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 includes all the processing and services fees levied by the banks and financial institutions for payment processing.
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The global payments market is valued at $136 billion in 2017 because of the increasing government initiatives in countries such as India and China to promote digital payments.
In the report, the global payment market is divided into four segments: credit transfers, direct debits, check payments and cash-based transactions.
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The USA was the largest market in the payments industry in 2017, accounting for nearly two-fifth of the market. This can be attributed to high usage of Fed wire service for money transferring in the US. China and Japan followed the USA as the next largest countries in the market.
The payments market is fragmented, with few global players constituting modest share. The top five competitors in the market made up 24 % of the total market share in 2017. PayPal was the largest competitor of the market, followed by FIS and Bank of America. PayPal was founded in 1998 is San Jose, CA. It employees more than 16,800 people and operates in over 200 countries. It is a holding company and is engaged in digital and mobile payments.
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