(EMAILWIRE.COM, December 19, 2018 ) The global lending and payments market, a part of the financial services industry, grew at a compound annual growth rate (CAGR) of around 5% during the historic period. The financial services industry showed a steady growth. The growth is mainly due to the increasing demand for loans in manufacturing based countries such as China and the US. However, growth in 2017 is subdued due to recent legislations in Europe and China which limit the fees charged on card-based payments.
In the forecast period, the global lending and payments market size is expected to be over $9 trillion by 2021, growing at a CAGR of nearly 7%. This is expected due to the increasing demand for loans in developing countries such as Brazil, Russia, India and China (BRIC). Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global lending and payments market in the future.
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The global payments industry has witnessed rapid increase in the adoption of EMV technology. This growth is driven by a higher level of data security offered by EMV chip and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards including debit, credit, charge and prepaid cards.
Major companies in the lending and payments market, offering EMV technology include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, JP Morgan, Wells Fargo.
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