Cards & Payments Global Market Forecast To 2022

Asia Pacific was the largest region in the global cards & payments market, accounting for 31% of the market in 2018. Western Europe was the second largest region accounting for 24% of the global cards & payments market. Middle East was the smallest region in the global cards & payments market.

The global payments industry has witnessed rapid increase in the adoption of EMV technology. This growth is driven by a higher level of data security offered by EMV chip and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards including debit, credit, charge and prepaid cards. The chip carries data of the cardholder and the account, which is protected using both hardware and software security measures. According to global technical body EMVCo, the number of EMV chip payment cards across the world reached 4.8 billion by the end of 2015. In line with the rest of the world, the adoption rate of EMV chip payment cards has steadily grown across various regions in world, reaching 71.7% in Canada, Latin America and the Caribbean region, 61.2% in Africa and the Middle East region, and 32.7% in Asia-Pacific region.

Tags: Global cards and payments market, Global Cards and Payments Market Growth, Global cards and payments market research report, Global Cards and Payments Market Share