Debit Card Global Market Report 2024

The debit card market size has grown marginally in recent years. It will grow from $94.64 billion in 2023 to $95.78 billion in 2024 at a compound annual growth rate (CAGR) of 1.2%. The growth observed in the historical period can be attributed to increasing convenience and accessibility, a decrease in reliance on cash, greater penetration of bank accounts, enhanced security features, and improved fraud protection, along with integration with digital banking systems.

The debit card market size is expected to see marginal growth in the next few years. It will grow to $101.15 billion in 2028 at a compound annual growth rate (CAGR) of 1.4%. The anticipated growth in the forecast period can be attributed to the increasing adoption of contactless payments, initiatives for financial inclusion, the escalation of government-led cashless initiatives, the incorporation of personal finance management features, and the growth of e-commerce and online spending. Major trends expected in the forecast period include the integration of digital currencies, the development of personalized budgeting tools, the use of sustainable card materials, the implementation of enhanced fraud prevention measures, integration with open banking systems, and the formation of partnerships with fintech companies.

The growth of the debit card market is being propelled by a reduction in the use of cash due to various factors. Institutional bodies and governments worldwide are actively working to minimize cash transactions, citing benefits such as reduced crime and money laundering risks, decreased tax evasion, and lower transaction costs for businesses. For example, a report by Financial Times in June 2021 indicated a 35% reduction in cash payments, underlining the ongoing trend towards digital payments that is expected to drive the debit card market.

The burgeoning e-commerce industry is expected to contribute significantly to the growth of the debit card market. With the increasing prevalence of online shopping, consumers are opting for debit cards to facilitate secure and seamless transactions. The integration of debit cards with online payment gateways has further fueled the growth of e-commerce, especially in the post-Covid era, where the shift towards online shopping has accelerated. Notably, according to the United Nations Conference on Trade and Development (UNCTD) in April 2022, online retail sales reached $2.9 trillion in 2021, with China and the United States accounting for the majority. Thus, the rise in e-commerce activities continues to drive the debit card market.

The widespread use of mobile devices has led to increased adoption of mobile payments and wallets, presenting a potential restraint for the debit card market. Mobile wallets, offering payment services through mobile devices, have gained popularity, with 53% of Americans reported to use digital wallets more frequently than traditional payment methods, as per Forbes in August 2023. Enhanced security features such as fingerprint Touch ID contribute to the appeal of mobile wallets, potentially limiting the growth of alternative payment modes, including debit cards.

A noteworthy trend in the cards industry is the emergence of cryptocurrency debit cards. Acting as a bridge between existing financial systems and the crypto world, these cards enable instant purchasing power from cryptocurrencies. The cryptocurrency market is anticipated to reach $1.4 billion by 2024, growing at an annual rate of 6.2%. Major card networks such as MasterCard, Amex, and Visa are exploring blockchain for corporate payments. The acceptance of crypto cards, along with features such as no foreign exchange fees and access to both fiat and crypto assets, is expected to impact the traditional debit card market.

Major players in the debit card market are innovating by introducing sticker-based debit card products to expand their customer base and boost revenue. These contactless debit cards take the form of small stickers that can be applied to various devices, including notebooks, smartwatches, and cell phones. IDFC, an India-based financial institution, launched India's first sticker-based debit card, FIRSTAP, in collaboration with the National Payments Corporation of India (NPCI). This contactless technology aims to provide frictionless digital transactions, showcasing the industry's commitment to customer-centric solutions.

In September 2022, JP Morgan, a US-based multinational investment bank, acquired Renovite Technologies to advance its goal of developing a next-generation payments processing platform. Renovite Technologies, a US-based payment solutions provider, brings expertise that aligns with JP Morgan's vision for enhanced payment services.

Major companies operating in the debit card market report are JPMorgan Chase & Co., Bank of America Corporation, Banco Santander S.A., PayU Global BV, Citigroup Inc., Wells Fargo & Company, American Express Company, Toronto-Dominion Bank, Capital One Financial Corp., State Bank of India, Visa Inc., PayPal Holdings Inc., U.S. Bank Corp., PNC Financial Services Group Inc., Mastercard Inc., HDFC Bank Ltd., Charles Schwab Investment Management Inc., Discover Financial Services, Ally Financial Inc., Fifth Third Bancorp., KeyBank National Association of Cleveland Ohio, Huntington Bancshares Incorporated, Regions Financial Corporation, Navy Federal Credit Union, Manufacturers and Traders Trust Company, Union Bank of India, Hongkong and Shanghai Banking Corporation Limited, Pentagon Federal Credit Union, BBVA Compass Bancshares Inc., SunTrust Banks Inc., First Commonwealth Financial Corporation, First Citizens Bancshares Inc. Asia-Pacific was the largest region in the global debit card market in 2023. Western Europe was the second largest region in the debit card market report. The regions covered in the debit card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary types of debit cards include classic, signature, platinum, and gold. A classic debit card facilitates easy and fast payments with associated benefits offered by the bank. Various service providers such as Visa, Mastercard, Rupay, and others offer these cards. Debit cards find applications in commercial, banking, shopping, and various other transactions.

The debit card market research report is one of a series of new reports that provides debit card market statistics, including the debit card industry global market size, regional shares, competitors with debit card market share, detailed debit card market segments, market trends and opportunities, and any further data you may need to thrive in the debit card industry. This debit card market 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 countries covered in the debit card market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The debit card market consists of revenues earned by entities that are engaged in storing, processing and transmitting debit card data. Debit cards usually have daily purchase and cash withdrawal limits and transactions made via these cards appear on the accountholder’s bank statement each month. This market excludes cash withdrawals through a cash dispenser. Revenue generated from the cards market include all processing and service fees levied by banks and financial institutions for processing card-based payments. 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.


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