Cards And Payments Market Report 2020-2023: Revenue, Key Drivers And Upcoming Trends | Covid 19 Implications And Growth

Cards And Payments Market By Type Of Product (Cards And Payments), By Type Of Cards, By End-User, By Type Of Institution, And By Region – Global Forecast To 2023 By The Business Research Company

The global cards and payments market reached a value of nearly $721.9 billion in 2019, having grown at a compound annual growth rate (CAGR) of 7.0% since 2015, and is expected to grow at a CAGR of 8.5% to nearly $999.3 billion by 2023. Growth in the historic period resulted from emerging markets growth, increase in internet penetration, demonetization increases card usage and rise in consumer spending/increase in disposable income.

The key drivers of the cards and payments market include:
Going Cashless– The COVID-19 pandemic is making a major impact on the cards and payments market, driving the markets growth. The World Health Organization urged people to use contactless payments instead of cash to avoid infections from COVID-19. Therefore, increasing use of cards and payments driving the growth of the market.

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Cards And Payments Market Segmentation:
The cards and payments market is segmented by type of product and by geography

By Type Of Product - The cards and payments market can be segmented by type of product
1) Cards
2) 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%.

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By Geography - The cards and payments market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa

Some of the major key players involved in the cards and payments market are
1. American Express Company
2. Visa Inc.
3. MasterCard Incorporated
4. Citigroup Inc.
5. PayPal Holdings, Inc

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.