1. Market Research
  2. > Financial Services
  3. > Banking Market Trends
  4. > Payments

Payment Means: A Vast & Diverse Industry

  • Currently 4/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
12 votes

Payment Industry Trends

A payment is the transfer of a financial asset, usually money, in exchange for a good, service or asset.The payments industry consists of businesses providing non-cash means of making transactions. Payments service providers partner with banks to offer merchants the ability to accept payments without cash. The payments industry includes organizations that store, process and transmit credit and debit cardholder data.

This industry is strongly affected by the strength of the overall economy. When more purchases are made by customers, more transactions are processed. Payments businesses are now a vital element for the global financial services and banking industries.

Key Segments

The most common payment methods are:

Credit cards –These widely accepted plastic cards are the most commonly-used payment mode apart from cash. They are issued by a financial company, giving an option to cardholders to borrow funds or pay for goods and services on credit. They are primarily used for short term financing and interest is charged on balances after a due repayment date. American Express, Barclays, Citibank, UnionPay are major credit card companies.

Debit cards–These cards deduct money directly from a consumer’s checking (current) account to pay for a purchase. Large purchases are not possible with a debit card, as they have daily purchase limits. A debit card can be used as an ATM card for immediate cash withdrawals.

Direct debits –Direct debits are also known as pre-authorized debit or pre-authorized payments. They authorize a person or organization to collect payments from another person’s account under specified terms. Direct debit transactions are processed electronically.

Bank transfers–These are also known as wire transfers or credit transfers. They are used to transfer funds from one bank account to another. Bank transfers are useful for companies to receive payments from foreign customers. 

Mobile payments–Mobile payments or m-payments are payments where a mobile device is used to initiate, authorize and confirm a transfer of money in return for goods and services. They are an alternative to cash, checks, credit cards and debit cards. Mobile payments make paying for purchases easier and more convenient.

E-wallets – An Ewallet or digital wallet is computer software in which digital cash is stored for paying for transactions on the internet. This type of transaction is convenient as purchases can be made in seconds with a simple tap or scan of a mobile device.

Cryptocurrencies – Cryptocurrencies are digital or virtual currencies that use cryptography for secure payment. It is an innovative payment network that uses peer-to-peer technology to operate with no central authority. These have developed into a powerful payment method with ever growing global acceptance. Cryptocurrencies offer many benefits such as increased payment efficiency and lower transaction costs. Bitcoin is the first launched cryptocurrency. Other cryptocurrencies include Litecoin, Dogecoin, Peercoin, Feathercoin.

Regional Market Shares

Major regions for the payments industry include North America, Europe and Asia.

North America is the largest payment market globally. This market is projected to grow at a compound annual growth rate of 4% up to 2024. Credit cards are the main revenue driver in the USA and Canada, representing 60% of the industry’s revenues in the USA. Debit cards and other non-cash transactions account for the remaining 40%. Mobile payments are growing but are not expected to exceed 30% of US retail transactions.

Europe is another significant market for payments. Payment cards account for more than half of the revenues in this region. The share of alternative payments is forecast to reach up to 20% of the total payments market in the near future. European governments are implementing new laws which are likely to favor multiple third-party payment providers to launch new payment modes in the future.

Read more »

You might be interested in these related markets:

Customer Support

Talk to Sam

+852 8199 0067

64000 Reports
Current Infrastructure, Future Infrastructure, Market Share, Market Size
310 Statistics
Partnerships, Client Wins, Market Size
57000 Reports
Future Infrastructure, Current Infrastructure
120 Statistics
Forecast, Market Trends
390000 Reports
Current Infrastructure, Partnerships, Client Wins, Market Size
51000 Statistics
Future Infrastructure, Production Data, Merger and Acquisition, Economic Analysis
29000 Reports
Sales Data, Market Trends
14000 Statistics
Market Trends, Market Size, Sales Data, Forecast
25000 Reports
Market Trends, Market Share, Merger and Acquisition
1100 Statistics
Partnerships, Market Trends, Client Wins, Current Infrastructure
12000 Reports
Client Wins, Income Data, Sales Data
270 Statistics
Market Size, Forecast, Economic Analysis, Partnerships
12000 Reports
Forecast, Market Size, Current Infrastructure
4200 Statistics
Economic Analysis, Forecast, Future Infrastructure, Market Size
8600 Reports
Forecast, Client Wins, Current Infrastructure
54 Statistics
Future Infrastructure, Forecast, Market Share, Income Data
7100 Reports
Market Trends, Forecast, Income Data, Merger and Acquisition
730 Statistics
Economic Analysis, Forecast, Product Launch, Income Data
7500 Reports
Economic Analysis, Market Trends, Production Data
420 Statistics
Sales Data, Economic Analysis

About 2700 reports

Purchase Reports From Reputable Market Research Publishers

Middle East and Africa Online Payment Methods 2022

  • $ 3100
  • June 2022
  • 88 pages

Middle Eastern and African shoppers are progressively adopting online payments, even post-COVID-19 Electronic payments globally continue to gain momentum, even post-pandemic According to findings in ...

  • World
  • Africa
  • Digital Wallet
  • Mobile Payment
  • Industry analysis
  • Preferred Payment Method
  • Mobile Payment Transaction

Reportlinker.com © Copyright 2022. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on