Artificial Intelligence driven Marketing Communications
Electronic payment using financial cards and payment systems is witnessing speedy proliferation all over the world. Higher convenience and availability offered, financial cards and payment systems are witnessing deeper penetration in numerous economies across the globe. Traditional payment systems such as cash payments, demand drafts, among other payment certificates are becoming obsolete owing to the technological advancements in financial cards and payment systems. Through such financial cards and payment systems, an array of financial transactions can be executed between two parties that are located anywhere in the world. All these factors are expected to drive the global financial cards and payment systems market.
Financial cards such as debit cards, credit cards, and other charge cards, ATM cards, fleet cards, and stored value cards, and electronic purses are gaining popularity among the consumers, especially among the niche market. These financial cards are deployed using different types of technologies. Such technologies include magnetic stripe cards, embossing, smart cards, re-programmable magnetic stripe cards, and proximity cards. All these types of cards make it very easy to carry out a transaction in a seamless manner. The person doesn’t have to carry a wad of cash around when they want to make a large purchase.
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The global financial cards & payment systems market is witnessing speedy growth owing to any other factors including the rising technological advancements and the introduction of e-wallets. The convenience of purchasing and payment for such purchases has reached new heights, making it an attractive change for consumers to apply for. Unlike in the past, consumers can now roam around without their wallets and still be financially secure, owing to the introduction of e-wallets. These e-wallets and online transfer payment systems have enabled them to carry their money with them on their mobile phones. Apart from that, growth observed in the ecommerce industry is also expected to contribute to the ascension of the financial cards and payment systems market.
The report has included a profiling of various prominent players in the market and different trends in the manufacturing landscape. It also identifies some of the new market entrants that are shaping the financial cards and payment system market landscape.
Giesecke & Devrient
The financial cards and payment systems market is segmented by type, application, and region. Based on type, the global financial card and payment systems market is segmented into bank deposit card, bank credit card, and expense card approved by the banking association. Based on application, the global financial cards and payment systems market is segmented into retail, IT and telecommunication, BFSI, hospital, government, and transportation, among others.
Detailed Regional Analysis
The global financial cards and payment system market is studied and segmented into the regions of North America, Asia Pacific (APAC), Latin America, the Middle East & Africa, and Europe. Among these North America is assessed to lead the global financial cards and payment systems market during the review period, as stated in the report. This can be owed to the presence of an advanced infrastructure which can seamless be integrated with advanced technological developments. Further, presence of several market players in the region is also contributing to the regional market growth. Asia Pacific is estimated to upscale at a fast pace owing to the proliferating ecommerce industry and rising smartphone adoption in the region.