The most recent study conducted by Report Ocean, titled “Global Master Card Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Master Card. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Master Card Market to reach USD $ billion by 2027.Global Master Card Market is valued approximately USD $ billion in 2020 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2021-2027. Master Card is a global bank card payment transaction processor, and is the second largest payment network in global industry of payment Master card partners with member financial institutions all over the world to offer Mastercard-branded network payment cards.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
There is rise in card less and cashless payments which is accelerating the growth of the master card market. According to International Journal of Scientific & Technology Research, cashless transaction is one of the most important concepts, around 5 percent of fund transactions in India are driven by the of mobile wallets and electronic payment system.
Various initiatives like master card is working in 33 countries across Africa with more than 245 partners and expanding the business. Also embracing contactless payments globally increases the use of master cards. Also, rise in the penetration of smartphones into consumer lifestyle is the major factor which will be boosting the market of master card in the forecasted period. However, there is absence of global standard for cross-board transactions and digital literacy in emerging countries are major factor for restraining the growth for master card for the forecasted period 2021-2027.
The key regions considered for the global Master Card market study includes Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific dominates the master card market in the forecasted period of 2021-2027. As the customers are inclined towards cashless and card less payments. Along with this, there is rise in research and development activities in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest CAGR over the forecast period 2021-2027. As there is increase in digitalization and growing population in the region which will boost the CAGR in the forecasted period.
Major market player included in this report are:
Fiserv, Inc.
Adyen
CASHU
Stripe
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GMO Payment Gateway, Inc.
Verizon
Alibaba Group Holding Limited
2Checkout
Visa
CCBill
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Pro/Self-Hosted Payment Gateways
Local Bank Integrates
Platform-Based Payment Gateway Solution
Others
By Application:
Micro and Small Enterprises
Large Enterprises
Mid-Size Enterprises
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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