payment technologies market research report is one of a series of new reports from The Business Research Company that provides mobile payment technologies market statistics, including mobile payment technologies industry global market size, regional shares, competitors with a mobile payment technologies market share, detailed mobile payment technologies market segments, market trends and opportunities, and any further data you may need to thrive in the mobile payment technologies industry. This mobile payment technologies 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 mobile payment technologies market is expected to grow from $68.85 billion in 2021 to $86.91 billion in 2022 at a compound annual growth rate (CAGR) of 26.2%. 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, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The mobile payment technologies market is expected to reach $212.70 billion in 2026 at a CAGR of 25.1%. The initiatives taken by governments to promote a cashless economy is a major driver for the growth of the mobile payment technologies market. A cashless economy is the one in which financial transactions are not done with banknotes or physical currency but via digital modes of payment. In this regard, government across the world along with the central banks are taking several initiatives to move towards a cashless economy, which ultimately leads to the growth of the mobile payment technologies market. According to a study conducted by MasterCard in 2019, the UAE has one of the fastest changing payment ecosystems because of a strong government leadership to promote electronic payments. For example, in May 2019, the Dubai Department of Finance launched a new digital payment wallet which is specially designed to pay government fees. This digital payment wallet facilitates smooth transfer of funds and promotes mobile payment technologies. Security issues and threat of data breach is an important restraint on the mobile payment technologies market. This is mainly because lot of information and data is transferred in digital payments, which becomes a challenge for data security. There are multiple security issues like frauds & chargebacks, technical integration, malicious app clones, and mobile frauds that have an adverse impact on this market. For example, PayPal announced a security breach that put over 1.6 million customer's data at risk and as a compensation, the company had to offer free credit monitoring services for those who needed it. The integration of Internet of Things (IoT) with mobile payments is an emerging trend in the mobile payment technologies market. IoT is a system of interrelated computing devices, mechanical and digital machines, or people that can transfer data over a network without requiring any human-to-human or human-to-computer interaction. The integration of IoT in mobile payment technologies eases the payment experience of consumers and merchants, ensuring smooth and efficient payments on both ends. Due to increased convenience and safety provided by IoT-based mobile payments, many people are moving towards mobile payment technologies. For example, MasterCard integrated IoT for bringing payments to a wide range of consumer products for around 50 billion devices that are expected to be connected to the internet by 2020. The company is also planning to come up with the latest IoT-based devices to boost digital payments. The mobile payment technologies market is governed by the Payment Services Directives (PSD2) which regulates the payment service providers throughout the European Union (EU) and European Economic Area (EEA). This regulation primarily focuses on developing a more integrated payments market in Europe and encourages non-banks to participate in this industry to enhance competition. PSD2 also ensures safer and more secured payments to increase protection of the customers and their data. Hence, this regulation is expected to further drive the mobile payment technologies market by providing smooth and efficient payment experience for both customers and payment service providers. In June 2019, Fidelity National Information Services (FIS) acquired Worldpay Inc. for approximately $35 billion. Through this acquisition, FIS aims to expand its payment processing capabilities and also enhance the scalability of both companies. Worldpay is a global company providing payment processing technology & solutions to their customers. It was founded in 1997 and is headquartered in London, the UK. Major players in the mobile payment technologies market are PayPalInc., MasterCard, Bharti Airtel, GoogleInc., Apple Inc., First Data Corporation, American Express Co., Vodacom Group, Millicom International Cellular, Mahindra Comviva, Orange, DwollaInc., WorldPay , Paytm, AT & TInc., Safaricom Limited, MTN Group, Econet Wireless Zimbabwe, Visa , BlueSnap, PayU, Bank of America , Amazon , Citrus Payment Solutions , Stripe, Six Payment services, Paysafe, Wirecard, Novatti, Vodafone Ltd., and Microsoft Corporation. The regions covered in the Internet of Things (IoT) security report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the mobile payment technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The global mobile payment technologies market is segmented - 1) By Solutions: Point-Of Sale (POS), In-Store Payments, Remote Payments 2) By Application: Retail & E-Commerce, Healthcare, Bfsi, Enterprise 3) By Pos Solutions: Near-Field Communication (NFC) Payments, Sound-Wave Based Payments, Magnetic Secure Transmission (MST) Payments 4) By In-Store Payments Solutions: Mobile Wallets, Quick Response (QR) Code Payments 5) By Remote Payments: Internet Payments, Sms Payments, Direct Carrier Billing, Mobile Banking

Fintech Market Definition

The FinTech (Financial Technologies) market consists of sales of technology and platform based financial services and related goods. FinTech is the use of technology and innovation to provide financial services through internet-based platforms. Companies in this market provide end-to-end process financial services and solutions to automate financial processes over the Internet. It is used by end-user organizations on the back end to automate insurance, trading, banking services, and risk management. FinTech companies can cover many services, ranging from those offering more traditional banking services such as payment services and fund transfers, to those that are technologically focused offering services that enhance the processes in the major financial markets. FinTech companies started as exclusively technology companies to improve or assist activities in the financial sector. As the market has developed, these companies have evolved as an alternative to traditional financial services providers by offering a wide range of financial services including mobile point of service (POS) payments, crowd lending to businesses and market place lending to consumers.