The market is expected to grow to $8 billion in 2026, at a compound annual growth rate (CAGR) of 5.7 per cent.
The insurance market consists of sales of insurance by entities (organisations, sole traders, and partnerships) that engage in insurance and related activities such as underwriting policies, insurance brokerage, and reinsurance. The insurance industry is categorised based on the business model of the firms present in the industry.
The global payments industry has witnessed a rapid increase in the adoption of Europay, Mastercard, and Visa (EMV) technology. This growth is driven by a higher level of data security offered by EMV chips 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.
According to Thales Group, a France-based manufacturer of electrical systems, in 2020, 66.4 per cent of all payment cards issued worldwide were EMV chip-based. From June 2019 to June 2021, EMV card-present transactions climbed by 14.2 per cent, from 67.84 per cent to 77.52 per cent.