Dublin, Sept. 16, 2024 (GLOBE NEWSWIRE) -- The "US Cards and Payments: Opportunities and Risks to 2028" report has been added to ResearchAndMarkets.com's offering.
This report delivers a comprehensive analysis of the US cards and payments industry, offering actionable insights for banks, card issuers, and businesses looking to capitalize on emerging trends and opportunities. Key highlights include:
Surging Ecommerce and Payment Innovations
The US ecommerce market is booming, with online shopping events like Black Friday, Amazon Prime Day, and Cyber Monday significantly boosting sales. In 2023, Cyber Monday sales reached $12.4 billion, marking a 9.6% annual growth, while Buy Now, Pay Later (BNPL) services saw a 42.5% increase, totaling $940 million in online spending. These trends emphasize the growing importance of digital payments and alternative financing solutions in driving consumer behavior.
Visa and Mastercard's Interchange Rate Cut
Merchants are set to benefit from an interchange rate reduction by Visa and Mastercard, scheduled to take effect in late 2024 or early 2025. This five-year agreement, part of a legal settlement, will bring clarity and cost savings to retailers, enhancing their competitiveness in the market.
Contactless Payments on the Rise
Contactless payments are gaining traction in public transportation. New York’s Metropolitan Transportation Authority (MTA) recorded 1 billion contactless transactions since launching its OMNY fare payment system in 2019. The MTA plans to expand OMNY's reach to all customer groups by the end of 2024, further boosting the adoption of contactless payments across various transport modes.
Market Overview
- Current and Forecast Market Values: The report provides detailed insights into the US cards and payments industry, covering debit, credit, and charge cards. It includes current and forecast values for these markets, along with comprehensive data on transaction volumes and values from 2020 to 2028.
- Payment Instruments: Gain a detailed understanding of various payment instruments in the US, including cards, cash, direct debits, credit transfers, and cheques. The report also covers key alternative payment methods shaping the market.
- Competitive Landscape: Analyze strategies employed by banks and financial institutions to market debit, credit, and charge cards, alongside a thorough competitive analysis of leading issuers and schemes operating in the US.
Key Market Drivers
- Regulatory Shifts: The report delves into the regulatory environment shaping the US cards and payments industry, including significant policy changes expected to take effect from 2024. This provides critical insights for businesses navigating regulatory compliance and risk management.
- Consumer Preferences: Detailed consumer behavior analysis helps stakeholders understand buying preferences and attitudes towards different card types, enabling targeted marketing and product development strategies.
Reasons to Buy
- Strategic Business Decisions: Use historical and forecast market data to make informed decisions about investments, product launches, and market entry strategies.
- Competitive Dynamics: Stay ahead of the competition by understanding the evolving competitive landscape, including market shares of key players and insights into consumer demand.
- Regulatory Insights: Gain valuable knowledge of the regulatory framework governing the US cards and payments industry, helping you stay compliant and seize growth opportunities.
List of Chapters
1. Executive Summary
2. Market Overview
3. Payment Instruments
4. Card-based Payments
5. Merchant acquiring
6. e-Commerce Payments
7. In-store Payments
8. Buy Now Pay Later
9. Mobile Payments
10. P2P Payments
11. Bill Payments
12. Alternative Payments
13. Payment Innovation
14. Job Analysis
15. Payment Infrastructure and Regulation
16. Appendix
A selection of companies mentioned in this report includes, but is not limited to:
- Bank of America
- Santander Bank
- BB&T
- Citizens Bank
- Navy Federal
- PNC Bank
- TD Bank
- US Bank
- Wells Fargo
- Visa
- Mastercard
- NCR Corporation
- Chase Bank
- Truist
- Afterpay
- Klarna
- TB Bank
- American Express
- Skrill
- JPMorgan Chase
- Capital One
- Worldpay
- Elavon
- PayPal
- Affirm
- Venmo
- Meta
- Amazon
- Tesla
- Apple
For more information about this report visit https://www.researchandmarkets.com/r/wrxc8k
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