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 $951.85 billion in 2023, having grown at a compound annual growth rate (CAGR) of 9.48% since 2018. The market is expected to grow from $951.85 billion in 2023 to $1.45 trillion in 2028 at a rate of 8.79%. The market is then expected to grow at a CAGR of 9.25% from 2028 and reach $2.25 trillion in 2033.
Growth in the historic period resulted from the increase in the adoption of EMV technology, increase in consumer preference for credit cards due to additional benefits and increased internet penetration. Factors that negatively affected growth in the historic period include a lack of security in digital payments.
Going forward, the rising penetration of e-commerce, increasing government support, increasing digital platforms, rising awareness of electronic payments and increasing demand for smartphones will drive the market. Factors that could hinder the growth of the cards and payments market in the future include an 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 68.03% or $647.55 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 9.25% during 2023-2028.
The cards and payments market is segmented by institution type into banking institutions and non-banking institutions. The banking institutions market was the largest segment of the cards and payments market segmented by institution type, accounting for 70.95% or $675.3 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 9.65% 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 23.29% or $221.67 billion of the total in 2023. Going forward, the retail and e-commerce segment is expected to be the fastest growing segment in the cards and payments market segmented by application, at a CAGR of 10.23% during 2023-2028.
Asia-Pacific was the largest region in the cards and payments market, accounting for 38.00% or $361.74 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 Asia-Pacific, where growth will be at CAGRs of 16.83% and 11.15% respectively. These will be followed by the Middle East and Eastern Europe, where the markets are expected to grow at CAGRs of 8.70% and 8.57% 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 19.7% of the total market in 2023. American Express Company was the largest competitor with a 5.7% share of the market, followed by PayPal Holdings Inc with 2.8%, Capital One Financial Corporation with 2.7%, Visa Inc. with 2.7%, Mastercard Incorporated with 1.8%, Citigroup Inc. with 1%, Bank of America Corporation with 0.9%, Wells Fargo & Company with 0.8%, U.S. BanCorp. with 0.6% and Barclays plc with 0.6%.
The top opportunities in the cards and payments market segmented by type will arise in the payments segment, which will gain $360.37 billion of global annual sales by 2028. The top opportunities in the cards and payments market by institution type will arise in the banking institutions segment, which will gain $336.59 billion of global annual sales by 2028. The top opportunities in the cards and payments market by application will arise in the banking, financial services and insurance segment, which will gain $130.18 billion of global annual sales by 2028. The cards and payments market size will gain the most in China at $94.42 billion.
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, development in digital wallets and contactless payment technology to aid convenience, launch of technologically advanced payment devices and 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 commercial payment business through innovative products and payment solutions, strategic acquisitions and strengthening P2P, commercial and B2B payment services.
To take advantage of the opportunities, the analyst recommends the cards and payments companies to focus on credit card platforms to drive growth, focus on AI-based fraud prevention to enhance security, focus on digital wallet and contactless payment adoption, focus on technologically advanced payment devices to strengthen market position, focus on product launches to strengthen market position, focus on the cards market segment, focus on non-banking institutions segment, focus on prepaid cards segment, expand in emerging markets, provide competitively priced offerings, participate in trade shows and events and focus on targeted strategies for diverse applications.
The global cards and payments market reached a value of nearly $951.85 billion in 2023, having grown at a compound annual growth rate (CAGR) of 9.48% since 2018. The market is expected to grow from $951.85 billion in 2023 to $1.45 trillion in 2028 at a rate of 8.79%. The market is then expected to grow at a CAGR of 9.25% from 2028 and reach $2.25 trillion in 2033.
Growth in the historic period resulted from the increase in the adoption of EMV technology, increase in consumer preference for credit cards due to additional benefits and increased internet penetration. Factors that negatively affected growth in the historic period include a lack of security in digital payments.
Going forward, the rising penetration of e-commerce, increasing government support, increasing digital platforms, rising awareness of electronic payments and increasing demand for smartphones will drive the market. Factors that could hinder the growth of the cards and payments market in the future include an 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 68.03% or $647.55 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 9.25% during 2023-2028.
The cards and payments market is segmented by institution type into banking institutions and non-banking institutions. The banking institutions market was the largest segment of the cards and payments market segmented by institution type, accounting for 70.95% or $675.3 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 9.65% 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 23.29% or $221.67 billion of the total in 2023. Going forward, the retail and e-commerce segment is expected to be the fastest growing segment in the cards and payments market segmented by application, at a CAGR of 10.23% during 2023-2028.
