The cards and payments market comprises of sales of cards and payments services by several entities (organizations, sole traders and partnerships) that participate in storing, processing and communicating payment card data. The card and payments industry comprising issuing and obtaining banks, card processing and issuing corporates, payment processing institutions such as banks, and non-banking financial corporations. Revenues created from the cards and payments market comprise the processing and services fees or commissions levied by the banks and financial institutions for payment processing. This market eliminates interest charged by the banks on credit cards or other cards.
According to the report analysis, ‘Cards & Payments Global Market Report 2020-30: Covid 19 Impact and Recovery’ states that American Express Company; Visa; Bank of America; PayPal; MasterCard and many more are the key companies which presently operating more effectively for leading the highest market growth and registering the great value of market share around the globe while spreading the awareness connected to the applications, analysing the strategies and policies of the government as well as corporates, implementing the policies and strategies of enlargements as well as profit making, delivering the better consumer satisfaction, developing the applications and specifications of such, employing the young and active personnel, improving the qualitative and quantitative measures and establishing the several research and development programs.
In addition, it is predicted that Asia Pacific region was the largest region in the worldwide cards & payments market, dominating the market during 2019. Western Europe was the second largest region accounting the global cards & payments market. Although, the South America was the smallest region in the worldwide cards & payments market. Nonetheless, the global cards & payments market is projected to grow in 2019 to 2020 at a compound annual growth rate (CAGR). The low growth is mainly owing to economic slowdown across regions owing to the COVID-19 outbreak and the measures to contain it. The market of cards and payment is then anticipated to recover and augment at a significant CAGR from 2021 to 2023.
Although, the global payments industry has witnessed rapid increment in the adoption of EMV technology. This growth is propelled by a higher level of data security suggested by EMV chip and PIN cards as linked to traditional magnetic stripe cards. EMV is a security standard for several payment cards comprising debit, credit, charge and prepaid cards. The chip transports data of the cardholder and the account, which is safeguard utilizing both hardware and software security measures. Whereas, the key companies in the global cards & payments market are effectively admittance the strategies of enlargements such as partnership, new product development, amalgamation, mergers and acquisition, joint venture and several other for generating the high percentage of revenue and obtaining the competitive edge. Therefore, in the near years, it is predicted that the market of cards & payments will increase around the globe more effectively over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications