Consumer Finance Market Research Report by Euromonitor Now Available at MarketPublishers.com21 Apr 2016 • by Natalie Aster
LONDON – The payment universe has undergone a shift worldwide as new market entrants, up-to-the-minute technologies and increased consumer expectations have let to the move away from paper-based payments. Safety and transparency are constantly on the minds of governments, merchants and consumers who give an eye to card issuing banks and networks to create services and products that enhance the importance and efficiency of payment transactions.
The migration to EMV (Europay, MasterCard and Visa) cards in the USA was in part stimulated by concerns about card payment security after the retailers had been hacked in the market. Additionally, networks are devoting money to elaborating the succeeding security layer that can further diminish global fraud.
The introduction of the Russian domestic network in Eastern Europe holds promise to bring about a wider trend, whilst the regulation in Western Europe have decreased the cross-border and interchange fees that prompt banking institutions to issue cards.
Internet retailing keeps on growing its share of the overall retailing universe. Consumers are more inclined to purchase goods on the way with tablets and mobile devices which greatly enhance the convenience of alternatives to paper payments.
Debit is set to record the fastest growth in terms of card functions, in additional absolute value and based on total CAGR through 2020, mainly driven by formerly unbanked consumers accessing financial services and products.
Russia’s scheme to divert consumers away from paper will likely make progress through to 2020, thus giving the market the highest (16%) anticipated card value CAGR. In absolute terms, the card payments in China are projected to record the most rapid growth in value in the offing.
New research study “Key Drivers and Developments in Global Consumer Payments (World)” developed by Euromonitor International offers an incisive overview of the global consumer finance sector. The report covers the size (historical and forecasted) and shape of the market, major industry issues and white spaces, emerging markets, various categories and game-changing trends, etc. It reviews the European regulatory landscape and Russian schemes, evaluates the retail impact on payments, gives details about the leading companies, and canvasses the various factors impacting the market. Furthermore, extensive forecasts providing a clear perspective on the sector’s future development are available as well.
More reports by this publisher can be found at by Euromonitor International page.