Asia-Pacific was the largest region in the cards and payments market, accounting for 38.00% or $361.74 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 Asia-Pacific, where growth will be at CAGRs of 16.83% and 11.15% respectively. These will be followed by the Middle East and Eastern Europe, where the markets are expected to grow at CAGRs of 8.70% and 8.57% 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 19.7% of the total market in 2023. American Express Company was the largest competitor with a 5.7% share of the market, followed by PayPal Holdings Inc with 2.8%, Capital One Financial Corporation with 2.7%, Visa Inc. with 2.7%, Mastercard Incorporated with 1.8%, Citigroup Inc. with 1%, Bank of America Corporation with 0.9%, Wells Fargo & Company with 0.8%, U.S. BanCorp. with 0.6% and Barclays plc with 0.6%.
The top opportunities in the cards and payments market segmented by type will arise in the payments segment, which will gain $360.37 billion of global annual sales by 2028. The top opportunities in the cards and payments market by institution type will arise in the banking institutions segment, which will gain $336.59 billion of global annual sales by 2028. The top opportunities in the cards and payments market by application will arise in the banking, financial services and insurance segment, which will gain $130.18 billion of global annual sales by 2028. The cards and payments market size will gain the most in China at $94.42 billion.
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, development in digital wallets and contactless payment technology to aid convenience, launch of technologically advanced payment devices and 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 commercial payment business through innovative products and payment solutions, strategic acquisitions and strengthening P2P, commercial and B2B payment services.
To take advantage of the opportunities, the analyst recommends the cards and payments companies to focus on credit card platforms to drive growth, focus on AI-based fraud prevention to enhance security, focus on digital wallet and contactless payment adoption, focus on technologically advanced payment devices to strengthen market position, focus on product launches to strengthen market position, focus on the cards market segment, focus on non-banking institutions segment, focus on prepaid cards segment, expand in emerging markets, provide competitively priced offerings, participate in trade shows and events and focus on targeted strategies for diverse applications.
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 Global Cards and Payments Market Segmentation
14 Cards and Payments Market Segments
15 Cards and Payments Market, Regional and Country Analysis
16 Asia-Pacific Market
17 Western Europe Market
18 Eastern Europe Market
19 North America Market
20 South America Market
21 Middle East Market
22 Africa Market
23 Competitive Landscape and Company Profiles
24 Other Major and Innovative Companies
27 Key Mergers and Acquisitions
28 Opportunities and Strategies
29 Cards and Payments Market, Conclusions and Recommendations
30 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.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is 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.
Markets Covered:
1) By Type: Cards; Payments2) By Institution Type: Banking Institutions; Non-Banking Institutions
3) By Application: Banking; Financial Services And Insurance; Healthcare; IT And Telecom; Retail And E-Commerce; Media And Entertainment; Transportation; Other Applications
Key Companies Mentioned: American Express Company, PayPal Holdings Inc., Capital One Financial Corporation, Visa Inc., MasterCard Incorporated
Countries: China; Australia; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam, Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Brazil; Mexico; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Chile; Argentina; Colombia; Peru; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
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
- American Express Company
- PayPal Holdings Inc.
- Capital One Financial Corporation,
- Visa Inc.
- MasterCard Incorporated
- Citigroup Inc.
- Bank of America Corporation
- Wells Fargo & Company
- U.S. BanCorp.
- Barclays plc
- Change Financial Limited
- Kona I Co., Ltd
- Afterpay Limited
- Tyro Payments Limited
- POLi Payments Pty Ltd
- DBS Bank
- IndusInd Bank Limited
- Federal Bank Limited
- 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
- Sony Bank, Inc
- Rakuten Group, Inc
- PayPay Corporation
- Kakao Pay
- JCB Co., Ltd.
- GMO Payment Gateway (“GMO-PG”)
- Komoju
- LinePay
- China Construction Bank
- Agricultural Bank of China
- Postal Savings Bank of China
- Industrial & Commercial Bank of China
- Bank of China
- China Merchants Bank
- Worldline SA Crédit Agricole Group
- Deutsche Bank
- Tink AB
- Conferma Limited
- Interactive Transaction Solutions (ITS) Ltd
- Commerzbank
- Bling Card
- GLS Bank
- PAYA Group
- Klarna Bank AB
- Adyen
- CaixaBank, S.A.
- M&S Bank
- Sainsbury Bank
- Barclaycard
- Brite Payments
- Aqua
- TF Bank
- Advanzia Bank
- Worldpay
- Tinkoff Bank
- Sberbank
- Yandex.Money
- DotPay
- Przelewy24
- Tap2Pay
- eCard S.A.
- Transferuj.pl
- Mastercard Inc.
- Apple Inc.
- Fiserv, Inc.
- Stripe, Inc
- Nuvei Corporation
- Plaid, Inc
- Payroc
- Moneris
- Finix
- PayJoy
- National Credit Card Processing Inc
- Marqeta Inc
- 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
- 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.
- M-PESA
- Google Wallet
- No Ones
- Interswitch
- 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
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 359 |
| Published | September 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 951.9 Billion |
| Forecasted Market Value ( USD | $ 2250 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 140 |
