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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