This report describes and explains the cards and payments market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global cards and payments market reached a value of nearly $989.8 billion in 2023, having grown at a compound annual growth rate (CAGR) of 9.81% since 2018. The market is expected to grow from $989.8 billion in 2023 to $1.54 trillion in 2028 at a rate of 9.31%. The market is then expected to grow at a CAGR of 9.31% from 2028 and reach $2.41 trillion in 2033.
Growth in the historic period resulted from increase in the adoption of EMV technology, strong economic growth in emerging markets, increase in consumer preference for credit cards due to additional benefits, increased internet penetration. Factors that negatively affected growth in the historic period were lack of security in digital payments.
Going forward, rising penetration of e-commerce, increasing government support, increasing digital platforms, rising urbanization will drive the growth. Factor that could hinder the growth of the cards and payments market in the future include increase in credit card fraud.
The cards and payments market is segmented by type into cards and payments. The payments market was the largest segment of the cards and payments market segmented by type, accounting for 68.5% or $678.42 billion of the total in 2023. Going forward, the payments segment is expected to be the fastest growing segment in the cards and payments market segmented by type, at a CAGR of 9.88% during 2023-2028.
The cards market is segmented by type into credit card, debit card, charge card and prepaid card. The credit card market was the largest segment of the cards market segmented by type, accounting for 57.8% or $180.01 billion of the total in 2023. Going forward, the prepaid card segment is expected to be the fastest growing segment in the cards market segmented by type, at a CAGR of 13.59% during 2023-2028.
The cards and payments market is segmented by application into banking, financial services and insurance, healthcare, IT and telecom, retail and e-commerce, media and entertainment, transportation and other applications. The Banking, Financial Services and Insurance market was the largest segment of the cards and payments market segmented by application, accounting for 23.3% or $230.33 billion of the total in 2023. Going forward, the retail & e-commerce segment is expected to be the fastest growing segment in the cards and payments market segmented by application, at a CAGR of 10.79% during 2023-2028.
The cards and payments market is segmented by institution type into banking institutions and non-banking institutions. The banking institution market was the largest segment of the cards and payments market segmented by institution type, accounting for 71% or $702.91 billion of the total in 2023. Going forward, the non-banking institutions segment is expected to be the fastest growing segment in the cards and payments market segmented by institution type, at a CAGR of 10.21% during 2023-2028.
Asia Pacific was the largest region in the cards and payments market, accounting for 38.9% or $385.4 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the cards and payments market will be Africa and Middle East where growth will be at CAGRs of 20% and 12.4% respectively. These will be followed by Asia Pacific and South America where the markets are expected to grow at CAGRs of 11.1% and 8.8% respectively.
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 to 18.89% of the total market in 2022. The market fragmentation can be attributed to the presence of large number of players in different geographies. American Express was the largest competitor with a 5.18% share of the market, followed by Visa Inc. with 4.72%, PayPal Holdings, Inc. with 2.80%, Mastercard Incorporated with 2.47%, Citigroup Inc. with 0.99%, Bank of America Corporation with 0.96%, Barclays PLC with 0.54%, JPMorgan Chase & Co. with 0.49%, Wells Fargo & Company with 0.48% and Agricultural Bank of China with 0.25%.
Market-trend-based strategies for the cards and payments market include increased focus on credit card platforms,use of artificial intelligence (AI) to prevent fraud in the payments sector, increasing adoption of contactless payments, launch of technologically advanced payment devices, new product launches with focus on virtual cards and integration of payment networks.
Player-adopted strategies in the cards and payments market include focus on strengthening its commercial payment business through innovative products and payment solutions, focus on strengthening its cards and payment business through strategic acquisitions.
The top opportunities in the cards and payments market segmented by type will arise in the payments segment, which will gain $408.3 billion of global annual sales by 2028. The top opportunities in the cards market segmented by type will arise in the credit card segment, which will gain $83 billion of global annual sales by 2028. The top opportunities in the cards and payments market segmented by institution type will arise in the banking institution segment, which will gain $375.6 billion of global annual sales by 2028. The top opportunities in the cards and payments market segmented by application will arise in the banking, financial services and insurance segment, which will gain $144.5 billion of global annual sales by 2028. The cards and payments market size will gain the most in China at $99.5 billion.
To take advantage of the opportunities, the analyst recommends the cards and payments companies to increase focus on credit card platforms, focus on expanding contactless payment solutions, focus on strategic product launches, focus on ai-based fraud prevention for enhanced payments security, focus on fastest-growing non-banking segment, expand in emerging markets, continue to focus on developed markets, focus on diversified distribution channels, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, optimize digital marketing initiatives, cultivate strategic partnerships for coordinated promotions, focus on retail & e-commerce and banking & financial services segments and focus on customer-centric strategies for targeting end-users.
