Cards Global Market Report 2024

Cards, in the context mentioned, are provided by banks or financial organizations, allowing users to withdraw money or make purchases using a line of credit.

The main types of cards include general-purpose and private labels. General-purpose cards serve multiple functions, functioning as debit cards for retail purposes and facilitating online payments. These cards are utilized for various purposes such as general-purpose reloadable cards, government benefit and reimbursement cards, payroll cards, and other applications. End-users of these cards span retail establishments, corporate institutions, government agencies, financial institutions, and others.

The cards research report is one of a series of new reports from The Business Research Company that provides card statistics, including cards industry global market size, regional shares, competitors with card share, detailed card segments, market trends, and opportunities, and any further data you may need to thrive in the cards industry. This card 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 market size has grown strongly in recent years. It will grow from $311.38 billion in 2023 to $337.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed during the historic period in the card industry can be attributed to factors such as the introduction of magnetic stripe cards, modernization of the banking system, expansion of ATM networks, the introduction of EMV chip cards for enhanced security, and the implementation of loyalty and reward programs.

The cards market size is expected to see strong growth in the next few years. It will grow to $458.09 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The anticipated growth in the forecast period in the card industry can be attributed to factors such as environmental sustainability initiatives, integration with Internet of Things (IoT) devices, disruptions from fintech innovations, the evolution of loyalty programs, and the implementation of enhanced security measures. Major trends expected in the forecast period include the adoption of biometric authentication, rapid growth in contactless payments, expansion of mobile wallets, the rise of digital-only cards, and the development of personalized loyalty programs.

The anticipated surge in the demand for credit cards is set to drive growth in the card market during the forecast period. Particularly evident during economic crises such as the COVID-19 outbreak, the demand for consumer credit products tends to rise, reflecting individuals borrowing to meet daily expenses amidst pay delays and job losses. The Equifax Quarterly Consumer Credit Demand Index of June 2022 reported a 6% increase in credit card demand in Australia compared to June 2021, contributing to a 10.2% overall growth in consumer credit demand. Hence, the upward trend in credit card demand becomes a key driver for the expansion of the card market.

A key driver for the cards market is the growing demand for e-commerce. With the continuous rise of electronic commerce, where goods and services are transacted online, payment cards play a crucial role in facilitating online purchases. The United States Census Bureau reported a 7.5% increase in e-commerce estimates for the second quarter of 2023 compared to the same period in 2022. This surge in e-commerce sales, accounting for 15.4% of all sales in Q2 2023, contributes significantly to the growth of the cards market.

The proliferation of fraud cases poses a potential obstacle to the card market's growth in the forecast period. Fraudulent activities impact various payment cards globally, resulting in financial losses for issuers, retailers, purchasers, and acquirers. In 2020, the Aite Group revealed that 47% of Americans experienced financial theft, with identity theft losses escalating from $502.5 billion in 2019 to nearly $712.4 billion in 2020 and reaching $721.3 billion in 2021. The increasing frequency of fraud incidents acts as a deterrent to the expansion of the card market.

Leading companies in the card market are responding to the demand for sustainable solutions by introducing eco-friendly products such as debit cards crafted from Recovered Ocean-Bound Plastic (ROBP). In February 2021, U.S. Bancorp launched two environmentally conscious debit cards made from plastic that could have contributed to ocean pollution. These cards feature contactless payment technology and are compatible with mobile wallets such as Apple and Google Pay, aligning with the growing interest in sustainable solutions.

Major players in the card market are also diversifying their offerings, as seen in the introduction of new credit card ranges. For instance, TD Bank launched a suite of TD credit cards, providing various options from predictable payments to flexible reward structures. The TD Clear, a subscription-based card with no interest, and TD FlexPay, offering increased payment flexibility, are part of this suite, enhancing TD's commitment to addressing diverse customer needs in the credit card space. This launch represents a departure from traditional credit card models.

In September 2021, M2P, a digital infrastructure provider in India, acquired Wizi for $5 million. This acquisition aims to bolster the credit card sector, offering enhanced benefits to customers. Wizi, an Indian-based company, specializes in providing credit cards.

Major companies operating in the cards market report are JP Morgan Chase & Co., The Bank of America Corporation, Bank of Baroda Ltd., Citibank NA, Wells Fargo & Company, American Express Company, United Services Automobile Association, Capital One Financial Corporation, Barclays US, Visa Inc., BBVA Compass Bancshares Inc., PayPal Holdings Inc., The PNC Financial Services Group Inc., Mastercard Incorporated, HDFC Bank Ltd., ICICI Bank Limited, Discover Financial Services, SBI Cards and Payment Services Limited, Axis Bank Limited, Ebay Inc., The Western Union Company, Total System Services Inc., Mango Financial Inc., Navy Federal Credit Union, Green Dot Corporation, NetSpend Holdings Inc., UniRush LLC, Pentagon Federal Credit Union, Kaiku Finance LLC

Asia-Pacific was the largest region in the cards market in 2023. Western Europe was the second largest region in the global card market share. The regions covered in the cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cards market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The card market consists of revenues earned by entities that are engaged in storing, processing, and transmitting payment card data. This market covers issuing and acquiring banks, card processing and issuing companies, and others. Revenue generated from the card market includes all processing and service fees levied by banks and financial institutions for processing card-based payments. It excludes interest charged by banks on payment cards. 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 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 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.

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Where is the largest and fastest growing market for cards ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cards 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 market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

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.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: General Purpose, Private Label
• 2) By Usage: General-purpose Re-loadable Card, Government Benefit/Disbursement Card, Payroll Card, Other Usage
• 3) By End User: Retail Establishments, Corporate Institutions, Government, Financial Institutions, Other End-Users
• Companies Mentioned: JP Morgan Chase & Co.; The Bank of America Corporation; Bank of Baroda Ltd.; Citibank NA; Wells Fargo & Company
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• 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,
• 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.
• Delivery format: PDF, Word and Excel Data Dashboard.