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 BUSINESS RESEARCH COMPANY
EXPECTS THE GLOBAL CARDS AND PAYMENTS MARKET TO GROW TO $515 BILLION BY 2021
North America was the largest region in the cards and payments market in
2017, accounting for more than half of the market share. This can be attributed
due to high digital payment penetration in the USA and Canada.
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The chart below shows the year-on-year growth of the
global cards and payments market during 2017 – 2021
According to The Business Research Company’s Consultant,
Nitin Gianchandani, mobile payments are increasing rapidly and offer strong
growth potential in both developed and developing countries. Improving
contactless payments infrastructure and security features such as host card
emulation (HCE) also drove the growth of NFC-based mobile payments. According
to Strategy Analytics, the transaction value of NFC-based mobile payments is
expected to increase $240 billion in 2021.
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American Express Company was the biggest player in the cards and
payments market with revenue of $21.9 billion in 2016. American Express Company’s
growth strategy is to make efficient investments by evaluating the investment
opportunities using big data analytics technology. The company also decided to
focus more on its prepaid products that will generate incomes that can be
directed towards other parts of the business
The cards and payments market comprise establishments engaged in
storing, processing and transmitting payment cards data, which covers issuing, acquiring,
card processing, payment processing institutions such as banks, non-banking
financial corporations and others. Revenue generated from the cards and
payments market include all the processing and services fees levied by the
banks and financial institutions for payment processing. This market excludes
interest charged by the banks on credit card and other cards.
Cards And Payments Global Market Report 2018 is a detailed
report giving a unique insight into this market. The report is priced at $4000
for an individual user. To use across your office, the price is $6000 and $8000
if you wish to use across a multinational company.
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