The payments market is segmented into credit transfer, direct debit, cheque payment, and cash deposit.
Credit transfer also known as bank or wire transfer, is a method of electronically transferring funds by one individual or entity to another.
Direct debit is method of fund transfer wherein a payee instruct his or her bank to transfer a sum of money from a payer’s account to his or her own account.
Cheque payment is an instrument of payment that can be used by the payer to order his or her bank to pay a specific amount of money to a specific person or entity on demand.
Cash deposit is a mode of hand-to-hand payment that can be used by a consumer to pay for goods and services received from a person or an entity.
The payments market consists of establishments primarily engaged in processing money transfers and payments between various accounts. This includes all institutions involved in payment processing such as banks, non-banking financial institutions, and others. Revenue generated from the payments market include all the processing and services fees levied by the banks and financial institutions for payment processing.
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The global payments market was valued around $136 billion in 2017. Asia Pacific was the largest region in the payments market in 2017, accounting for around 38% of the total market. The USA was the largest country in the market accounting for around 37% of the total market.
The top five companies covered are PayPal, FIS, Bank of America, Industrial and Commercial Bank of China, and Citigroup Inc. PayPal was the largest company in the payments market.
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NFC-based mobile payments are increasing rapidly and offer strong growth potential in both developed and developing countries. This growth is collectively driven by increasing competition between payment card issuers, mobile operators and smartphone manufacturers such as Apple and Samsung.
The countries covered in the global payments market report are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The financial services market, of which the payments market is a segment, includes revenues of financial or money related services by entities (organizations, sole traders and partnerships) that engage in financial services related activities such as lending, investment management, insurance, brokerages, payments and fund transfer services. The financial services industry is categorized on the basis of the business model of the firms present in the industry. Most firms offer multiple services. Revenues include fees, interest payments, commissions or transaction charges.
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The payments market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast growth by geography. It places the market within the context of the wider financial services market and compares it with other markets.