Cards and payments refer to the use of payment cards, which are issued by financial institutions such as banks, to enable customers to access funds in their bank accounts or through a credit account and make payments by electronic transfer with a payment terminal.
The cards and payments market consists of sales of cards and payments services by entities (organizations, sole traders or partnerships) that engage in storing, processing and transmitting payment card data. Card payment systems (or card schemes) enable people and organizations to make payments by card by providing a network that joins up cardholders, issuers, merchants and acquirers.
The global cards and payments market was valued at $605.20 billion in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 9.0%.
Increase In The Adoption Of EMV Technology
During the historic period, the increase in the adoption of EMV (Europay, MasterCard and Visa) technology supported the growth of the market. The increase in the adoption of EMV technology is to fight credit card fraud. EMV technology enables the storage of sensitive cardholder data in a chip, rather than in the magnetic stripe found on traditional payment cards. For example, according to data published by EMVCo (a consortium with control split equally among Visa, Mastercard, JCB, American Express, China UnionPay and Discover), the adoption of EMV Chip card technology is on the rise. By the end of 2022, 12.8 billion EMV(R) Chip cards were in global circulation, representing a 7% uptick compared to the previous year. In addition to this, 69% of all issued cards are EMV-enabled and 93% of all card-present transactions conducted globally have used EMV Chip technology. Therefore, the increase in the adoption of EMV technology supported the growth of the cards and payments market
Increased Focus On Credit Card Platforms
Companies in the cards and payments market are increasingly focusing on credit card platforms to strengthen their position in the market. Credit card platforms aim to address security concerns, improve convenience and introduce innovative features that align with the evolving preferences of consumers and businesses. Companies are focusing on credit card issuers to arrange a program, for instance, for travel and entertainment expenses. For example, in June 2024, LoanPro, the modern credit platform, announced that it will utilize their direct integration with Visa DPS, one of the largest issuer processors of Visa debit transactions globally, to provide card issuers, brands, financial institutions and fintechs with a unified platform to seamlessly launch, manage and service next-generation credit card programs. This integration of LoanPro's modern credit platform with Visa DPS' digital-first issuer processing paves the way for the deployment of first-to-market credit card programs that ensure scalability while driving growth through unique features such as transaction level credit. Additionally, in August 2023, CRED, an India-based fintech company, launched RuPay credit card-based UPI payments in collaboration with the National Payments Corporation of India (NPCI). The innovative credit-on-UPI feature empowers CRED members to conduct payments to businesses or merchants by scanning any accessible UPI QR code, facilitated by linking their RuPay credit card to their UPI. This feature provides members with a comprehensive suite of payment options, making transactions more convenient and eliminating the need to carry physical cards. The activation process for the UPI service on credit cards is simple and can be done through the CRED app.
The global cards and payments market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up 19.7% of the total market in 2023.
Cards And Payments Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global cards and payments market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for cards and 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 and 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 history and forecasts market growth by geography. It places the market within the context of the wider cards and payments market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by institution type and by application market.
- Product Analysis- The product analysis section of the report describes the leading products in the cards and payments market, along with key features and differentiators for those products.
- Supply Chain- The supply chain section of the report defines and explains the key players in the cards and payments industry supply chain.
- Customer Information The chapter covers recent customer trends/preferences in the global cards and payments market.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the cards and payments market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by institution type and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for cards and payments providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Cards; Payments
- 2) By Institution Type: Banking Institutions; Non-Banking Institutions
- 3) By Application: Banking; Financial Services And Insurance; Healthcare; IT And Telecom; Retail And E-Commerce; Media And Entertainment; Transportation; Other Applications
- Companies Mentioned: American Express Company, PayPal Holdings Inc., Capital One Financial Corporation, Visa Inc., MasterCard Incorporated
- Countries: China; Australia; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam, Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Brazil; Mexico; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Chile; Argentina; Colombia; Peru; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; cards and payments indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.