The global cards and payments market reached a value of nearly $989.8 billion in 2023, having grown at a compound annual growth rate (CAGR) of 9.81% since 2018. The market is expected to grow from $989.8 billion in 2023 to $1.54 trillion in 2028 at a rate of 9.31%. The market is then expected to grow at a CAGR of 9.31% from 2028 and reach $2.41 trillion in 2033.
Growth in the historic period resulted from increase in the adoption of EMV technology, strong economic growth in emerging markets, increase in consumer preference for credit cards due to additional benefits, increased internet penetration. Factors that negatively affected growth in the historic period were lack of security in digital payments.
Going forward, rising penetration of e-commerce, increasing government support, increasing digital platforms, rising urbanization will drive the growth. Factor that could hinder the growth of the cards and payments market in the future include increase in credit card fraud.
The cards and payments market is segmented by type into cards and payments. The payments market was the largest segment of the cards and payments market segmented by type, accounting for 68.5% or $678.42 billion of the total in 2023. Going forward, the payments segment is expected to be the fastest growing segment in the cards and payments market segmented by type, at a CAGR of 9.88% during 2023-2028.
The cards market is segmented by type into credit card, debit card, charge card and prepaid card. The credit card market was the largest segment of the cards market segmented by type, accounting for 57.8% or $180.01 billion of the total in 2023. Going forward, the prepaid card segment is expected to be the fastest growing segment in the cards market segmented by type, at a CAGR of 13.59% during 2023-2028.
The cards and payments market is segmented by application into banking, financial services and insurance, healthcare, IT and telecom, retail and e-commerce, media and entertainment, transportation and other applications. The Banking, Financial Services and Insurance market was the largest segment of the cards and payments market segmented by application, accounting for 23.3% or $230.33 billion of the total in 2023. Going forward, the retail & e-commerce segment is expected to be the fastest growing segment in the cards and payments market segmented by application, at a CAGR of 10.79% during 2023-2028.
The cards and payments market is segmented by institution type into banking institutions and non-banking institutions. The banking institution market was the largest segment of the cards and payments market segmented by institution type, accounting for 71% or $702.91 billion of the total in 2023. Going forward, the non-banking institutions segment is expected to be the fastest growing segment in the cards and payments market segmented by institution type, at a CAGR of 10.21% during 2023-2028.
Asia Pacific was the largest region in the cards and payments market, accounting for 38.9% or $385.4 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the cards and payments market will be Africa and Middle East where growth will be at CAGRs of 20% and 12.4% respectively. These will be followed by Asia Pacific and South America where the markets are expected to grow at CAGRs of 11.1% and 8.8% respectively.
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 to 18.89% of the total market in 2022. The market fragmentation can be attributed to the presence of large number of players in different geographies. American Express was the largest competitor with a 5.18% share of the market, followed by Visa Inc. with 4.72%, PayPal Holdings, Inc. with 2.80%, Mastercard Incorporated with 2.47%, Citigroup Inc. with 0.99%, Bank of America Corporation with 0.96%, Barclays PLC with 0.54%, JPMorgan Chase & Co. with 0.49%, Wells Fargo & Company with 0.48% and Agricultural Bank of China with 0.25%.
Market-trend-based strategies for the cards and payments market include increased focus on credit card platforms,use of artificial intelligence (AI) to prevent fraud in the payments sector, increasing adoption of contactless payments, launch of technologically advanced payment devices, new product launches with focus on virtual cards and integration of payment networks.
Player-adopted strategies in the cards and payments market include focus on strengthening its commercial payment business through innovative products and payment solutions, focus on strengthening its cards and payment business through strategic acquisitions.
The top opportunities in the cards and payments market segmented by type will arise in the payments segment, which will gain $408.3 billion of global annual sales by 2028. The top opportunities in the cards market segmented by type will arise in the credit card segment, which will gain $83 billion of global annual sales by 2028. The top opportunities in the cards and payments market segmented by institution type will arise in the banking institution segment, which will gain $375.6 billion of global annual sales by 2028. The top opportunities in the cards and payments market segmented by application will arise in the banking, financial services and insurance segment, which will gain $144.5 billion of global annual sales by 2028. The cards and payments market size will gain the most in China at $99.5 billion.
To take advantage of the opportunities, the analyst recommends the cards and payments companies to increase focus on credit card platforms, focus on expanding contactless payment solutions, focus on strategic product launches, focus on ai-based fraud prevention for enhanced payments security, focus on fastest-growing non-banking segment, expand in emerging markets, continue to focus on developed markets, focus on diversified distribution channels, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, optimize digital marketing initiatives, cultivate strategic partnerships for coordinated promotions, focus on retail & e-commerce and banking & financial services segments and focus on customer-centric strategies for targeting end-users.
