Cards Global Market Report, Growth Analysis 2032

The Cards Global Market Report 2023 by The Business Research Company, provides cards market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Cards Global Market Report 2023, the global cards market size 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size global cards is expected to grow to $390.54 billion in 2027 at a CAGR of 7.6%.

The increasing incidences of fraud are expected to hamper the growth of the cards market in the forecast period. 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.

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The cards market is segmented:

1) By Type: General Purpose, Private Label

2) By Usage: General-purpose Re-loadable Card, Government Benefit/Disbursement Card, Payroll Card, Other Usage

3) By End User: Retail Establishments, Corporate Institutions, Government, Financial Institutions, Other End-Users

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.

The cards market report table of contents includes: