The Cards & Payments Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cards & Payments Global Market Report 2024, The cards & payments market size has grown strongly in recent years. It will grow from $989.8 billion in 2023 to $1085.55 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to emergence of electronic payment systems, introduction of credit and debit cards, globalization and cross-border transactions, consumer shift towards online shopping, enhanced security measures.
The cards & payments market size is expected to see strong growth in the next few years. It will grow to $1544.86 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to rise of mobile payments, expansion of open banking initiatives, continued growth of e-commerce, regulatory developments, sustainability in payments. Major trends in the forecast period include contactless payments surge, digital wallet adoption, cryptocurrency integration, biometric authentication, subscription and recurring payments.
The rise in the e-commerce industry is expected to propel the cards and payments market going forward. E-commerce refers to the buying and selling 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, a US-based government agency, compared to the second quarter of 2022, the estimate for e-commerce in the second quarter of 2023 climbed by 7.5% (or 1.4%), while overall retail sales rose by 0.6% (or 0.4%). 15.4% of all sales in the second quarter of 2023 were made through online stores. Therefore, the rise in the e-commerce industry is driving the cards and payments market.
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The cards & payments market covered in this report is segmented –
1) By Type: Cards, Payments
2) By Institution Type: Banking Institutions, Non-Banking Institutions
3) By Application: Food And Groceries, Health And Pharmacy, Restaurants And Bars, Consumer Electronics, Media And Entertainment, Travel And Tourism, Other Applications
Subsegments Covered: Credit Card, Debit Card, Charge Card, Prepaid Card
Cards and payment companies are investing in technologies and formulating guidelines to prevent card and payment fraud. In this regard, payment service providers and merchants have implemented various solutions, including the Payment Card Industry Data Security Standard (PCI DSS) compliance, EMV technology, 3-D Secure services, tokenization, biometrics, and end-to-end encryption. To combat the constantly evolving card fraud methods, the National Retail Federation (NRF) also updates its security guidelines continuously.
The cards & payments market report table of contents includes:
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