The payments market 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 include all the processing and services fees levied by the banks and financial institutions for payment processing.
The global payments market was valued around $136 billion in 2017. Asia Pacific was the largest region in the payments market in 2017, accounting for around 38% of the total market. The USA was the largest country in the market accounting for around 37% of the total market.
NFC-based mobile payments are increasing rapidly and offer strong growth potential in both developed and developing countries. This growth is collectively driven by increasing competition between payment card issuers, mobile operators and smartphone manufacturers such as Apple and Samsung.
The top five companies covered are PayPal, FIS, Bank of America, Industrial and Commercial Bank of China, and Citigroup Inc. PayPal was the largest company in the payments market.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The payments market is segmented into credit transfer, direct debit, check payment, and cash deposit.
Credit transfer also known as bank or wire transfer, is a method of electronically transferring funds by one individual or entity to another.
Direct debit is method of fund transfer wherein a payee instruct his or her bank to transfer a sum of money from a payer’s account to his or her own account.
Check payment is an instrument of payment that can be used by the payer to order his or her bank to pay a specific amount of money to a specific person or entity on demand.
Cash deposit is a mode of hand-to-hand payment that can be used by a consumer to pay for goods and services received from a person or an entity.
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