The cards and payments market consists of sales of cards and payments services by entities (organizations, sole traders and partnerships) that engage in storing, processing and transmitting payment card data. The card and payments industry includes issuing and acquiring banks, card processing and issuing companies, payment processing institutions such as banks, and non-banking financial corporations. Revenues generated from the cards and payments market include the processing and services fees or commissions levied by the banks and financial institutions for payment processing. This market excludes interest charged by the banks on credit cards or other cards.
The global cards & payments market is expected to grow from $721.9 billion in 2019 to $722.4 billion in 2020 at a compound annual growth rate (CAGR) of 0.1%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 9% from 2021 and reach $909.1 billion in 2023. Asia Pacific was the largest region in the global cards & payments market, accounting for 33% of the market in 2019. Western Europe was the second largest region accounting for 23% of the global cards & payments market. South America was the smallest region in the global cards & payments market. The global payments industry has witnessed rapid increase in the adoption of EMV technology. This growth is driven by a higher level of data security offered by EMV chip and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards including debit, credit, charge and prepaid cards. The chip carries data of the cardholder and the account, which is protected using both hardware and software security measures. According to global technical body EMVCo, the number of EMV chip payment cards across the world reached 4.8 billion by the end of 2015. In line with the rest of the world, the adoption rate of EMV chip payment cards has steadily grown across various regions in 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 Asia-Pacific region.
The major players in the global cards and payments market are American Express Company, Visa, Bank of America, PayPal, Mastercard
The countries covered in the global cards and payments market report 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, Vietnam
The Global Cards & Payments Market is segmented:
1) By Type: Cards, Payments
2) By Institution Type: Banking Institutions, Non-Banking Institutions Subsegments Covered: Credit Card, Debit Card, Charge Card, Prepaid Card, B2B, B2C, C2C, C2B