Global card payment growth: WePay's Week in Payments
This week in payments news, there is a big survey and some supporting data that shows continuing rapid growth in the global card payments market, as well as some supporting evidence of growth in non-card payments. Payments, Cards and Mobile stated that according to the Nilson Report, global card payment volume grew by 5.8% to $20.606 trillion in 2016. The fastest growth area was in UnionPay debit cards, which grew by 32%. The team at the Nilson Report also included a great infographic that makes clear how much Mastercard and Visa dominate the global card payment market.
Meanwhile, alternatives to card payments are also growing and The Paypers is reporting that Android Pay is launching in Russia, Canada, Brazil, Taiwan and Spain.
Payments, Card and Mobile is also reporting that over 70% of financial cards globally now have chips according to the International Card Manufacturers Association (ICMA). Other highlights from the article (based on an ICMA report) include:
- Asia Pacific is No. 1 in units with 14.15 billion cards produced with 5.1% unit growth and $9.15 billion in revenue with 2.7% dollar growth during the prior year.
- North America is No. 2 in units with 9.31 billion cards manufactured and No. 3 in dollars at $3.47 billion with 6.7% growth driven by continued chip card penetration.
- Europe ranks No. 2 in dollars at $4.61 billion and No. 3 in units at 5.9 billion cards with growth of 2.6% in dollars and 2.1% in units.
- SIM cards make up the largest dollar market at $6.53 billion and the third largest unit market at 5.4 billion cards.
- Financial cards make up the second largest unit market and dollar market at 5.5 billion cards and $5.1 billion.
- Government Health cards are the third largest dollar market at $3.2 billion and fifth in units at 3.2 billion cards.
- The global personalization and fulfillment market processed 29.8 billion cards for $7.55 billion.
On the opinion and analysis front, PaymentEye has an interview with Tom Byrnes, CMO of Vesta Corporation where he discusses the wide range of fraud issues facing the payment industry. He believes that, “the key to staying ahead of innovation in risk and compliance is to understand the industries we are serving and to pay attention to the fraud dynamics threatening both these industries and the broader patterns of cross-industry attacks.”
Leo Castro, vice president of the online sales platform BigCommerce, was interviewed by PYMNTS.COM about taking an agnostic approach to payments platform partnerships.
Tina Hsiao, Vice President of Risk Chargeback Operations at WePay wrote a piece for Entrepreneur about payment challenges and fixes for entrepreneurs based around a survey we did here at WePay on obstacles faced by small businesses around payments.