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Cards & Payments Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·2-min read

Major companies in the cards and payments market include American Express Company; Visa; Bank of America; PayPal and Mastercard. The global cards & payments market is expected to grow from $671.

New York, Feb. 09, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Cards & Payments Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -
73 billion in 2020 to $729.9 billion in 2021 at a compound annual growth rate (CAGR) of 8.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $961.34 billion in 2025 at a CAGR of 7%.

The cards and payments market consists of sales of cards and payments services by entities (organizations, sole traders and partnerships) that are engaged in storing, processing and transmitting payment card data. The cards and payments market is segmented into cards; and payments.

Asia Pacific was the largest region in the global cards & payments market, accounting for 33% of the market in 2020. Western Europe was the second largest region accounting for 23% of the global cards & payments market. South America was the smallest region in the global cards & payments market.

Cards and payments companies are investing in technologies and formulating guidelines to prevent card and payment frauds. 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, 3-D Secure services, tokenization, biometrics and end-to-end encryption. To combat the constantly evolving card fraud methods, the National Retail Federation (NRF) also updates its security guidelines continuously.
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