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 has shown decent growth in the past years with a CAGR of over 4%. The year 2017 recorded highest ever growth in this market with a net value of over $136 billion as per TBRC’s in-house consultants.
TBRC’s latest report show the growing trends in the market for each year, globally and geographically with sourced reasons to support the growth claims.
The report also shows the payments market to grow with almost double CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
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Africa is predicted to have the highest growth rate in the payments market by 2021 with a CAGR of about 14%, although it holds less than 5% market share globally. Asia pacific is the largest share holder of the global market.
Companies included in the report are PayPal, FIS, Bank of America, Industrial and Commercial Bank of China, and Citigroup Inc.
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