PUBLISHER: The Business Research Company | PRODUCT CODE: 1435306
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435306
Cards, typically provided by banks or other financial organizations, empower users to withdraw money or make purchases using a line of credit. Payment instruments, on the other hand, are systems that facilitate the transfer of funds held in accounts at credit, payment, or similar institutions to a payee upon receipt of a payment order.
The main types within the realm of cards and payments include cards, which encompass debit and credit cards issued by banks for managing financial transactions. These cards find applications across various sectors such as food and groceries, health and pharmacy, restaurants and bars, consumer electronics, media and entertainment, travel and tourism, among others. The institutions involved can be both banking and non-banking entities.
The cards and payments research report is one of a series of new reports from The Business Research Company that provides cards and payments statistics, including cards and payments industry global market size, regional shares, competitors with cards and payments share, detailed cards and payments segments, market trends and opportunities, and any further data you may need to thrive in the cards and payments industry. This cards and payments research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cards & payments market size has grown strongly in recent years. It will grow from $989.8 billion in 2023 to $1085.55 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth observed during the historic period in the cards and payments industry can be attributed to factors such as the emergence of electronic payment systems, the introduction of credit and debit cards, the increase in globalization and cross-border transactions, a shift in consumer behavior towards online shopping, and the implementation of enhanced security measures.
The cards & payments market size is expected to see strong growth in the next few years. It will grow to $1544.86 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The anticipated growth in the forecast period in the cards and payments industry can be attributed to factors such as the rise of mobile payments, the expansion of open banking initiatives, continued growth in e-commerce, regulatory developments, and a focus on sustainability in payments. Major trends expected in the forecast period include a surge in contactless payments, widespread adoption of digital wallets, integration of cryptocurrencies, increased use of biometric authentication methods, and the growth of subscription and recurring payments.
The anticipated growth in the e-commerce sector is set to drive the cards and payments market in the foreseeable future. E-commerce, involving online buying and selling of goods and services, heavily relies on cards and payments infrastructure, serving as the essential framework for online transactions. A notable example is provided by the United States Census Bureau's August 2023 report, indicating a 7.5% increase in e-commerce estimates for the second quarter of 2023 compared to the same period in 2022. In this quarter, online stores accounted for 15.4% of all sales, underlining the significant influence of e-commerce on the cards and payments market.
Major companies are embracing innovation with the introduction of cutting-edge products, such as digital checking accounts and debit cards, to fortify their market positions. These novel offerings are characterized by features such as online accessibility, advanced security measures, seamless integration with digital tools, and enhanced user customization. A notable instance is the October 2023 launch by Experian PLC, an Ireland-based company specializing in consumer credit data analytics. Experian introduced a smart money digital checking account and debit card equipped with Experian Boost, a feature designed to improve users' FICO scores by recording eligible payments and adding them to the credit file. This innovative account aims to provide customers with an efficient financial environment, enhancing credit standing and overall financial health while offering specialized perks.
Companies in the cards and payments sector are proactively investing in technologies and formulating guidelines to counteract card and payment fraud. Payment service providers and merchants are implementing various solutions, including compliance with the Payment Card Industry Data Security Standard (PCI DSS), EMV technology, 3-D Secure services, tokenization, biometrics, and end-to-end encryption. The National Retail Federation (NRF) plays a crucial role in this effort, continuously updating security guidelines to address the ever-evolving methods employed by fraudsters in the realm of card fraud.
Major companies operating in the cards & payments market report are Apple Inc., China Construction Bank Corporation (CCB), Industrial and Commercial Bank of China Limited (ICBC), Nippon Telegraph and Telephone Corporation, Banco Santander S.A., American Express Company, Honeywell International Inc., Visa Inc., PayPal Holdings Inc., Johnson Controls International PLC, Mastercard Incorporated, Intesa Sanpaolo S.p.A., Fiserv Inc., Franchise Payments Network Inc., Global Payments Inc., Gentex Corporation, Concardis AG, Fike Corporation, Total Pay Solutions Inc., AffiniPay Corp., BlueSnap Inc., BillGO Inc., Hochiki America Corporation, nCourt Inc., Versapay Corp., PayProTec Inc., Spreedly Inc., New West Technologies Inc., International Payout Systems Inc., Pivot Payables Corporation
Asia-Pacific was the largest region in the cards and payments market in 2023. Western Europe was the second largest region in the card and payments market. The regions covered in the cards & payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cards & payments market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The cards and payments market consists of revenues earned by entities that are engaged in storing, processing and transmitting payment card data, and 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. This market covers issuing and acquiring banks, card processing and issuing companies and others. Revenue generated from the cards and payments market includes all processing and service fees levied by banks and financial institutions for payments processing and for processing card-based payments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cards & Payments Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cards & payments market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cards & payments ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cards & payments market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.