The Global Cards And Payments Market Is Valued At Nearly $395 Billion In 2017 According To TBRC’s Latest Report

The cards and payments market comprise establishments engaged in storing, processing and transmitting payment cards data. This market covers issuing and acquiring banks, card processing and issuing companies, payment processing institutions such as banks, non-banking financial corporations and others. Revenue generated from the cards and payments market include all the processing and services fees levied by the banks and financial institutions for payment processing. This market excludes interest charged by the banks on credit card and other cards.

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The cards and payments market is valued at nearly $395 billion in 2017. This can be attributed to increasing government initiatives in countries such as India and China to promote digital payments. Other factors which will drive the market include introduction of additional security features such as EMV, launch of innovative products and rising penetration of contact less cards which are easy to use.

The market in the report is segmented into: card processing units and payment service providers.

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The USA was the largest country in the cards and payments market in 2017, accounting for almost two-fourth of the market share, followed by China and Japan.

The top five competitors in the market made up nearly one fifth of the market. They are: American Express Company followed by Visa, MasterCard, Bank of America, and PayPal. American Express Company is an American multinational financial services corporation headquartered in New York City. The company was founded in 1850. The company is best known for its credit card, charge card, and traveller’s cheque businesses.

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