Growing Adoption of EMV Technology In The Global Financial Services Market

Posted by sainath on October 9th, 2018

The financial services market comprises all establishments engaged in financial services related activities such as lending, investment management, insurance, brokerages, payments and transferring service. The financial services industry is categorized on the basis of the business model of the firms present in the industry. Majority of firms come under multiple categories.

The financial services market in this report is segmented into lending and payments, investment and insurance.

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The global financial services market has been growing in the past years with a CAGR of almost 5%. 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 financial services 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 Unitedhealth Group, Industrial and Commercial Bank of China, AXA, Agricultural Bank of China, and Bank of China.

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