The cards and payments market is anticipated to expand at a CAGR of 9.1% from 2023 to 2031.The growing e-commerce industry will drive the cards and payments market growth. The market includes growth prospects owing to the current cards and payments market trends and their foreseeable impact during the forecast period.

Cards and Payments Market Analysis 

The cards and payments market has experienced significant growth and transformation over the years, driven by technological advancements, changing consumer preferences, and regulatory developments. This growth is evident across various segments of the industry, including credit cards, debit cards, mobile payments, and emerging payment technologies. One of the primary drivers of growth in the cards and payments market is technological innovation. The advent of digital payment solutions, such as mobile wallets, contactless payments, and peer-to-peer payment platforms, has revolutionized the way consumers transact. These technologies offer convenience, security, and speed, attracting a growing number of users worldwide.

Cards and Payments Industry Overview

• As societies become more digitized and interconnected, there has been a noticeable shift towards cashless transactions. Consumers increasingly prefer the convenience and security offered by cards and digital payment methods over traditional cash payments. This trend has been further accelerated by the COVID-19 pandemic, which emphasized the importance of contactless payments and online shopping.
• The globalization of businesses and the rise of international travel have fueled the demand for cross-border payment solutions. Consumers and businesses alike seek efficient and cost-effective ways to send and receive money across borders, driving innovation in cross-border payment platforms and foreign exchange services. This trend is expected to continue as international trade and commerce expand.
• The cards and payments market has experienced steady growth in recent years; this growth reflects the increasing recognition of the importance of financial inclusion and the positive impact that cards and payments can have on individuals and enterprises.

Strategic Insights

Cards and Payments Market Drivers and Opportunities

 

Growing E-commerce Industry will Drive the Cards and Payment Market.

• The growth in the e-commerce industry is anticipated to fuel the cards and payments market in the coming years. E-commerce implies the selling and buying of goods and services over the Internet. Cards and payments are the backbone of e-commerce, providing the necessary infrastructure for businesses to conduct transactions online. For instance, in August 2023, according to the United States Census Bureau, the estimate of U.S. retail e-commerce sales for the fourth quarter of 2023, adjusted for seasonal variation but not for price changes, was US$285.2 billion, an increase of 0.8% from the third quarter of 2023. Total retail sales for the fourth quarter of 2023 were estimated at US$1,831.4 billion, an increase of 0.4% from the third quarter of 2023. Therefore, the rise in the e-commerce industry is driving the cards and payments market.

Cards and Payments Market Report Segmentation Analysis

• Based on type, the cards and payments market is segmented into credit cards, debit cards, and prepaid cards.
• The debit card segment is expected to hold a substantial card and payments market share in 2023. Debit Cards can handle cash. They double up as ATM cards and allow you to withdraw money from an ATM. Therefore, working as an emergency fund. In addition to ATM use, a majority of stores offer cash-back options at checkout. Thus, considering the number of advantages will fuel the cards and payments market growth.

Cards and Payments Market Share Analysis by Geography

The scope of the cards and payments market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific (APAC) is experiencing rapid growth and is anticipated to hold a significant card and payment market share. The region's significant economic development, growing population, and increasing focus on financial inclusion across diverse economies have contributed to this growth. APAC's emerging markets, characterized by a large unbanked population and a growing entrepreneurial culture, have presented substantial opportunities for cards and payments institutions and non-banking financial institutions (NBFCs) to expand their services and reach previously underserved communities.

Cards and Payments Market Report Scope

The "Cards and Payments Market Analysis" was carried out based on type, mode of payment, and geography. In terms of type, the market is segmented into credit cards, debit cards, and prepaid cards. Based on the mode of payment, the cards and payments market is segmented into online and offline. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. 

Cards and Payments Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the cards and payment market. A few recent key market developments are listed below: 

• In February 2024, The Reserve Bank of India (RBI) issued orders restraining commercial transactions routed through intermediaries by a card network. The central bank, without naming the card network, announced the intermediary, with an arrangement with the network, did not have the authorization to function under the Payment and Settlement Systems (PSS) Act.

[Source: RBI, company website]

• In October 2023, NerdWallet, Inc., one of the platforms that provides financial guidance to consumers and small and mid-sized businesses (SMBs), announced the launch of its first financial product for consumers—NerdUp by NerdWallet—a secured credit card designed to help users build and improve their credit responsibly.
• [Source: NerdWallet, Inc., company website]

Cards and Payments Market Report Coverage & Deliverables

The cards and payments market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report on “Cards and Payments Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas-

• Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
• Market dynamics such as drivers, restraints, and key opportunities.
• Key future trends.
• Detailed PEST & SWOT analysis
• Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, key players, recent developments.
• Detailed company profiles.

REGIONAL FRAMEWORK

Cards and Payments Market Report Analysis

MARKET PLAYERS

Cards and Payments Market Report Scope

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