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In November 2020, Refinitiv, a London-based financial services company, acquired GIACT for an undisclosed amount.The acquisition of GIACT's fraud prevention capabilities brings new offerings to Refinitiv's customers by enhancing and broadening Refinitiv's digital identity verification and document proofing solutions. For example, In January 2022, Apple Inc., a company operating in payments based in the United States, introduced an iOS 15.4 beta periocular biometrics that allows Face ID to be used with a mask and without an Apple Watch for biometric authentication.
The methods of authentication include fingerprint scanners, facial recognition, iris recognition, pulse tracking, and venous mapping. The integration of biometric authentication technology into payments is a key trend gaining popularity in the payments market.Biometric authentication is a specific and significant payment method that integrates and offers accuracy, effectiveness, and protection within a single package. Therefore, the increase in fraud cases restrains the growth of the payments market. According to Merchant Savvy, global losses from payment fraud have tripled to $32.39 in 2020 and are expected to continue to cost $40.62 billion in 2027, which is 25% higher than in 2020. The increasing fraud in payments has impacted the growth of the payments market.Payment fraud is a form of fraudulent or unlawful transaction carried out by a cybercriminal.įraudsters use third-party platforms such as e-commerce portals to defraud consumers by charging for products or items that are never shipped. Therefore, the widespread of the coronavirus is expected to propel the contactless payment market's growth in the forecast period. The outbreak of COVID-19 is expected to drive the growth of the payments market over the forecast period.Contactless payments are becoming a preferred payment method in the current pandemic situation because less human contact is required.Ĭontactless payment systems at the point of service, such as facial recognition, Quick Response (QR) codes, or Near-field Communication (NFCs), will render the virus less likely to spread to others via payment exchanges.In the first quarter of 2020, the credit card giant Mastercard announced a 40% increase in contactless payments as the global pandemic deepened. These are used by retail, banking and financial services, telecommunications, government, transportation, and other end users. The various applications include banks, non-banking financial institutions, and other applications. The main types of payments are credit transfer, direct debit, check payment, and cash deposit.Credit transfer refers to the payment method of credit transfer from one account to the other. The regions covered in the payments report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Payment instruments are systems that enable funds held in accounts at credit, payment or similar institutions to be transferred to a payee on receipt of a payment order.Īsia Pacific was the largest region in the payments market in 2022.Western Europe was the second largest region in the payments market. Only goods and services traded between entities or sold to end consumers are included. The market value includes the value of related goods sold by the service provider or included within the service offering. This includes all institutions involved in payment processing such as banks, non-banking financial institutions, and others.Revenue generated from the payments market includes all the processing and services fees levied by the banks and financial institutions for payment processing. The payments market consists of revenues earned by entities that are engaged in facilitating payment transfers between individuals, companies, or both.The payments industry consists of establishments primarily engaged in processing money transfers and payments between various accounts. The payments market is expected to grow to $847.59 billion in 2027 at a CAGR of 8.5%.
The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The Russia- Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The global payments market will grow from $561.77 billion in 2022 to $612.04 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%.
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