Global Digital Payments Market

Automobile Rental And Leasing Market Definition

The automobile rental and leasing market consists of sales of automotive equipment renting or leasing services by entities (organizations, sole traders and partnerships) that provide passenger cars and truck/vans, utility trailer, and recreational vehicle (RV) without drivers and utility trailers. These establishments generally operate a retail store like facility for automotive equipment renting and leasing. Some automotive equipment rental and leasing companies offer short-term rental or long-term leases, while others provide both types of services. The automobile rental and leasing industry includes establishments that rent or lease passenger cars and trucks without drivers and utility trailers. The lease of vehicles/automobiles is governed by a lease agreement or contract. A lease agreement is a future performance contract between the lessor and the lessee. A lease agreement must be in writing, and must be signed by the lessor and the lessee. The lease contract can be signed in the form of operating leasing or finance leasing.

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 consumer to make immediate payments using portable electronic devices such as smartphones or tablets. The mobile payment technologies market covered in this report is segmented by solutions into point-of sale (PoS), in-store payments, remote payments. The mobile payment technologies market is also segmented by application into retail & E-commerce, healthcare, BFSI, enterprise; by PoS solutions into near-field communication (NFC) payments, sound-wave based payments, magnetic secure transmission (MST) payments; by in-store payments solutions into mobile wallets, quick response (QR) code payments; by remote payments into internet payments, SMS payments, direct carrier billing, mobile banking. The global mobile payment technologies market is expected to grow from $51.96 billion in 2020 to $60.42 billion in 2021 at a compound annual growth rate (CAGR) of 16.3%. 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 mobile payment technologies market is expected to reach $174.29 billion in 2025 at a CAGR of 30.3%. 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 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 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 the 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 PayPal, Inc., MasterCard, Bharti Airtel, Google, Inc. and Apple Inc. The regions covered in the mobile payment technologies market 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

The automobiles and heavy equipment trucking market consists of sales of automobiles and heavy equipment trucking services and related goods by entities (organizations, sole traders, and partnerships) that provide over-the-road transportation of automobiles and heavy equipment. Only goods and services traded between entities or sold to end consumers are included. The global automobiles and heavy equipment market is expected to grow from $244.88 billion in 2020 to $271.59 billion in 2021 at a compound annual growth rate (CAGR) of 10.9%. 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 $394.85 billion in 2025 at a CAGR of 9.8%. The automobiles and heavy equipment market covered in this report is segmented by type into business services; managed services; system integrator; others, by application into cars and light trucks; medium and heavy trucks; farm and construction equipment; others. The growing demand for autonomous transportation is expected to drive the growth of the automobiles and heavy equipment market over the coming years. To enable the automobile to react to external conditions that a human driver will handle, an autonomous vehicle utilizes a fully automated driving system. According to the Victoria Transport Policy Institute’s report on autonomous vehicle implementation predictions published in June 2020, autonomous vehicles will be reliable, affordable, and safe by 2025 and is predicted to be commercially available in many areas by 2030. In 2019, Amazon started using Embark's self-driving trucks to move freight faster. Moreover, in 2020, Mercedes-Benz will release their semi-autonomous truck prototype scheduled for 2025. Therefore, the growing demand for autonomous transportation drives the growth of the automobiles and heavy equipment market. The impact of COVID-19 is expected to limit the growth of the automobiles and heavy equipment market in the coming years. The transportation industry faces severe challenges due to coronavirus, supply chain disturbances, and national emergency delivery needs forcing fleet managers, dispatchers, and drivers to work extra hours, while transportation in other sectors, such as restaurant supply and live event equipment, has halted. According to the Center for Disease Control and Prevention, the trucking industry lost more than 88,000 jobs in April 2020, a 5.8% decline from March, out of a total of 20.5 million job losses in the USA across various industries, placing the nation's total unemployment rate at 14.7%. Additionally, a recent survey found that nearly half (48%) of carriers registered significantly lowered freight rates across the USA. Therefore, the impact of COVICD 19 restraints on the growth of the automobiles and heavy equipment market. Advancing technologies is a major trend gaining popularity in the automobiles and heavy equipment market. Major companies operating in the automobile and heavy equipment market are focusing on developing innovative technological solutions. For instance, in 2020, companies such as ACL Airshop are using CoreInsight Node Technology to provide advanced unit load (ULD) tracking with a Bluetooth ULD Tracking system for freight control, carrier shipment marking, air cargo monitoring, asset tracking, and reporting solutions. CoreInsight Node Technology enables producers to monitor deliveries, manage business intelligence (BI) packages, and help in activities remotely by accurately monitoring cargo with the help of ULD devices. In February 2019, CMA CGM S.A., a French container transportation and shipping company acquired CEVA Logistics for $1.65 billion. This deal with CEVA Logistics will allow CMA CGM S.A. to create economies of scale from combining the two businesses. The company plans to expand its footprint in the logistics sector. CEVA Logistics, a USA based logistics and supply chain company engaged in providing end to end supply chain services and solutions. The major players covered in the global automobiles and heavy equipment market are American Rail Center Logistics, CEVA Logistics, DHL, FedEx Freight, United Parcel Service, Schneider National, C.H. Robinson, J.B. Hunt Transport. The countries covered in the global automobiles and heavy equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global automobiles and heavy equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global automobiles and heavy equipment market is segmented - 1) By Type: Business Services, Managed Services, System Integrator, Others 2) By Application: Cars And Light Trucks, Medium And Heavy Trucks, Farm And Construction Equipment, Others 3) By Size: Heavy Trucks, Medium Trucks, Light Trucks

