Global Digital Payments Market

Doll, Toy and Game Market Definition

The doll, toy, and game market consists of sales of doll, toy, and game products and related services by entities (organizations, sole traders and partnerships) that produce doll, toy and game products. A doll is a small-scale figure of a human being used as a child’s plaything.i A toy is an object used as a child’s plaything. A game is an activity or a puzzle which usually involves skill, knowledge, or chance and enhances a child’s cognitive abilities. Doll, toy, and game products include action figures, automobile toys, balls, rubber, checkers, checker boards, craft and hobby kits, dart and dart games, dishes, doll carriages, doll clothing (except wigs), embroidery kits, children’s go carts, hobby horses, kites, marbles, model kits, model railroad, musical instruments used as toys, toy rifles, science kits, scooters, structural toy sets, stuffed toys, toy furniture, toy trains and equipment, tricycles, children’s vehicles, video game machines for children including high-end game consoles (only hardware units), wagons, and walkers, among others.

Custody Services Market Definition

The custody services market consists of sales of custody services by entities (organizations, sole traders and partnerships) that provide custody services or safekeeping services to clients. The companies in this industry typically settle trades, invest cash balances as directed, collect income, process corporate actions, price securities positions, and provide recordkeeping and reporting services. Companies in this industry are responsible for consolidation, processing, and monetization of large volumes of clients’ data. The companies in this industry hold clients’ property on their behalf, and are responsible for the safety of those financial products. The client remains the beneficial owner of the financial products, but the custody service providers hold the financial products on behalf of the clients.

Asset Management Market Definition

The asset management market consists of sales of asset management services by entities (organizations, sole traders and partnerships) that develop, operate, maintain, and sell assets in a cost-effective manner. Asset management companies (AMC) are the companies that pool funds from clients, and invest the capital in several financial products such as stocks, bonds, mutual funds, index funds, and hedge funds among others, with the aim of maximizing returns. Asset management companies make investment decisions considering several factors such as client’s risk and investment preferences, tax needs, liquidity needs, and moral and ethical beliefs. Clients of asset management companies include the general public, corporations, government and non-government institutions whose assets are managed by these companies. Asset management companies provide investors with diverse investing options. A large customer base allows these companies to leverage economies of scale, with the ability to distribute the associating expenses of investment, such as stock purchases, between clients.

Wealth Management Market Definition

The wealth management market consists of sales of wealth management services by entities (organizations, sole traders and partnerships) that plan, advise on and manage various kinds of assets belonging to high net worth and ultra-high net worth individuals, corporations, and government and non-government institutions. The market includes establishments that offer financial and investment advice, retirement planning and legal or estate planning. Wealth management is an investment advisory service that addresses the needs of clients. Wealth management services provide their clients with a comprehensive service to sustain and grow their wealth. It provides comprehensive research-based advisory along with convenient and personalized investment execution.

