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Cards Global Market Report 2023

ReportLinker
ReportLinker

Major players in the cards market are Citibank, Mastercard Incorporated, The American Express Company, Visa Inc., JPMorgan Chase & Co, Kaiku Finance LLC, Mango Financial Inc, Green Dot Corporation, NetSpend Holdings, and PayPal Holdings.

New York, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cards Global Market Report 2023" - https://www.reportlinker.com/p06277931/?utm_source=GNW


The global cards market will grow from $271.51 billion in 2022 to $291.18 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The cards market is expected to grow to $390.54 billion in 2027 at a CAGR of 7.6%.

The cards 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 cards market include 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.

Cards are provided by a bank or other financial organization, which enables users to withdraw money or make purchases using a line of credit.

Asia Pacific was the largest region in the cards market in 2022.Western Europe was the second largest region in the cards market.

The regions covered in cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The main types of cards are general-purpose and private labels.The general-purpose cards can be used as debit cards for retail purposes and are used for depositing online payments.

The cards are used for general-purpose reloadable cards, government benefit/disbursement cards, payroll cards, and other usages. The cards are used by retail establishments, corporate institutions, government agencies, financial institutions, and other end-users.

The rising demand for credit cards is expected to fuel the growth of the cards market in the forecast period.The rise in demand for consumer credit products tends to be very apparent in an economic crisis during COVID-19 outbreak, where pay delays and job losses are feasible, and the outstanding credit card balance indicates that individuals are borrowing to cover their daily expenses.

According to the Equifax Quarterly Consumer Credit Demand Index June 2022, the demand for credit cards in Australia increased by 6% as compared to June 2021. Overall consumer credit demand grew by 10.2% as compared to June 2021. Therefore, the rising demand for credit cards drives the growth of the cards market.

The increasing incidences of fraud are expected to hamper the growth of the cards market in the coming years.Fraud losses are sustained on all credit, debit, prepaid general-purpose, and private-label payment cards distributed around the world by payment card issuers, retailers, purchasers of card purchases at retailers, and acquirers of card transactions at ATMs.

For instance, according to the Aite Group, a company that provides insurance services in 2020, 47% of Americans experienced financial theft and found that losses from these identity theft cases cost $502.5 billion in 2019 and increased 42 percent for almost $712.4 billion in 2020 was $721.3 billion in 2021. Therefore, the increasing incidences of fraud restrain the growth of the cards market.

Technological innovations have been gaining popularity in the cards market over recent years.Major corporations are concentrating on offering digital prepaid card services in emerging economies to attract a large consumer base for prepaid credit cards.

For example, in June 2020, in collaboration with the Mastercard alliance, Grab Holdings, Inc., a multinational ride-hailing company based in Singapore, launched a new card to facilitate cashless payments in the Philippines. With the card linked to Grab’s prepaid wallet, which includes 53 million global merchants that accept Mastercard, users can pay for anything online.

In September 2021, M2P, a company that provides digital infrastructure based in India, acquired Wizi for a deal amount of $5 million.With this acquisition, the companies manage the credit card sector and provide the customers with benefits.

Wizz is a company that provides credit cards based in India.

The countries covered in the cards market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The cards research report is one of a series of new reports that provides cards statistics, including cards industry global market size, regional shares, competitors with cards share, detailed cards segments, market trends and opportunities, and any further data you may need to thrive in the cards industry. This cards research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06277931/?utm_source=GNW

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