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 cellular or mobile telephone services market consists of sales of cellular or mobile telephone services by entities (organizations, sole traders, and partnerships) that provide radio communication between mobile and land stations, or between mobile stations, which can be classified into three groups: voice, SMS, and MMS. Only goods and services traded between entities or sold to end consumers are included. The global cellular/mobile telephone services market is expected to grow from $187.01 billion in 2020 to $192.74 billion in 2021 at a compound annual growth rate (CAGR) of 3.1%. 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 $250.46 billion in 2025 at a CAGR of 6.8%. The cellular or mobile telephone services market covered in this report is segmented by type into basic communication, value-added, by service into 3G services, 4G services, 5G services, by end-user into manufacturing, energy and utilities, media and entertainment, IT and telecom, transportation and logistics, healthcare. An increasing number of mobile subscribers is predicted to contribute to the growth of the cellular or mobile telephone services market over the forecast period. According to the Cisco Annual Internet Report, the number of mobile subscribers across the globe is expected to increase from 5.1 billion (66% of the population) in 2018 to 5.7 billion (71% of the population) by 2023. According to data released by the Telecom Regulatory Authority of India (TRAI) in October 2020, Reliance Jio became the first mobile service provider to cross the 40 crore customers in India with the addition of over 35 lakh subscribers in July 2020. Therefore, growing mobile phone subscribers are projected to increase the overall demand for cellular or mobile telephone services globally. During the forecast period, the high cost associated with value-added services is expected to limit the growth of the cellular or mobile telephone services market. For smartphone users keen on heavy streaming, mobile data does not always come cheap. The cost of a gigabyte of mobile data differs hugely between countries. For instance, UK-based price distinction website cable.co.uk released an extensive analysis of mobile data pricing across the globe in 2019 which focused on 6,313 data plans across 230 countries. As per the analysis, Zimbabwe is the most expensive country for data where a gigabyte averages $75.20. The average data cost is $12.02 in Canada and $12.38 in the USA. Furthermore, in Switzerland, the costs are more than $20. The mobile value-added services are some additional services offered to the customer by telecommunication operators at an additional charge, which are generally high and not affordable by common people subsequently affecting the revenues of cellular or mobile telephone services. The launch of the Fifth Generation (5G) networks is gaining popularity in the cellular or mobile telephone services market. The current fifth generation of mobile networks (5G) is a stimulant for the new industrial revolution because it offers much greater speed and bandwidth than previous networks along with low time for data travel or low latency. For instance, in February 2020, ETSI launched a new group for the fifth generation of Fixed Network (ETSI ISG F5G). The latest invention in cellular technology is Fifth-Generation (5G) networks, engineered to boost the speed of wireless networks. Using Fifth-Generation 5G networks, data is transmitted at the speed of 20 Gbps or more over wireless broadband connections exceeding speeds of other networks. 5G networks also provide a latency of 1 ms or lesser for uses that require real-time feedback. In January 2020, Samsung Group, a South Korea-based electronics company that sells mobile devices announced the acquisition of TeleWorld Solutions, Inc. for an undisclosed amount. With the acquisition of TeleWorld Solutions, Inc., Samsung is aiming to address end-to-end network support needs and accelerate 5G rollouts in the USA. TeleWorld Solutions, Inc. is a Virginia-based telecommunications provider of wireless networking and consulting services. The major players covered in the global cellular or mobile telephone services market are AT&T Inc., Verizon, Deutsche Telekom, Vodafone, China Mobile Limited, Nippon Telegraph and Telephone Corporation, SoftBank Corp, IBM, Cisco, Alcatel-Lucent, Juniper Networks, Tata, Nokia, Alibaba Group Holdings Limited, Gemalto N.V., Google Inc., KongZhong Corporation. The countries covered in the global cellular or mobile telephone services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global cellular or mobile telephone services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global cellular or mobile telephone services market is segmented - 1) By Type: Basic Communication, Value-Added 2) By Service: 3G Services, 4G Services, 5G Services 3) By End User: Manufacturing, Energy And Utilities, Media And Entertainment, IT And Telecom, Transportation And Logistics, Healthcare

