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Future Trends in Cards and Payments: Key Issues, Innovation and Competition in Europe and the USPublished by: Business Insights Published: Sep. 1, 2005 - 111 Pages Table of ContentsTable of Contents Future Trends In Cards And Payments Executive summary 10 Consumer payment tools 10 Key issues in payment cards 11 Competition in the cards market 13 The future of cards and payments 14 Chapter 1 Consumer payment tools 18 Summary 18 Introduction 19 Overview 19 The cards and payments landscape 19 Cashless payments are moving away from cheques and credit transfers 20 Cards are gaining ground in all countries 21 Payment cards 23 Overview 23 Classification of payment cards 23 Key players and transaction processes 24 Some issuers work on a closed loop basis 25 The role of Payment Service Providers 25 Growth of payment cards in Europe 27 Greece and Turkey are outgrowing the rest of Europe 27 High number of cards per person in the US results in low usage figures per card 30 Card usage is strongest in the Nordic region 31 Pay now cards dominate in more than half of Europe 33 Pay now cards 35 Germany and the UK hold 50% of European pay now cards 35 Germany tops the league in terms of pay now card penetration 37 In Belgium and the US, the number of transactions per pay now card has more than doubled since 1999 38 Consumers in some European countries show an increasing readiness to pay by debit card 39 iv Pay later cards 41 The European pay later cards market is still tiny compared to the US 41 The UK is by far the biggest pay later cards market in Europe 41 Pay later card penetration in Europe is generally still low 43 Finland has the highest number of transactions per pay later card 44 The European average value of transactions for pay later cards lies below the US average 45 Chapter 2 Key issues in payment cards 48 Summary 48 Introduction 49 Card fraud 50 Types of card fraud 50 Card-not-present fraud (CNP) 50 Counterfeit fraud 52 Lost and stolen card fraud 54 Mail non-receipt fraud 54 Fraud following identity theft 55 Cross-border fraud 56 Fraud at cash machines 56 Prevalent fraud types 57 Combating card fraud - EMV is expected to reduce counterfeit fraud 59 Migration to EMV in Europe 60 Migration to EMV in the US 61 Combating other types of card fraud 63 3-D Secure to curb card-not-present fraud online 63 Preventing identity theft fraud 65 Information-based anti-fraud solutions are critical 67 Sharing fraud-related information and educating players 68 Growth strategies in payment cards 69 Pay now card issuers benefit from greater POS usage 70 Do loyalty programs provide the answer? 71 Pay later cards 72 Converting cash acquisition to POS transactions 72 Expanding into other areas of payments 74 Boost revolving balances rather than total transaction volumes 77 Chapter 3 Competition in the cards market 82 Summary 82 Introduction 83 Competition in the pay now card segment 83 Maestro dominates the pay now segment 83 v Market concentration on issuance 84 Competition in the pay later card segment 86 Across Europe, Visa has a market share of more than 50% 86 Concentration of pay later card issuance 86 Chapter 4 The future of cards and payments 90 Summary 90 Introduction 91 Outlook for the pay later card segment 91 High growth in the number of pay later cards in Turkey 91 Turkey - the third largest pay later card market in Europe by 2008 92 Pay later card use in Finland is set to increase even further 93 Changes in average transaction value 95 Data tables 96 Glossary 103 Index 109 vi List of Figures Figure 1: The use of cashless payment instruments, 1999-2002 22 Figure 2: Consumer cards by way of bill settlement 24 Figure 3: Payment card transaction processes and flows 25 Figure 4: Total number of cards in Europe and the US, 1999-2003 27 Figure 5: Payment cards issued in Europe, 2003 28 Figure 6: Card penetration in Europe is still low, but most countries show solid growth in the number of payment cards, 2003 29 Figure 7: Average number and value of transactions per payment card in Europe and the US, 1999-2003 30 Figure 8: Transactions per card by country, 1999-2003 32 Figure 9: Growth in average card usage in Europe and the US, 1999 - 2003 33 Figure 10: Pay now and pay later cards by country, 2003 34 Figure 11: Card usage is much higher for pay now than for pay later cards, 2003 35 Figure 12: The dominance of the two largest markets for pay now cards in Europe, 1999-2003 36 Figure 13: Pay now card penetration in Europe and the US, 2003 38 Figure 14: Debit card transactions in Europe and the US, 2003 39 Figure 15: Average transaction values for pay now cards, 2003 40 Figure 16: The number of pay later cards in Europe and the US, 1999-2003 41 Figure 17: The UK has a share of 31% of pay later cards in Europe, 1999-2003 42 Figure 18: Pay later card penetration in Europe, 2003 43 Figure 19: Use of pay later cards in Europe and the US, 2003 45 Figure 20: Average value of transactions for pay later cards, 2003 46 Figure 21: Types of fraud and losses to fraud in Europe and the US, 2003 58 Figure 22: Pay now cards in Europe by scheme, 2003 83 Figure 23: Combined market shares of the Top 3 pay now card issuers in each country, 2003 84 Figure 24: Market shares of pay later cards by schemes, 2003 86 Figure 25: Combined market shares of the Top 3 Pay Later card issuers in each country, 2003 87 Figure 26: Increase of the number of pay later cards, 2004e-2008f 92 Figure 27: Pay later cards per person in Europe, 2008f 93 Figure 28: Transactions per pay later card in Europe, 2008f 94 Figure 29: Average transaction value for pay later cards in Europe, 2008f 95 vii List of Tables Table 1: Average transaction values in Europe, 1999-2003 31 Table 2: Issuer shares in the European pay now card markets, 2003 85 Table 3: Issuer shares in the European pay later card markets, 2003 88 Table 4: Cashless payment tools in Europe and the US, 1999-2002 96 Table 5: Number of payment cards in Europe and the US, 1999-2003 97 Table 6: Payment cards per person in Europe and the US, 1999-2003 97 Table 7: Average number of transaction for payment cards in Europe and the US, 1999-200398 Table 8: Number of pay now cards in Europe and the US, 1999-2003 98 Table 9: Number of pay now cards per person in Europe and the US, 1999-2003 99 Table 10: Number of transactions per pay now card in Europe and the US, 1999-2003 99 Table 11: Average value of pay now card transactions in Europe and the US, 1999-2003 100 Table 12: Number of pay later cards in Europe and the US, 1999-2003 100 Table 13: Number of pay later cards per person in Europe and the US, 1999-2003 101 Table 14: Average value of pay later card transactions in Europe and the US, 1999-2003 101 Table 15: Number of transactions per pay later card in Europe and the US, 1999-2003 102 AbstractThe US and most European countries have seen significant change in the use of non-cash payment instruments in recent years, card issuers and merchants have been successful in capturing a slice of the profitable consumer payments market; but, what challenges are they facing in the development of widespread card usage? What can issuers do to grow their share of consumer payments? Find out, in a new management report by Business Insights. Future Trends in Cards and Payments: Key issues, innovation and competition in Europe and the US assesses the changing consumer payments landscape, analyzes the development of payment cards and provides country-by-country data on card penetration and usage in the US and 16 European markets. The report examines the types of card fraud, their importance in Europe and the US and the combat initiatives undertaken by the leading players in the cards payments sector.Get Full Details About This Report >> |
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