Cards & Payments Industry Outlook, 2020-2023: The WHO's Advice to Use Contactless Payments Has Resulted in Rapid Growth
DUBLIN, April 16, 2020 /PRNewswire/ -- The "Cards and Payments Global Market Opportunities and Strategies To 2023" report has been added to ResearchAndMarkets.com's offering.
This report describes and evaluates the global cards and payments market. It covers two four-year periods, 2015 to 2019, termed the historic period, and 2019 through 2023, the forecast period.
The cards and payments market is segmented by type into cards and payments. The payments market was the largest segment of the cards and payments market, accounting for $402.9 billion or 55.8% of the total in 2019. The cards market is expected to be the fastest-growing segment going forward at a CAGR of 10.3%.
The COVID-19 pandemic is making a major impact on the cards and payments market, driving the market growth. The World Health Organization urged people to use contactless payments instead of cash to avoid infections from COVID-19. Cards and payments services providers should focus on offering contactless cards and provide digital payment services so that people can avoid using cash and make contactless payments, whilst limiting their contact with the virus.
Growth in the historic period resulted from emerging markets growth, an increase in internet penetration, demonetization increases card usage and rise in consumer spending/increase in disposable income. Lack of security in digital payments negatively affected the growth in the historic period.
Going forward, increase in the e-commerce market, increased security in digital payments, and increase usage of credit cards due to additional benefits will drive the growth. Factors that could hinder the growth of the cards and payments market in the future include security issues related to contactless technologies.
Asia-Pacific was the largest region in the cards and payments market, accounting for 32.8% of the global market in 2019. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest growing regions in the cards and payments market will be the Asia-Pacific and Africa, where growth will be at CAGRs of 13.2% and 11.7% respectively. These will be followed by the Middle East and North America where the markets are expected to grow at CAGRs of 7.5% and 6% respectively. The cards and payments market size will gain the most in China at $55.83 billion.
The global cards and payments market is highly fragmented. The top ten competitors in the global cards and payments market made up 18.63% of the total market in 2019. Major players in the market include American Express Company, Visa Inc., MasterCard Incorporated, Citigroup Inc., PayPal Holdings Inc., Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Agricultural Bank of China, and Barclays PLC.
The global lending and payments market, of which the cards and payments market is a segment, reached a value of nearly $7,597.3 billion in 2019, having grown at 5.1% since 2015. It will grow at a compound annual growth rate (CAGR) of 6.2% to nearly $9,648.9 billion by 2023. The lending market was the largest segment in the global lending and payments market, accounting for 90.5% of the total in 2019. The cards and payments market is expected to be the fastest-growing segment going forward at a CAGR of 8.5%.
Market-trend-based strategies for the cards and payments market include offering contactless cards to customers to offer convenient transactions and increase their share in the market, invest in mobile payment technology to enhance convenient transactions for customers and increase their revenue, invest in EMV technology to enhance safety relating to card transactions, offering prepaid cards to customers to offer convenience to customers and increase the share in the market and introducing new security measures and implement guidelines to prevent card-related frauds.
Player-adopted strategies in the cards and payments industry include strengthening its commercial payment business through innovative products and payment solutions, strengthening its cards and payment business through strategic acquisitions, strengthen its P2P, commercial and B2B payment services, expanding its cards and payment business through strategic partnerships diversifying its businesses by scaling up its capabilities to newer geographies and expanding is customers through strategic acquisitions.
Companies Mentioned
- 2C2P
- Advanzia Bank
- Adyen
- African Payment Solutions
- Agricultural Bank of China
- Alipay
- American Express
- Aqua
- AsiaPay
- Banco de Galicia y Buenos Aires S.A.
- Banco de la Nacin Argentina
- Banco Francs
- Banco Galicia
- Banco Macro S.A.
- Banco Provincia
- Banco Santander Ro S.A.
- BanCoppel
- Bank of America Corporation
- Barclaycard
- Barclays PLC
- BBVA Bancomer
- BDO Unibank
- BusinessCardSA
- Cabal
- CASHU
- China Merchants Bank
- CIMB Niaga
- Citibank BHD
- Credit Saison
- CyberSource
- DBS
- Diners Club
- Discover
- Earthport
- econtext Asia
- HDFC Bank
- Helcim
- HID Global Corporation/ASSA ABLOY AB
- Hyperpay
- ICBC Bank
- IVeri
- JCB
- JPMorgan Chase & Co.
- KB Kookmin
- M&S Bank
- Malaysian Banking
- Mandiri Bank
- MasterCard
- MasterCard
- Mercury
- Metropolitan Bank
- Middle East Payment Services (MEPS)
- Mint Middle East LLC
- MOLPay
- Network International
- Nexxus
- NTT Com Asia
- PayFast
- Payfort
- PayGate (Pty) Ltd.
- Payments Afrika
- PayPal
- PaySec
- PayTabs
- Peach Payments
- Red Dot Payment
- Safaricom
- Sainsbury Bank
- Shinhan Card
- Sureswipe
- Tap Payments
- Tarjeta Naranja
- Telr Pte Ltd.
- Tenpay PayEase
- TF Bank
- Tola Mobile
- UOB
- Visa
- Wallets Africa
- Wells Fargo & Company
- Wirecard
- Worldpay
- Yoco
For more information about this report visit https://www.researchandmarkets.com/r/214l43
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