The Global Cards Market Is Expected To Grow To $335 Billion By 2021 According To TBRC’s Latest Repor
Added: (Thu May 10 2018)
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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.
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The reason for the substantial growth of cards market from $259 billion in 2017 to $335 billion by 2021 is the increasing government initiatives in countries such as India and China to promote digital payments. Other factors which drive the market include the increase in trade and transactions as the global economy expands.
The cards market in this report is segmented into debit cards, credit cards, charge cards and prepaid cards. Credit cards was the largest segment with 43% share of the global cards market.
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The USA was the largest country in the cards industry in 2017, accounting for more than half of the global market. This can be attributed to high credit card usage for card payments, followed by China and India.
The cards market is fairly concentrated with a small number of global players constituting a significant market share. The top nine competitors in the market made up one-third of the total market in 2017. American Express Company was the largest competitor, followed by Visa, MasterCard, FIS and so on. he American Express Company, also known as Amex, is an American multinational financial services corporation headquartered in New York City. The company was founded in 1850. The company is best known for its credit card, charge card, and traveller’s cheque businesses.
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