Growing Adoption of Europay, MasterCard, and Visa (EMV) Technology In The Global
Posted by praneethtbrc on October 8th, 2018
The cards market comprise establishments engaged in storing, processing and transmitting payment cards data. This market covers issuing and acquiring banks, card processing and issuing companies and others. Revenue generated from the cards market include all processing and service fees levied by banks and financial institutions for processing card-based payments. It excludes interest charged by banks on payment cards.
The cards market in this report is segmented into debit cards, credit cards, charge cards and prepaid cards.
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The global cards market has been growing in the past years with a CAGR of almost 1%. 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 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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The global payments industry has witnessed rapid increase in the adoption of EMV technology. This growth is driven by a higher level of data security offered by EMV chip and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards including debit, credit, charge and prepaid cards. The chip carries data of the cardholder and the account, which is protected using both hardware and software security measures. According to global technical body EMVCo, the number of EMV chip payment cards across the world reached 4.8 billion by the end of 2015. In line with the rest of the world, the adoption rate of EMV chip payment cards has steadily grown across various regions in world, reaching 71.7% in Canada, Latin America and the Caribbean region, 61.2% in Africa and the Middle East region, and 32.7% in Asia-Pacific region.
Companies included in the report are American Express Company, Visa, Mastercard, FIS, and Bank of America.
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