Cards & Payments Global Market Report 2021: COVID-19 Impact And Recovery To 2030
The Business Research Company’s Cards & Payments Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, June 17, 2021 /EINPresswire.com/ — Cards and payments companies are investing in technologies and formulating guidelines to prevent card and payment frauds. In this regard, payment service providers and merchants have implemented various solutions including the Payment Card Industry Data Security Standard (PCI DSS) compliance, EMV technology, 3-D Secure services, tokenization, biometrics and end-to-end encryption. To combat the constantly evolving card fraud methods, the National Retail Federation (NRF) also updates its security guidelines continuously.
The cards and payments market consists of sales of cards and payments services by entities (organizations, sole traders and partnerships) that are engaged in storing, processing and transmitting payment card data.
The global cards & payments market is segmented by type into cards, payments and by institution type into banking institutions, non-banking institutions. Subsegments covered are credit card, debit card, charge card, prepaid card.
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The global cards and payments market is expected to grow from $671.73 billion in 2020 to $729.9 billion in 2021 at a compound annual growth rate (CAGR) of 8.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The payments and cards market size is expected to reach $961.34 billion in 2025 at a CAGR of 7%.
Asia Pacific is the largest region in the global cards & payments market, accounting for 33% of the market in 2020. Western Europe is the second largest region accounting for 23% of the global market. South America was the smallest region in the global cards & payments market.
The major players covered in the global cards and payments industry are American Express Company, Visa, Bank of America, PayPal, Mastercard.
Cards & Payments Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides cards and payments market overview, forecast cards and payments market size and growth for the whole market, cards and payments market segments, and geographies, cards and payments market trends, cards and payments market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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