The focus on the security of card-based payments has increased
significantly across the world. This is mainly to prevent card fraud losses
incurred by banks and according to Capgemini, the worldwide value of fraud
losses reached US$16 billion in 2014. In
this regard, payment service providers and merchants have implemented various
solutions including the Payment Card Industry Data Security Standard (PCI DSS)
compliance, EMV technology, 3-D secure services, tokenization, biometrics and
end-to-end encryption. To combat the constantly evolving card fraud methods,
the National Retail Federation (NRF) also updates its security guidelines
continuously.
THE
BUSINESS RESEARCH COMPANY EXPECTS THE LENDING
AND PAYMENTS GLOBAL MARKET
TO GROW TO $9.2 TRILLION BY 2021
Asia Pacific was the largest
region in the lending and payments market in 2017, accounting for $3.6 trillion
or half of the market share. This can be attributed to appetite for cheaper
loans in countries such as China.
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The chart below shows the
year-on-year growth of the lending and payments market
during 2017– 2021
According to The Business
Research Company’s Consultant, Nitin Gianchandani, 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.
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Industrial and Commercial Bank of China was the largest player in the lending and payments market in 2017, with
revenues of $129 billion in 2017. Industrial and Commercial Bank of
China’s growth strategy is focus on providing IT based banking services to its
customers. As a part of its internationalization strategy the firm has
established new branch in Rotterdam, Netherlands in January 2016. It launched
e-ICBC brand which includes e-buy and e-connect platforms as a strategy to
expand its internet banking business in 2015.
The
lending and payments market comprises all establishments engaged in lending and
payments related activities such as lending, payments and transferring service.
The lending and payments industry is categorized on the basis of the business
model of the firms present in the industry. Some firms might come under
multiple categories.
Lending
and Payments Global Market Report 2018 is a detailed report giving a unique
insight into this market. The report is priced at $1000 for an individual user.
To use across your office, the price is $1500 and $2000 if you wish to use
across a multinational company.
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