Cards and Payments Global Market Briefing 2017Including: Card Processing Units , Payment Service ProvidersCovering: American Express Company, Visa, MasterCard, PayPal, Bank of America, Barclays, JP Morgan, FIS, Industrial and Commercial Bank of China
World News: 10:45 GMT Tuesday 3rd January 2017. [SPi-Reports.com via SPi World News]
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- Cards and Payments Global Market Briefing 2017Including: Card Processing Units , Payment Service ProvidersCovering: American Express Company, Visa, MasterCard, PayPal, Bank of America, Barclays, JP Morgan, FIS, Industrial and Commercial Bank of China
The cards and payments market comprise establishments engaged in storing, processing and transmitting payment cards data. This market covers issuing and acquiring banks, card processing and issuing companies, payment processing institutions such as banks, nonbanking financial corporations and others.
The largest geographic markets by consumption in the cards and payments sector are the Americas and Asia.The Americas was the largest geographic market in the cards and payments industry in 2016, accounting 56% of the global market. This can be attributed to high digital payment penetration in countries such as the USA and Canada. Asia was the secondlargest geographic market, accounting for 30% of the global market.
The focus on the security of cardbased payments has increased significantly across the world. This is mainly to prevent card fraud losses incurred by banks and according to Capgemini, the worldwide value of fraud losses reached almost US$16 billion in 2014 . 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, 3D Secure services, tokenization, biometrics and endtoend encryption. To combat the constantly evolving card fraud methods, the National Retail Federation NRF also updates its security guidelines continuously.
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