According to the report analysis, ‘Cards & Payments Global Market Report 2019’ states that the cards and payments market comprises of sales of cards and payments services by individuals (organizations, sole traders and partnerships) that participate in storing, handling and communicating the payment card data. The card and payments industry involves issuing and attaining banks, card processing and issuing corporates, payment treating institutions such as banks, and non-banking financial associations. The Revenues produced from the cards and payments market involve the processing and services fees or commissions imposed by the banks and financial institutions for payment handling. This market eliminates interest stimulating by the banks on credit cards or several other cards.
Approximately, every foremost technology company is either dabbling with or generating effective advancements with machine-to-machine or voice-activated-communications. For instance, within that dynamics, payments are predicted to take a portion in several of the responsibilities customers wouldn’t mind a machine or device controlling for them. Undoubtedly, that the technology of blockchain will have an increasing role in this field, and could be the variety of allocated ledge technology required to steadily keep track of transactions while protecting the costs in line. Still, the blockchain technology is not prospective to become a permeating concept or even a readily existing selection for years to come.
Based on the region, the Asia Pacific region was the foremost region in the global cards & payments market, registering for 31% of the market in 2018. Western Europe was the second leading region dominating for 24% of the global cards & payments market. The Middle East region was the smallest country in the global cards & payments market.
The global payments industry has observed a speedy rise in the acceptance of the EMV technology. This growth is fueled by a sophisticated level of data security suggested by EMV chip and PIN cards as associated to the traditional magnetic stripe cards. The EMV is a security standard for numerous payment cards involving debit, credit, charge and prepaid cards. The chip transfers data of the cardholder and the account, which is endangered utilizing the both hardware and software security procedures. According to global technical body EMVCo, the number of EMV chip payment cards around the world reached 4.8 billion by the end of 2015. In line with the rest of the globe, the acceptance rate of EMV chip payment cards has progressively grown across numerous countries in world, reaching 71.7% in Canada, Latin America and the Caribbean economy, 61.2% in Africa and the Middle East region, and 32.7% in Asia-Pacific region.
This effective growth generates the payments an enlarging and progressively important component of the broader banking industry. Moreover, the potential players in the card and payment market are increasing the applications of the technology and bringing more revenue along the growing demand. Nevertheless, the companies in this market are finding several growth opportunities, growth drivers and eliminating the restraints for delivering the better consumer satisfaction and rising the demand for online payments. Therefore, in the near future, it is anticipated that the market of cards and payments will increase around the globe more significantly over the coming decades.
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Ankur Gupta, Head Marketing & Communications