Table of Contents
1 Executive Summary
6 Market Characteristics
8 Cards and Payments Market, Supply Chain Analysis
9 Customer Information
10 Major Market Trends
11 Cards and Payments Market - Macro Economic Scenario
12 Global Market Size and Growth
13 Cards and Payments Market, Regional Analysis
14 Global Cards and Payments Market Segmentation
15 Cards & Payments Market Segments
16 Market Comparison with Macro Economic Factors
17 Asia-Pacific Market
18 Western Europe Market
19 Eastern Europe Market
20 North America Market
21 South America Market
22 Middle East Market
23 Africa Market
24 Competitive Landscape and Company Profiles
25 Key Mergers and Acquisitions
26 Market Background: Lending and Payments Market
27 Opportunities and Strategies
28 Cards and Payments Market, Conclusions and Recommendations
29 Appendix
Executive Summary
Cards and Payments Global Market Opportunities and Strategies to 2033 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.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description:
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 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.Key Mergers and Acquisitions
Information on recent mergers and acquisitions in the market 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.Scope
Markets Covered:
1) by Type: Cards; Paymentsa) by Cards (By Tye): Credit Card; Debit Card; Charge Card; Prepaid Card
2) by Application: Banking, Financial Services and Insurance; Healthcare; IT and Telecom; Retail and E-Commerce; Media and Entertainment; Transportation; Other Applications.3) by Institution Type: Banking Institutions; Non-Banking Institutions
Key Companies Mentioned: American Express; Visa Inc; PayPal Holdings, Inc; Mastercard Incorporated; Citigroup Inc.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia; Czech Republic; Poland; Romania; Ukraine; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Egypt; Nigeria; South Africa; Iran; Israel; Saudi Arabia; Turkey; UAE; Argentina; Chile; Colombia; Peru; Canada; Mexico; Vietnam; Thailand; Singapore; Philippines; New Zealand; Malaysia; Hong Kong
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 Segmentation: 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.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- American Express
- Visa Inc.
- PayPal Holdings, Inc.
- Mastercard Incorporated
- Citigroup Inc.
- Bank of America Corporation
- Barclays PLC
- JPMorgan Chase & Co.
- Wells Fargo & Company
- Agricultural Bank of China
- State Bank of India
- Punjab National Bank
- Axis Bank
- HDFC Bank
- ICICI Bank
- Canara Bank
- Union Bank of India
- Indian Overseas Bank
- Central Bank of India
- Kotak Mahindra Bank
- Bank of Maharashtra
- Corporation Bank
- Yes Bank
- JCB Co., Ltd.
- GMO Payment Gateway (“GMO-PG”)
- Komoju
- PayPay
- LinePay
- China Construction Bank
- Agricultural Bank of China
- Postal Savings Bank of China
- Industrial & Commercial Bank of China
- Bank of China
- China Merchants Bank
- M&S Bank
- Sainsbury Bank
- Barclaycard
- Aqua
- TF Bank
- Advanzia Bank
- PayPal
- Worldpay
- Tinkoff Bank
- Sberbank
- Yandex.Money
- PayPal
- DotPay
- Przelewy24
- Tap2Pay
- eCard S.A.
- Transferuj.pl
- American Express Company
- Visa Inc.
- Mastercard Inc.
- PayPal Holdings, Inc.
- Amazon Pay
- TD Bank
- Nuvei Corporation
- Banco de la Nación Argentina
- Banco de Galicia y Buenos Aires SA
- Banco Macro SA
- Banco Santander Río SA
- Banco Galicia
- Banco Provincia
- Banco Francés Visa
- MasterCard
- Cabal
- Tarjeta Naranja
- American Express
- Diners Club Israel Credit Cards (ICC)
- PayBox
- Nexxus
- Saudi Payments
- Mada
- Emirates NBD
- Qatar National Bank (QNB)
- Doha Bank
- Akbank
- Isbank
- HyperPay
- Middle East Payment Services (MEPS)
- Network International
- CyberSource
- Mercury
- Payfort
- HID Global Corporation/ASSA ABLOY AB
- PayTabs
- CASHU
- Telr Pte Ltd.
- Tap Payments
- Mint Middle East LLC. (MME)
- First Bank of Nigeria
- Commercial International Bank (CIB)
- Fawry
- Absa Group Limited
- Stanbic Bank Uganda
- Centenary Bank
- African Payment Solutions
- iVeri
- Wirecard
- Peach Payments
- Safaricom
- PayFast
- Tola Mobile
- BusinessCardSA
- Yoco
- PayGate (Pty) Ltd
- Payments Afrika
- Sureswipe
- Mastercard
- Wallets Africa
Methodology
LOADING...
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 395 |
Published | March 2024 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 989.8 Billion |
Forecasted Market Value ( USD | $ 2410.8 Billion |
Compound Annual Growth Rate | 9.3% |
Regions Covered | Global |