Payment Cards Remain the Leading Non-Cash Payment Instrument In The Global Cards
Posted by praneethtbrc on October 8th, 2018
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.
The cards and payments market in this report is segmented into cards and payment services.
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The global cards and payments market has been growing in the past years with a CAGR of almost 2%. TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.
The report also shows the global cards and payments market to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
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Payment cards continue to be the leading non-cash payment instrument globally, posting 11.8% growth in 2014cxiv. This growth can mainly be attributed to the convenience and security offered by payment cards. To improve the transparency of payment system, governments across various regions in the world are encouraging the use of payment cards. Of the overall card payments, debit cards were more frequently used than credit cards. While debit card transaction volumes grew by 12.8% in 2014, credit card transaction volumes increased by 9.7% in the same year.
Companies included in the report are American Express Company, Visa, Bank of America, PayPal, and Mastercard.
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