Payment service providers should focus on increasing the use of the EMV technology to facilitate the development of interoperable and secured payments services. 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. The chip carries data of the cardholder and the account, which is protected using both hardware and software security measures.

THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL FINANCIAL SERVICES MARKET TO GROW TO $18 TRILLION BY 2021

Asia Pacific was the largest region in the financial services market in 2017, accounting for nearly half of the market share. This is due to demand for cheaper loans in countries such as China.

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According to The Business Research Company’s Consultant, Nitin Gianchandani, smartphone manufacturers are offering devices equipped with NFC technology to capitalize on the increasing popularity of NFC-based mobile payments. NFC-based mobile payments are increasing rapidly and offer strong growth potential in both developed and developing countries. This growth is collectively driven by increasing competition between payment card issuers, mobile operators and smartphone manufacturers such as Apple and Samsung. Improving contactless payments infrastructure and security features such as host card emulation (HCE) also drove the growth of NFC-based mobile payments.

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UnitedHealth Group was the largest player in the financial services market, with revenues of $144 billion in 2016. United Health’s growth strategy aims at expanding its health care insurance business by acquiring companies in similar industries. In 2017, the company acquired Banmedica S.A., a Chile based private health insurance company. In 2016, the company acquired Rocky Mountain Health Plans, Colorado based health Insurance Company and Symphonix Health Insurance Inc., an Illinois based health insurance provider for the senior citizens.

The financial services market comprises all establishments engaged in financial services related activities such as lending, investment management, insurance, brokerages, payments and transferring service. The financial services industry is categorized on the basis of the business model of the firms present in the industry. Majority of firms come under multiple categories.

Financial Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $8000 for an individual user. To use across your office, the price is $12000 and $16000 if you wish to use across a multinational company.

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The Business Research Company's management has more than 20 years of varied business research experience. They have delivered hundreds of research projects to the senior management of some of the world's largest organizations.

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