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Payment cards are a part of payment system that are normally issued by financial institutions, which enables customers to access fund. The cards are electronically linked to an account of the cardholder, and the cards acts as a means of authentication to the cardholders account. The accounts can majorly deposit, or loan or credit accounts, for which the cards are issued for payment and portable transactions.
The drivers to the markets are FinTech innovators in the payment market, to boost financial inclusion and reduce the use of cash. The acceptance of e-commerce and mobile technology has increased convergence and integration has drastically changed the payment marketplace. To accelerate financial inclusion, the mobile money remittances cost is getting lower, which in turn drives the market.
In the payment card market, the users with more transactions get a reward, whereas the merchants finance the rewards programs. However, as they derive no benefit from these programs, it acts as a restraint to the market. Digital ecosystem has cleared ways to expand the significance and reach of rewards. As the rewards will go beyond the card, the companies are partnering with payments providers to digitize their coupons and offers. The core aspect in the payment card market is that tomorrow’s rewards are expected to move beyond payments and become more experience based.
Nonetheless, in today’s payment market, everyone can be a merchant, and every device will be an accepted device. Payments players once controlled their own destiny in accepting payments. The market has grown rapidly as initially the payments were location bound, and today they have become device enabled. There are countless ways that individuals and small businesses can accept payments.
The payment card market is segmented based on type, technology, and region. Based on type, the market is divided into credit card, debit card, ATM cards, charge card, stored value card, fleet card, gift card, and others. Based on technology, the market is categorized into embossing, magnetic stripe, smart card, payment cloud, proximity card, re-programmable magnetic stripe card, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The infrastructure modernization, ways to pay and receive payment, differentiated services or experiences, incumbent-FinTech partnerships, are some trends that may be introduced by the payment companies over the next year or two. The major players in the payment card market include Visa, MasterCard, Chase, American Express, Discover, Citibank, Capital One, Bank of America, Wells Fargo, and US Bank.
Key Market Segments
Key Market Players