Published on : Nov 21, 2016
ALBANY, NY, Nov 21, 2016: The report furnishes figures and statistics on various key performance indicators in the industry, namely check payments, credit transfers, cash transactions, direct debits, and payment cards.
The report also delves into the different segments of the cards and payments market and arrives at the transaction volumes and values both in the current and forecast period by factoring in the number of cards in circulation, among other things. The market research throws light on the present competitive landscape, including the share of various issuers and schemes in the market.
Besides an insightful glance into different payment methods, the report also includes an overview of the nation’s main alternative payment instruments, such as PayPal, Android Pay, Chase Pay, Apple Pay, Samsung Pay, Walmart Pay, Wells Fargo Wallet, MasterPass, Visa Checkout, Starbucks Mobile Wallet, Capital One Wallet, Citi Wallet, American Express Checkout, and Dunkin Donuts Mobile Wallet. The emergence of so many players in the field has intensified the competition in the cards and payments industry in the U.S. It is predicted that the competition would further heat up on account of banks, retailers, and card issuers coming up with more new and different payment solutions.
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The market study presents an in-depth overview of EMV cards, debit cards, gold credit cards, premium credit cards, charge cards, private label credit cards, and pay later cards. It compares their main features, adoption rates, circulation, and transaction in terms of volume and value. The report further elaborates upon the various growth drivers in the market and covers other aspects, namely the demographics at the forefront of adopting non-traditional means of payment and economic and infrastructural factors favoring the market, among others.
The U.S. government’s announcement in 2015 to use Apple Pay for social security benefits, national park admissions, and similar other services has not just upped Apple’s revenue but it has augmented contactless payment infrastructure in the country. Certain regulatory policies to battle fraud and secure transactions, such as EMV liability shift for Visa, Europay, and MasterCard, which holds merchants liable if they fail to install EMV-compliant infrastructure, also brought about a stupendous increase in the number of EMV cards. The number is expected to reach 700 mn by the end of 2016.
The report touches upon the regulatory framework, including anti-money laundering (AML) laws and foreign direct investment (FDI) regulations. It presents the various marketing strategies and unique selling points of the different vendors operating in the market. Some of the key players mentioned in the report are American Express Company, Citibank, JP Morgan Chase & Co., and Wells Fargo and Company
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