LONDON, Feb. 15, 2017 /PRNewswire/ -- The payments market consists of establishments primarily engaged in processing money transfers and payments between various accounts. This includes all institutions involved in payment processing such as banks, non-banking financial institutions, and others. Revenue generated from the payments market include all the processing and services fees levied by the banks and financial institutions for payment processing.
The largest geographic markets by consumption in the payments sector are the Americas, Asia and Europe. The Americas was the largest geographic market in the Payments industry in 2016, accounting for nearly 38% of the global market. This can be attributed to high digital payment penetration in countries such as the US and Canada. Asia and Europe were the second and third largest geographic market, accounting for 36% and 20% of the global market respectively.
Developing countries are overshadowing developed countries in terms of payments innovation. This trend is a result of increasing financial inclusion and the launch of various regulatory and industry initiatives in developing countries. This includes licensing of payment banks providing banking services to low-income consumers and migrant labors in India, in August 2015, and launch of mobile financial service bKash in Bangladesh, in July 2011. Similarly, other payments innovation such as mobile payments system M-Pesa are also available in developing countries.
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