Global Payments and Cards Industry to See the Strongest Growth Opportunities in 2012 in Brazil, India and China, According to Timetric02 Oct 2012 • by Natalie Aster
Within the global payments and cards industry (PCI), 60% of survey respondents are ‘more optimistic’ about the revenue growth expectations for their companies over the next 12 months compared to the previous 12 months. Consumers are exhibiting an increased preference for online or electronic payments instead of traditional cash-based transactions because they find the process very convenient and secure.
Key business priorities identified by companies in the PCI industry for 2012 are to ‘introduce new products and services’, ‘improve operational efficiency’, ‘hire and retain talent’ and ‘expand operations internationally’. The introduction of new products and services helps companies to strengthen their competitive edge and expand their market coverage. Companies in the payments and cards industry plan to increase their investments for new product developments in segments such as ‘mobile banking and payments’, ‘online platforms’ and ‘pre-paid programs’ in 2012.
Companies operating in the PCI industry expect high demand for ‘mobile payments’, ‘mobile wallets’, ‘pre-paid cards’ and ‘contactless or near field communication’ over the next 12 months. The fast growing market penetration of mobile phones, coupled with convergence of payment technologies, led to the development of contactless computer chips for payment cards that can be inserted in mobile phones. The technology will enable users to use their mobile phones to make purchases simply by tapping the mobile phone near the point-of-sale terminal.
According to the report “Global Cards and Payments Industry Outlook Survey 2012–2013: Industry Dynamics, Market Trends and Opportunities, Marketing Spend and Sales Strategies in the Cards and Payments Industry” by Timetric, PCI industry respondents identified Brazil, India and China as the emerging markets that are expected to offer the strongest growth opportunities in 2012.
Global Cards and Payments Industry Outlook Survey 2012–2013: Industry Dynamics, Market Trends and Opportunities, Marketing Spend and Sales Strategies in the Cards and Payments Industry
Published: August, 2012
Price: US$ 2.000,00
Developed markets such as the US, Singapore, Taiwan, Hong Kong and the Nordics have also been identified as important growth regions for the PCI industry. The steady growth of the US economy following the recent economic downturn, as well as the rise in electronic transaction volumes by consumers, have made the US the most favored growth market for payment cards industry.
A total of 48% of companies rated ‘market uncertainty’ as a critical business concern for 2012, while 46% consider ‘increasing competition’ as an important concern. Other concerns in the industry are ‘regulatory issues’ and ‘cost containment’. The three major drivers of growth identified by companies operating in the PCI industry for 2012 are: ‘growth of online and mobile banking and payments’, ‘growth of mobile and smart phones penetration rate’ and ‘development of alternative payments technologies’.
‘Customer acquisition’, ‘customer retention’ and ‘brand building or awareness’ are the three main marketing aims identified by companies operating in the PCI industry. In the difficult global economic environment, companies operating in the industry are keen to undertake all possible measures to maintain their existing customer base as well as acquire new customers.
More information can be found in the report “Global Cards and Payments Industry Outlook Survey 2012–2013: Industry Dynamics, Market Trends and Opportunities, Marketing Spend and Sales Strategies in the Cards and Payments Industry” by Timetric.
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