The restaurants and mobile food services market consists of sales of restaurants and mobile food services and related goods by entities (organizations, sole traders and partnerships) that provide food services to patrons who order and are served while seated (i.e., waiter/waitress service) and pay after eating; provide food services to patrons who generally order or select items (e.g., at a counter, in a buffet line) and pay before eating; or prepare and/or serve a specialty snack (e.g., ice cream, frozen yogurt, cookies) and/or nonalcoholic beverages (e.g., coffee, juices, sodas) for consumption on or near the premises. This market includes revenues from sales by restaurants to a delivery service but not the revenues of the delivery service itself. The restaurants and mobile food services market is segmented into full-service restaurants; limited-service restaurants; cafeterias, grill buffets, and buffets and mobile food services. The global restaurants and mobile food services market is expected to grow from $2193.94 billion in 2020 to $2619.27 billion in 2021 at a compound annual growth rate (CAGR) of 19.4%. 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 $3331.62 billion in 2025 at a CAGR of 6%. Asia Pacific was the largest region in the global restaurants and mobile food services market, accounting for 51% of the market in 2020. North America was the second largest region accounting for 24% of the global market. Africa was the smallest region in the global restaurants and mobile food services market. Globalization is expected to pave the way for more joint ventures, foreign investments, global expansion and multi-national companies setting up facilities in high growth regions, thereby allowing restaurant operators to offer their cuisines to customers around the world. Globalization is also making it easier for restaurants to procure exotic ingredients and hence provide more sophisticated and wider variety of dishes to its customers, thereby giving restaurants an opportunity to compete globally. Furthermore, globalization has increased the number of potential vendors for restaurants, lowering the bargaining power of suppliers and thus helping the bottom line. For example, McDonald's produces in many countries and has franchises around the world. It invests and supports initiatives to adapt its products and services to different locales to ensure its global brand. This rise in globalization is likely to boost investments and consequentially drive the market going forward. The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the restaurants and mobile food services market in 2020 as governments globally imposed restrictions on domestic and international travel limiting the need for services offered by these establishments. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of lockdown and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the restaurants and mobile food services market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy. Establishments in the restaurant and mobile food services market rely heavily on recommendations and reviews, therefore restaurants are promoting themselves through social media platforms. Mobile applications like GrubHub and JustEat allow customers to review, browse the menu and nutrition information, order and make reservations. Social media are enhancing customer loyalty and public reputation as customers share photos and reviews, thereby increasing awareness of restaurants. For example, restaurants are now adopting live streaming restaurant videos to engage online followers and interact with them. Social media hence are expected to be a significant driver of the restaurant and mobile food services industry. Major companies in the market include McDonald's; Subway; Chick fil A; Darden Restaurants Inc; Yum China Holdings Inc. The countries covered in the global restaurants and mobile food services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global restaurants and mobile food services market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global restaurants and mobile food services market is segmented - 1) By Type: Full-Service Restaurants, Limited-Service Restaurants, Cafeterias, Grill Buffets, And Buffets, Mobile Food Services 2) By Ownership: Chain Market, Standalone Market 3) By Pricing: High-End, Economy

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 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 lending and payments market is segmented into lending; and cards & payments. The global lending and payments market is expected to grow from $6708.1 billion in 2020 to $7662.19 billion in 2021 at a compound annual growth rate (CAGR) of 14.2%. 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 $9770.89 billion in 2025 at a CAGR of 6%. Western Europe was the largest region in the global lending and payments market, accounting for 34% of the market in 2020. Asia Pacific was the second largest region accounting for 28% of the global market. Africa was the smallest region in the global lending and payments market. Artificial Intelligence is gaining prominence in payments sector due to its various applications allowing the businesses in synthesizing data to improve customer experience. Artificial Intelligence refers to the development of computer systems which are able to perform tasks using human intelligence. AI enables payment companies to improve their operational efficiency such as reducing processing times, error free insights and increased automation. Many banking and non-banking institutions are using AI application to monitor payment transactions from the point of payment message to payment gateway. For example, AI enabled application chatbots are being adopted by payment firms as they are able to understand customer language and respond to customer queries on real-time basis.AI machine learning is significantly used to improve fraud detection and reduce false transactions. For Instance, in 2018, Pega conducted a survey on AI in payments industry. According to the survey, 72% of payment industry executives have understood the importance of AI and 28% felt uncomfortable with use of AI. 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 which are conventionally considered unprofitable by traditional lenders. Examples of alternative lenders include Lending Club and OnDeck. Major companies in the market include Industrial and Commercial Bank of China; Agricultural Bank of China; Bank of China; JP Morgan; Wells Fargo. The countries covered in the global lending and payments market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The regions covered in the global lending and payments market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The global lending and payments market is segmented - 1) By Type: Lending, Cards & Payments 2) By End User: B2B, B2C Subsegments Covered: Corporate Lending, Household Lending, Government Lending, Cards, Payments

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.