The asset servicing market consists of services for wealth management companies and capital markets. Asset servicing comprises services such as reorganization and proxy services, safekeeping services for physical securities, dividends, and electronic registration & transfer of securities. The assets servicing industry is a critical component of global financial markets and plays a vital role in the safekeeping of financial assets. The global asset servicing market is expected grow from $499.12 billion in 2020 to $553.45 billion in 2021 at a compound annual growth rate (CAGR) of 10.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $786.99 billion in 2025 at a CAGR of 9%. The asset servicing market covered in this report is segmented by service into fund services; custody and accounting; outsourcing services; securities lending and by end-user into capital markets; wealth management firms. Globalization acts as a major driver for the growth of the asset servicing industry. According to a study on global asset servicing, nearly 60% of assets services in Assets Under Administration (AUA)/Assets Under Contract (AUC) predict that globalization is likely to be a strong driver for the asset servicing market’s growth over the coming years. The players dealing in assets servicing industry are majorly focusing on APAC markets and other growing economies. Moreover, according to the BNP Paribas Securities Services article published in January 2020, India was expected to experience impressive growth in assets management and servicing industry owing to the increasing working population, the rising buying power of the populace, and expected growth in the GDP of the country. Thus, globalization creates a large avenue for the expansion and growth of the asset servicing market over the coming years. The stringent regulatory framework is predicted to limit the growth of the asset servicing industry over the forecast period. According to Funds Europe’s asset servicing roundtable, rising global regulation is adding cost and risk to asset servicing, creating a requirement for asset servicers to constantly engage with the client and the regulators. In addition to this, according to EY’s new opportunities for asset servicing study, nearly 75% of the companies see the impact of regulations as the greater risk facing the asset servicing industry. Therefore, the increased scrutiny from regulatory agencies is anticipated to hinder the asset service market’s growth in the coming years. Robotic process automation (RPA)/ automation is a major trend shaping the growth of the asset servicing market. Robotic process automation alone could reduce the headcount by 60-70% in the assets servicing industry while also achieving cost savings of approximately 30-40%. Robotic process automation (RPA) refers to a set of software tools known as bot or robots that are used to perform a repetitive or routine business process which is currently used by transaction processing team or service centres. RPA can replace manual tasks involved in assets servicing such as reconciliation, trade processing, and reporting for regulators and clients, reducing the time required with cost-efficiency. For instance, the ANZ Banking Group was one of the early ones to adopt RPA aggressively and automated its HR, finance, and technology processes in its Bengaluru hub creating thousands of bots. In April 2020, JP Morgan has sought to take whole ownership of China International Fund Management (CIFM), a local assets management firm for an amount of $1 billion. This step was taken following China's reforms on the elimination of caps on foreign companies taking full control of local assets management operations. This acquisition is expected to enable JP Morgan's long-term involvement with CIFM and strengthen the company’s position in the Chinese market. China International Fund Management (CIFM) was founded in 2004 and offers assets management and related services to China. The major players covered in the global asset servicing market are National Australia Bank Limited, CACEIS, BNY Mellon, HSBC, JP Morgan, Citi, The Bank of New York Mellon Corporation (BNY Mellon), State Street Corporation, UBS, Clearstream (Deutsche Börse Group), Northern Trust Corporation, BNP Paribas Securities Services, SimCrop A/S, Broadridge Financial Solutions, Inc., Pictet Group. The countries covered in the global asset servicing market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global asset servicing market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global asset servicing market is segmented - 1) By Service: Fund Services, Custody and Accounting, Outsourcing Services, Securities Lending 2) By End User: Capital Markets, Wealth Management Firms 3) By Enterprise Size: Large Enterprises, Medium and Small Enterprises

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. Revenue generated from the payments market includes all the processing and services fees levied by the banks and financial institutions for payment processing. The global payments market is expected to grow from $466.29 billion in 2020 to $517.68 billion in 2021 at a compound annual growth rate (CAGR) of 11%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $735.39 billion in 2025 at a CAGR of 9.2%. The payments market is segmented by type into credit transfer, direct debit, check payment, cash deposit, and by application into banks, non-banking financial institutions, others. 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 services, 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 coronavirus is expected to propel the contactless payment market growth in the forecast period. The increasing frauds in payments 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 to pay for products or items that are never shipped. According to data recorded by the National Crime Records Bureau, 3,353 cases of digital fraud were reported in 2018. In India, a total of 21,041 fraud cases involving credit cards, debit cards, and internet banking were reported in just three months as of December 2019. Therefore, the increase in fraud cases restrains the growth of the payments market. The integration of biometric authentication technology in 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 2018, Visa, an American financial services company, introduced a pilot of a modern dual-interface (chip-and contactless-enabled) biometric payment card with Mountain America Credit Union and Bank of Cyprus. The card will evaluate the use of biometric authentication as an alternative to a PIN or signature during a transaction to validate the card issuer. 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 solution. GIACT is a USA based financial services company. The major players covered in the global payments market are PayPal, Square Inc., Apple Inc, Amazon Payments, Flagship Merchant Services, GoCardless, Bitpay, Stripe, Payline Data, FIS, Bank Of America, Industry And Commercial Bank Of China, Citibank, JPMorgan Chase, Wells Fargo And Company, Capital One, ACI Worldwide, MasterCard, Fiserv, Visa, Alipay, American Express, Samsung Electronics, National Merchants, Google Pay, X-Payments, Braintree, First Data Corporation, Adyen. The countries covered in the global payments market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global payments market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. 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, Others 3) By End-User Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Others

