The Debit Card 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 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 in the historic period can be attributed to rising convenience and accessibility, reduced reliance on cash, bank account penetration, security features and fraud protection, integration with digital banking.
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 growth in the forecast period can be attributed to rising contactless payment adoption, financial inclusion initiatives, rising government cashless initiatives, personal finance management features, e-commerce and online spending. Major trends in the forecast period include incorporation of digital currencies, personalized budgeting tools, sustainable card materials, enhanced fraud prevention measures, open banking integration, partnerships with fintech.
Reduction in the use of cash following various factors contributed to the growth of the debit card market. Various institutional bodies and governments are trying to minimize the use of cash as cashless transactions reduce the risk of crime and money laundering, lessen tax evasion, and reduce transaction costs for businesses. For instance, In June 2021, according to Financial Times, there is a 35% reduction in cash payments. Thus, reduced use of cash and the ongoing trend of digital payments is expected to drive the debit card market.
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The debit card market covered in this report is segmented –
1) By Card Type: Classic, Signature, Platinum, Gold
2) By Service Provider: Visa, Matercard, Rupay, Other Service Providers
3) By Application: Commercial, Bank, Shopping, Other Applications
Cryptocurrency debit card is a new trend in the cards industry. Crypto debit cards act as an efficient bridge between the existing financial systems and the crypto world. They offer instant purchasing power from bitcoin or other cryptocurrencies. According to a cards and payments industry report published by Infosys, the cryptocurrency market is expected to reach $1.4 billion by 2024, growing at 6.2% annually. Crypto-backed debit cards allow cardholders to make payments and withdrawal of fiat currency from ATMs, similar to debit cards linked to bank accounts. Major card networks such as MasterCard, Amex, and Visa are focusing on corporate payments with the use of blockchain. Revolut, a UK-based start-up offers the metal card with the MasterCard logo and access to 5 cryptocurrencies and 150 fiat currencies. For instance, in May 2023, Coinbase, a US-based public company unveiled its First Crypto Derivatives Product for use in retail traders. The product is aimed at attracting more retail traders and providing hedging options for traders. Increasing acceptance of crypto cards, no foreign exchange fees, access to fiat and crypto assets with a single card, and cashback rewards are some factors that will support crypto debit card market growth.
The debit card market report table of contents includes:
- Executive Summary
- Debit Card Market Characteristics
- Debit Card Market Trends And Strategies
- Debit Card Market – Macro Economic Scenario
- Global Debit Card Market Size and Growth
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- Global Debit Card Market Competitive Benchmarking
- Global Debit Card Market Competitive Dashboard
- Key Mergers And Acquisitions In Debit Card Market
- Debit Card Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- JPMorgan Chase & Co.
- Bank of America Corporation
- Banco Santander S.A.
- PayU Global BV
- Citigroup Inc.
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