About Financial Cards and Payment Systems
Financial cards and payment systems are part of a payment system issued by a bank, to a customer that enables its owner to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic funds transfer and access ATMs. Such cards are known by a variety of names including bankcards, MAC, ATM cards, client cards, cash cards or key cards. The market of financial card and payment systems is growing due to the increasing digitization across the globe.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The market is highly fragmented with the presence of various players in the market. Some of the key strategies followed by the players operating in the market were innovation, product development, acquisition, and expansion. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Visa Inc. (United States), MasterCard (United States), Google (United States), Amazon (United States), Apple (United States), PayPoint (United Kingdom), 2C2P (Singapore), PayPal Holdings (United States), Giesecke & Devrient (Germany) and Gemalto (Netherlands) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are RuPay (United States) and TransferWise (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Financial Cards and Payment Systems market by Type (Bank Deposit Card, Bank Credit Card and Expense Card Approved by the Banking Association), Application (BFSI, Retail, IT & Telecom, Transportation, Hospital, Government and Others) and Region.
On the basis of geography, the market of Financial Cards and Payment Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Embossing will boost the Financial Cards and Payment Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Use, the sub-segment i.e. Personal Use will boost the Financial Cards and Payment Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rewards Credit Cards Have Proliferated In Recent Years to Drive Usage, Mostly In Developed Economies, Surged In Contact less Payment Cards and Debit Card Use At The Point Of Sale Has Grown Dramatically In Recent Years
Market Growth Drivers:
The Rapid Development in Payment Infrastructure Worldwide, The Rising Disposable Income of an Individual Has Boosted the E-Commerce Industry and The Increased Preference for Payment System for Online Shopping
Challenges:
Lack of Consumer Confidence and Growing Concern around Card Fraud
Restraints:
The Availability of Alternative Payment Methods Such As E-Wallets
Opportunities:
Emerging Markets Payment Cards Are Expected To Grow Significantly
Market Leaders and their expansionary development strategies
In October 2023, PayTabs has started partnership with Telkom Kenya to expand mobile payment services: PayTabs, a leading payment processing company in the Middle East and North Africa (MENA), has partnered with Telkom Kenya, Kenya's leading telecommunications provider, to expand mobile payment services in Kenya. The partnership will enable Telkom Kenya's mobile subscribers to make payments for goods and services using their mobile phones.
In October 2023,JPMorgan, a leading global financial services firm, has announced plans to expand its presence in Abu Dhabi. The firm plans to open a new office in the city and to increase its headcount in the region. The expansion is part of JPMorgan's broader strategy to grow its business in the Middle East.
Key Target Audience
Financial Cards and Payment Systems Manufacturers and Developers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.