According to the report analysis, ‘Cards And Payments Global Market Opportunities And Strategies To 2023’ states that in the cards and payments global market there are several corporates which presently running more expressively for leading the highest market growth and governing the handsome value of market share around the globe during the coming duration while instigating the profitable strategies, diminishing the linked price, developing the applications of such, advancing the applications of such, enhancing the specifications of the production technologies, analyzing and observing the strategies and policies of the government as well as competitors, employing the young work force and establishing the several research and development programs includes American Express Company, Visa Inc., MasterCard Incorporated, Citigroup Inc., PayPal Holdings Inc., Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Agricultural Bank of China, and Barclays PLC.
The worldwide cards and payments market reached a value of approximately USD 721.9 billion in 2019, having increased at a compound annual growth rate (CAGR) of 7.0% since 2015, and is predicted to increase at a CAGR of 8.5% to approximately USD 999.3 billion by 2023.
Although, the growth during historic period resulted from evolving markets growth, surge in internet penetration, demonetization growths card usage and rise in consumer spending/growth in disposable income. Nonexistence of security in digital payments negatively affected the growth during the historic period.
Whereas, going forward, surge in e-commerce market, amplified security in digital payments, and increase utilization of credit cards due to additional welfares will propel the growth. Dynamics that could control the growth of the cards and payments market in the future involve the safekeeping issues connected to contactless technologies.
The cards and payments market is classified by type into cards and payments. The payments market was the greatest sector of the cards and payments market, dominating for USD 402.9 billion or 55.8% of the total during 2019. The cards market is predicted to be the fastest-growing sector going forward at a CAGR of 10.3%.
The Asia Pacific was the biggest region in the cards and payments market, dominating for 32.8% of the worldwide market during 2019. It was shadowed by Western Europe, North America and then the other regions. Going forward, the wildest snowballing regions in the cards and payments market will be the Asia Pacific and Africa, where growth will be at CAGRs of 13.2% and 11.7% correspondingly. Such will be followed by Middle East and North America where the markets are projected to increase at CAGRs of 7.5% and 6.0% respectively.
The worldwide lending and payments market, of which the cards and payments market is a sector, reached a value of approximately USD 7,597.3 billion in 2019, having increased at 5.1% since 2015. It will increase at a compound annual growth rate (CAGR) of 6.2% to approximately USD 9,648.9 billion by 2023. The lending market was the greatest segment in the worldwide lending and payments market, dominating for 90.5% of the total during 2019. The cards and payments market is projected to be the fastest-growing sector going forward at a CAGR of 8.5%. Therefore, in the near years, it is predicted that the market of cards and payments will increase around the globe over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications