Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) -- The "Cards and Payments Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
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%.
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.
Top Opportunities
- 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 359 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $951.9 Billion |
| Forecasted Market Value (USD) by 2033 | $2250 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
Major Market Trends
- 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
- New Product Launches With Focus on Virtual Cards and Integration of Payment Networks
Customer Information
- Consumers Prioritizing Credit Card Rewards When Choosing a New Credit Card
- Digital Wallets Affect Spending Habits and Are Shaping The Way Americans Shop
- Cards Usage Slightly Increased in Retail Payments
- Shifting Consumer Behavior Towards New Payment Methods
- Majority of Consumers Prefer to Use Debit Cards as Their Primary Payment Method
- Customer Behavior Towards Payment Options
- Increased Consumer Preferences for Card Payments to Track Spending
- Debit Card Is The Most Widely Used, Followed by Credit Cards
Competitive Landscape and Company Profiles
- American Express Company
- Company Overview
- Products and Services
- Business Strategy
- Financial Overview
- PayPal Holdings Inc
- Capital One Financial Corporation
- Visa Inc
- Mastercard Incorporated
Other Major and Innovative Companies
- Citigroup Inc
- Bank of America Corporation
- Wells Fargo & Company
- U.S. BanCorp
- Barclays Plc
- JPMorgan Chase & Co
- HSBC Holdings Plc
- Agricultural Bank of China
- Synchrony Financial
- USAA
- The PNC Financial Services Group Inc
- Klarna Inc
- Goldman Sachs Group Inc
- Discover Financial Services
- Worldline S.a.
For more information about this report visit https://www.researchandmarkets.com/r/5r4u1
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