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(MoneyNewsWire.Net, September 28, 2018 ) 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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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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