Payments Landscape in the US: Opportunities and Risks to 2022 | Top Leading Players - Wells Fargo, Bank of America, JPMorgan Chase, PNC, USAA, Capital One, Citibank, American Express, Visa, Mastercard, Discover, Star, Pulse, Worldpay, Vantiv, First Data,
Payments Landscape in the US Market research report is being presented with a motive to enrich readers by offering an extensive and explicit analysis of Payments Landscape in the US industry. The report covers each characteristic of the Payments Landscape in the US industry including market growth.
Top Key Players:
Wells Fargo, Bank of America, JPMorgan Chase, PNC, USAA, Capital One, Citibank, American Express, Visa, Mastercard, Discover, Star, Pulse, Worldpay, Vantiv, First Data, Elavon.
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The report provides top-level market analysis, information and insights into the US cards and payments industry, including-
-Current and forecast values for each market in the US cards and payments industry, including debit, credit, and charge cards.
-Detailed insights into payment instruments including cards, cash, direct debits, cheques, and credit transfers. It also, includes an overview of the country's key alternative payment instruments.
-E-commerce market analysis and payment methods.
-Analysis of various market drivers and regulations governing the US cards and payments industry.
-Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
Reasons to buy
-Make strategic business decisions, using top-level historic and forecast market data, related to the US cards and payments industry and each market within it.
-Understand the key market trends and growth opportunities in the US cards and payments industry.
-Assess the competitive dynamics in the US cards and payments industry.
-Gain insights into marketing strategies used for various card types in the US.
-Gain insights into key regulations governing the US cards and payments industry
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-The growing number of digital-only banks is likely to further accelerate the shift towards electronic payments. In July 2018, Citizens Bank launched its digital-only bank Citizens Access, allowing customers to open new accounts in less than five minutes. Banking transactions can be done either on a mobile device or a computer. Similarly, in June 2018 JPMorgan Chase launched its mobile-only bank, Finn. To attract new customers, Finn is offering $100 to individual s who open an account and complete 10 specified transactions within 60 days, including making a P2P payment, paying a bill, and making debit card purchases. Foreign banks are also beginning to make inroads into the US market. Germany-based mobile-only bank N26 is likely to launch its operations in the US by the end of 2018. The bank will initially offer a checking account, a Mastercard debit card, money transfers, cash withdrawals, and a customer reward program.
-With the rise in economic activities in the US, the Federal Reserve raised its primary interest rate from 1.75% in March 2018 to 2.0% in June 2018. This move has resulted in major retail banks raising the interest rates they charge customers, including credit card interest rates. Several banks in the US including Wells Fargo, Citibank, Bank of America, PNC Bank, JPMorgan Chase, US Bancorp, and Citizens Financial have reacted by raising their prime interest rates from 4.75% to 5%, which in turn makes borrowing more expensive for consumers, thereby affecting the consumer credit market.
-Contactless payments are being introduced to New York City's transit system. According to New York's Metropolitan Transportation Authority (MTA), as of 2019 commuters will be able to make payments using Apple Pay, Google Pay, Samsung Pay, or contactless cards. To facilitate contactless payments, MTA plans to install new readers in 500 subway turnstiles and on 6,000 buses in late 2018. It plans to upgrade the rest of the buses and subway stations by 2020. The existing MetroCard will be gradually phased out.
Table of Contents:
Mobile Proximity Payments
Payments Infrastructure & Regulation
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