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, and 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 cards market is segmented into credit card; debit card; charge card and prepaid card. Only goods and services traded between entities or sold to end consumers are included. The global cards market is expected to grow from $205.45 billion in 2020 to $212.23 billion in 2021 at a compound annual growth rate (CAGR) of 3.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $225.95 billion in 2025 at a CAGR of 1.6%. The cards market covered in this report is segmented by type into general purpose; private label, by usage into general-purpose re-loadable card; government benefit/disbursement card; payroll card; others, by end user into retail establishments; corporate institutions; government; financial institutions; others. 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 fraudulent 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, global fraud losses totaled $27.85 billion in 2018 and are expected to grow to $35.67 billion in five years and $40.63 billion in the next 10 years. Therefore, the increasing incidences of fraudulent restraints the growth of the cards market. The growing technological innovations are 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 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 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. The major players covered in the global 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, PayPal Holdings, BBVA Compass Bancshares, UniRush, HDFC Bank Ltd., SBI Cards and Payment Services Limited, ICICI Bank Limited, Axis Bank Limited, Bank of Baroda, Capital One Financial Corporation, The Bank of America Corporation, Wells Fargo, Discover Bank, Total System Services Inc, The PNC Financial Services Group Inc., TSYS, Ebay, The Western Union Company. The countries covered in the global cards market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global cards market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. 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, Others 3) By End User: Retail Establishments, Corporate Institutions, Government, Financial Institutions, Others

The insurance agencies market consists of sales of insurance policies by entities (organizations, sole traders, and partnerships) that act as agents in selling annuities and insurance policies. The global insurance agencies market is expected to grow from $109.91 billion in 2020 to $111.98 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $135 billion in 2025 at a CAGR of 4.8%. The insurance agencies market covered in this report is segmented by insurance into life insurance; property & casualty insurance; health & medical insurance; others. Increased awareness about the benefits of insurance coverage is expected to drive the insurance agencies market. The pandemic has alerted the public and made them aware of the uncertainty, which led them towards opting for insurance to protect their and their families' lives. For instance, according to the Max Bupa survey on the difference of mindset of people before and after the COVID-19 onset, during pre-COVID times the percentage of buyers and planners for comprehensive plans was 32% and 41%, respectively. The demand for insurance plans has seen a significant increase over the last few months, with the percentage of buyers and people intending to buy rising to 55% and 60%. The insurance agencies help the people in obtaining the best insurance policy as per their need and budget. Hence, a higher awareness rate among the public on the benefits of insurance coverage aids in the growth of the insurance agencies market. Change in consumers' behavior of approaching the insurance providers directly for availing insurance policies instead of insurance agencies is expected to hinder the market growth. Customers feel empowered to forego agents and brokers as most of the insurance providers are providing online services. According to Capgemini and Efma’s World Insurance Report 2020, people of all ages are now adopting a millennial mentality where they trust their research through a variety of channels, primarily digital channels to gather information and directly purchase insurance products online. Moreover, online term plans offered by life insurance companies are comparatively 20-30% cheaper than offline ones. Thus, changing customer-approach towards insurance agencies eliminates the involvement of agencies and brokers in the process of insurance purchase, which in turn is restricting the growth of the insurance agencies market. Introduction to technology-enabled services and platforms is a leading trend in the insurance agencies market. Insurance and technology companies are assisting insurance agencies by developing technology-enabled services and platforms for enhancing smooth customer experience and versatility. For instance, in 2019, Nationwide and Bold Penguin partnered to launch the commercial digital storefront, to deliver an easy-to-use single-entry software that allows agents to reach the best markets in record time, and in July 2020 the companies are now validating an independent agent-facing commercial insurance quoting and sales platform. Furthermore, in April 2020, Aureus Analytics, an artificial intelligence technology company, partnered with HawkSoft to help independent insurance agents understand better how well their agency serves the insured. In March 2020, USI Insurance Services, a USA based consulting and insurance brokerage firm with expertise in risk management, employee benefit, and retirement plan consulting has acquired Full Service Insurance Agency, Inc. for an undisclosed amount. This acquisition is expected to expand USI Insurance Services' commercial, employee benefit, and personal risk expertise into Tennessee. Full Service Insurance, Inc., is a US-based insurance agency, concentrating on commercial insurance, employee benefits, and risk solutions for businesses and individuals. The major players covered in the global insurance agencies market are McGriff Insurance Services, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., HUB International Ltd., USI Insurance Services. The countries covered in the global insurance agencies market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global insurance agencies market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global insurance agencies market is segmented - 1) By Insurance: Life Insurance, Property & Casualty Insurance, Health & Medical Insurance, Others 2) By Mode: Online, Offline 3) By End User: Corporate, Individual