Cards and Payment Market Size, Share, Growth, and Industry Growth by Type (Credit Card, Debit Card, and Prepaid Card), By Application (Online and Offline), Regional Insights, and Forecast From 2023 To 2031

Updated On: 04 September 2023

Cards and Payment Market REPORT OVERVIEW

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The global cards and payment market size is predicted to value at USD 51640 million in 2020 and is projected to touch USD 202152.46 million by 2031, exhibiting a compound annual growth rate (CAGR) of 15.9% during the forecast period. .

Financial cards are the electronic means of payment that are issued by financial institutions such as bank for customers to enable their own funds in their designated bank accounts. Cards are piece of plastic or metal issued by financial company or banks to the cardholders to borrow funds to pay for services and goods. Cards are of three types credit card, debit card, and prepaid card. It can also be a smart card that has unique card number and security information with magnetic strip and expiration date that enables the card holders to access various machines and access information.

The rise in electronic payment methods and reduction in cash flow in the market have enabled the increase usage of financial cards and payment. Rise in the demand for alternatives of cash and availability of affordable cards on global level in developing countries. Technological advancements of banking and other financial institutions with analytical solutions in the developing nations is expected to drive the market demand. 

COVID-19 Impact: Pandemic Restrictions Led to Increase in Market Development

The effects of the COVID-19 pandemic are already being felt on a global level, the global cards and payment market is noticeably influenced. In 2020, COVID-19 has had a negative impact on many markets. Several countries went into lockdown. With the sudden pandemic, all kinds of businesses observed disruptions. With many restrictions in the pandemic, different types of markets were negatively impacted. The outbreak of COVID-19 pandemic led to regulations that restrained the physical touch to stop the spread of virus which led to significant reduction of cash in the market. Population started using cards to avoid the physical interaction which led to increase in usage of plastic money. Companies in cards and payments will need to adopt new technologies and new ways of working as they adopt to the new scenarios.

LATEST TRENDS

"Virtual Cards to Drive Market Growth"

Virtual cards launches are expected to increase the growth of the global cards and payment market. As contactless payment is trending in the market along with virtual cards and QR code-based payments. Virtual cards have been in the market for quite some time but they are gaining traction when consumers started to prefer cashless payment. Major companies have started offering virtual cards. A virtual card is stored in your phone that can be used to pay contactless online or in stores. They also have their own unique card number, CV number, and expiration date. It is a copy of consumer’s physical card that is stored in their phones. Such new technology is expected to propel the market growth by posing new opportunities.

Cards and Payment Market SEGMENTATION

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• By Type

According to type; the market is divided into debit card, credit card, and prepaid card.

Credit card is the leading part of the type segment.

• By Application

Based on the application; the market is divided into online and offline.

DRIVING FACTORS

"E-Commerce and Mobile Technology to Drive Market Growth"

The global cards and payment market growth is predicted to grow owing to acceptance of e-commerce and mobile technology. The demand for financial cards gained convergence and integration has changed the demand. The arrival of e-commerce and mobile technology has fostered digitalization in payments such as credit and debit cards, digital wallets, and electronic cash. Increasing dispersion of e-commerce and mobile phones globally has posed an excellent opportunity for such type of payment. Contactless payment has been gaining popularity due to tentative opportunities and possibilities with innovative technology. New technologies such as radio frequency identification and near field technology is also in contactless payment.

"Cashless Economy to Inflate Market Demand"

The demand for cards is expected to grow owing to paving way towards cashless economy. The rise of cards started ever since the countries globally have decided to go cashless. Going cashless also steams from e-commerce expansion which has led to increase in plastic money. Privatization, globalization, and industrialization has transformed the banking sector. Effective banking system has enabled increased purchasing power. Such advancements is expected to increase the demand for plastic money.

RESTRAINING FACTORS

"Card Frauds to Hamper Market Growth"

There are a number of factors that can push the growth of the market. Restraining factors such as increasing credit cards frauds. People are hugely dependent on credit cards which makes the risk of such cards to be fraudulent. This creates limitation in issuing of credit cards. This factor is expected to reduce the demand for the product in the market.

Cards and Payment Market REGIONAL INSIGHTS

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"North America to Dominate Market Due to Technological Advancements"

North America holds the largest part of the global cards and payment market share due to increasing deployment of and technological enhancements. The penetration is attributed to increasing usage of credit cards in the economy of the region. The U.S. heavily relies on plastic money where majorly adult population uses plastic money.

Europe is expected to witness a considerable growth rate due to rise in the credit card reward points and loyalty programs credit card reward points. Such loyalty is provided by companies to increase their penetration in the market in the countries such as countries such as Germany, U.K, and others. The company of the region is having lucrative opportunities to have striking revenue opportunities.

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for the global cards and payment market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• China UnionPay (China)
• Mastercard (U.S.)
• Visa (U.S.)
• JCB (Japan)
• American Express (U.S.)
• Discover (U.S.)

INDUSTRY DEVELOPMENT

• March 2022: ICICI Bank has partnered up with Emirates Skywards to launch Emirates Skywards ICICI Bank Credit Card. The bunch of card will allow the customers to earn reward points called Skyward Miles for travel and lifestyle. ICICI Bank will be first bank to partner up with Emirates Skywards.

REPORT COVERAGE

This research profiles a report with widespread studies that take into an explanation of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.