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In March 2019, Prepaid Financial Services Limited, a London-based financial services company acquired Physical Prepaid Card Portfolio of Barclaycard in the UK for an undisclosed amount. This acquisition will enable Prepaid Financial Services Limited to offer an enhanced service to existing and future Payroll and Corporate clients. Barclaycard a credit card brand for credit cards of Barclays PLC, a UK-based financial services company that helps consumers, retailers, and businesses to make and take payments flexibly, and to access short-term credit and point of sale finance. As mentioned in TBRC’s credit cards industry report, such mergers and acquisitions help the cards market grow.
The cards market consists of sales of cards services by entities (organizations, sole traders, and partnerships) that are engaged in storing, processing, and transmitting payment card data. This market covers issuing and acquiring banks, card processing, and issuing companies, and others. Revenue generated from the cards market includes all processing and service fees levied by banks and financial institutions for processing card-based payments. It excludes interest charged by banks on payment cards. The cards market is segmented into credit card; debit card; charge card and prepaid card. Only goods and services traded between entities or sold to end consumers are included.
The global cards market is expected to grow from $205.45 billion in 2020 to $212.23 billion in 2021 at a compound annual growth rate (CAGR) of 3.3%. The smart card market size growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. As per credit cards market research, the market is expected to reach $225.95 billion in 2025 at a CAGR of 1.6%.
Here Is A List Of Similar Reports By The Business Research Company:
Cards And Payments Market – By Type Of Product (Cards And Payments), By Type Of Cards (Credit, Debit, Charge And Prepaid Card), By End-User (B2B, B2C, C2B And C2C), By Type Of Institution (Banking And Non-Banking Institutions), And By Region, Opportunities And Strategies – Global Forecast To 2023
Lending And Payments Global Market Report 2021: COVID-19 Impact and Recovery to 2030
Financial Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030
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