Cards Market Report 2025

The cards market size has grown strongly in recent years. It will grow from $324.2 billion in 2024 to $348.59 billion in 2025 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to introduction of magnetic stripe cards, banking system modernization, atm network expansion, introduction of EMV chip cards, loyalty and reward programs.

The cards market size is expected to see strong growth in the next few years. It will grow to $465.83 billion in 2029 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to environmental sustainability initiatives, integration with IoT devices, fintech disruption, evolving loyalty programs, enhanced security measures. Major trends in the forecast period include biometric authentication adoption, rapid contactless payment growth, mobile wallet expansion, rise of digital-only cards, personalized loyalty programs.

The increasing demand for credit cards is expected to drive growth in the card market during the forecast period. This demand for consumer credit products became particularly evident during the economic challenges posed by the COVID-19 outbreak, as pay delays and job losses led individuals to borrow to cover daily expenses. For example, in November 2022, the Federal Reserve Bank of New York reported that credit cards are the most common form of debt in the U.S., with over 500 million open accounts and 191 million Americans holding at least one card. By age 25, approximately 73% of Americans have a credit card, highlighting the complex decisions surrounding consumption, saving, and borrowing. Therefore, the rising demand for credit cards is a key driver of growth in the card market.

A key driver for the cards market is the growing demand for e-commerce. With the continuous rise of electronic commerce, where goods and services are transacted online, payment cards play a crucial role in facilitating online purchases. The United States Census Bureau reported a 7.5% increase in e-commerce estimates for the second quarter of 2023 compared to the same period in 2022. This surge in e-commerce sales, accounting for 15.4% of all sales in Q2 2023, contributes significantly to the growth of the cards market.

The increasing demand for credit cards is expected to drive growth in the card market during the forecast period. This demand for consumer credit products became particularly evident during the economic challenges posed by the COVID-19 outbreak, as pay delays and job losses led individuals to borrow to cover daily expenses. For example, in November 2022, the Federal Reserve Bank of New York reported that credit cards are the most common form of debt in the U.S., with over 500 million open accounts and 191 million Americans holding at least one card. By age 25, approximately 73% of Americans have a credit card, highlighting the complex decisions surrounding consumption, saving, and borrowing. Therefore, the rising demand for credit cards is a key driver of growth in the card market.

Major players in the card market are also diversifying their offerings, as seen in the introduction of new credit card ranges. For instance, TD Bank launched a suite of TD credit cards, providing various options from predictable payments to flexible reward structures. The TD Clear, a subscription-based card with no interest, and TD FlexPay, offering increased payment flexibility, are part of this suite, enhancing TD's commitment to addressing diverse customer needs in the credit card space. This launch represents a departure from traditional credit card models.

In January 2024, Visa Inc., a US-based payment card services corporation, acquired Pismo for an undisclosed amount. This acquisition aims to strengthen Visa's core banking and issuer processing capabilities by leveraging Pismo's cloud-native platform, which supports various card types and emerging payment methods. Pismo is a South America-based platform specializing in cloud-native issuer processing and core banking solutions.

Major companies operating in the cards market include JP Morgan Chase & Co., The Bank of America Corporation, Bank of Baroda Ltd., Citibank NA, Wells Fargo & Company, American Express Company, United Services Automobile Association, Capital One Financial Corporation, Barclays US, Visa Inc., BBVA Compass Bancshares Inc., PayPal Holdings Inc., The PNC Financial Services Group Inc., Mastercard Incorporated, HDFC Bank Ltd., ICICI Bank Limited, Discover Financial Services, SBI Cards and Payment Services Limited, Axis Bank Limited, Ebay Inc., The Western Union Company, Total System Services Inc., Mango Financial Inc., Navy Federal Credit Union, Green Dot Corporation, NetSpend Holdings Inc., UniRush LLC, Pentagon Federal Credit Union, Kaiku Finance LLC.

Asia-Pacific was the largest region in the cards market in 2024. Western Europe was the second largest region in the global card market share. The regions covered in the cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cards market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cards issued by banks or other financial institutions enable users to withdraw money or make purchases using a line of credit. These cards facilitate various activities, including transactions and entertainment, such as playing card games or making purchases.

The main types of cards include general-purpose and private labels. General-purpose cards serve multiple functions, functioning as debit cards for retail purposes and facilitating online payments. These cards are utilized for various purposes such as general-purpose reloadable cards, government benefit and reimbursement cards, payroll cards, and other applications. End-users of these cards span retail establishments, corporate institutions, government agencies, financial institutions, and others.

The cards research report is one of a series of new reports that provides card statistics, including cards industry global market size, regional shares, competitors with card share, detailed card segments, market trends, and opportunities, and any further data you may need to thrive in the cards industry. This card 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 card market consists of revenues earned by entities that are engaged in storing, processing, and transmitting payment card data. This market covers issuing and acquiring banks, card processing and issuing companies, and others. Revenue generated from the card market includes all processing and service fees levied by banks and financial institutions for processing card-based payments. It excludes interest charged by banks on payment cards. 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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