Card & Payments Market

The cards & payments market was valued at USD 729.9 billion in 2021 and is expected to reach USD XX billion by 2030, expanding at a CAGR of XX% from 2022 to 2030. Rising use of credit cards due to their buy now pay later option is fueling the market.

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A credit or debit card is a plastic card with a microchip and a magnet strip provided by a financial services organization or bank that enables the cardholder to borrow or fund a purchase products and services from a variety of retailers. Credit cards are issued by banks and other fintech businesses enable customers to make purchases on credit rather than paying cash. The costs accumulate as a debt, which is repaid on a monthly billing cycle, allowing the consumer more time to come up with the funds. This huge increase in the use of real-time payments in the country can be linked to the rising acceptance of mobile wallets. E-commerce service providers are attempting to improve their competitiveness by shifting away from traditional credit card and consumer finance solutions and toward customer engagement solutions that use digital payments.

Market Trends, Drivers, Restraints, and Opportunities:

• The global cards & payments market is growing due to the increase in the demand for cash options and availability of inexpensive payments. Consumers have accessibility of marketplaces due to growing penetration of online businesses for a variety of items and services. This, in turn, is driving the use of cards & payments systems worldwide.
• Use of biometric authentication, facial recognition, QR codes, fingerprint scanners, and iris recognition are improving accuracy and protection, thus boosting the market.
• The use of cards to pay is rising, especially to purchase consumer goods such as TVs, computers, cellphones, vacation packages, and jewelry, E-commerce enterprises are also attempting to implement their point-of-sale systems to increase their digital payment options due to easy repayment options and low-cost equated monthly installments (EMIs), which in turn, is driving the market.
• Growing demand for credit cards in developing countries is fueling the market. Problems such as rise in credit card theft globally are projected to restrain the market.
• Expansion of the digital payment sector has hampered by a lack of global standards for cross-border payments and a lack of awareness among emerging economies. These factors are impeding the market.
• Technological advancements in product offerings, such as the use of blockchain to improve security, are likely to create lucrative opportunities in the market.
• Banking regulatory bodies across the globe are raising the limit on contactless payment cards, which in turn, is creating opportunities in the market.
• Banks and financial institutions have integrated biometric authentication for payments, to increase security, while making payments. This, in turn, is projected to create opportunities in the market.

Scope of the report:

The report on the global cards & payments market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Cards & payments Market Segment Insights:

Credit card segment is projected to hold significant market share

In the terms of types, the card & payments market can be bifurcated into cards and payments. The cards segment can be categorized as credit card, debit card, and prepaid card. The payment segment can be fragmented into credit transfer, direct debit, check, and cash. The credit card segment held a considerable share of the market in 2020. Credit cards provide a variety of special benefits and privileges; therefore, the segment is projected to retain its dominance in the next years. Retailers are adopting payment processing solutions to give customers with flawless checkout experiences due to the rising popularity of online shopping throughout the world. Furthermore, The pandemic has increased the use of digital money transfers and purchases, thus reducing the need and use of cash and check, thus reducing the market share of cash and check segment.

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Non-banking segment held substantial market share in 2020

Based on institution types, the market can be fragmented into non-banking institutions, banking institutions. The non-banking segment constituted a significant share of the market in 2020 and is projected to expand at a rapid rate during the forecast period. Furthermore, many companies are offering company credit cards to their employees to keep track of company expenditure on travel and inventories, which in turn, is propelling the segment.

Health & pharmacy segment to grow during the forecast period

Based on applications, the market can be segregated into consumer electronics, health & pharmacy, food & groceries, restaurants & bars, media & entertainment, travel & tourism, and others. The health & pharmacy segment is expected to hold a significant share of the market during the forecast period. In response to the increased demand for digital remittance for cross-border and domestic transactions, banks are implementing digital payment systems. As a result of the pandemic, contactless and wallet payments have grown in popularity. Due to the currency lockdown and aversion, E-Wallets are becoming more popular for peer-to-peer (P2P) transfers, customer-to-business (C2B) payments, bill payments, and other essential services.

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Asia Pacific to dominates the global market

In terms of regions, the cards & payments market can be fragmented into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific constituted a significant share of the market in 2022 and this position is likely to be maintained during the forecast period. This is due to several variables, including the region's economy's increasing use of credit cards. Additionally, people in Asia Pacific are reliant on credit cards, with nearly all adults (approximately 120 million individuals) having credit card debt in 2020, which in turn, is boosting the market in the region.

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Segments

The global cards & payments market has been categorized on the basis of
Types

• Cards
  • Credit Card
  • Debit Card
  • Prepaid Card
• Payments
  • Credit Transfer
  • Direct Debit
  • Check
  • Cash

Institution Types

• Non-banking Institutions
• Banking Institutions

Applications

• Consumer Electronics
• Health & Pharmacy
• Food & Groceries
• Restaurants & Bars
• Media & Entertainment
• Travel & Tourism
• Others

Regions

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Amazon Payments
• American Express
• Apple Inc
• Banco Santander
• Bitpay
• China Construction Bank
• FIS
• Flagship Merchant Services
• GoCardless
• Industrial and Commercial Bank of China
• Intesa Sanpaolo
• MasterCard
• Nippon Telegraph and Telephone Corp
• Payline Data
• PayPal
• Square, Inc.
• Stripe
• Visa

Competitive Landscape

Key players in the global cards & payments market include Amazon Payments, American Express, Apple Inc, Banco Santander, Bitpay, China Construction Bank, FIS, Flagship Merchant Services, GoCardless, Industrial and Commercial Bank of China, Intesa Sanpaolo, MasterCard, Nippon Telegraph and Telephone Corp, Payline Data, PayPal, Square, Inc., Stripe, and Visa.