Overview and Scope
Cards are provided by a bank or other financial organization, which enables users to withdraw money or make purchases using a line of credit. Payment instruments are systems that enable funds held in accounts at credit, payment or similar institutions to be transferred to a payee on receipt of a payment order.
Sizing and Forecast
The cards & payments market size has grown strongly in recent years. It will grow from $989.8 billion in 2023 to $1085.55 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to emergence of electronic payment systems, introduction of credit and debit cards, globalization and cross-border transactions, consumer shift towards online shopping, enhanced security measures.
The cards & payments market size is expected to see strong growth in the next few years. It will grow to $1544.86 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to rise of mobile payments, expansion of open banking initiatives, continued growth of e-commerce, regulatory developments, sustainability in payments. Major trends in the forecast period include contactless payments surge, digital wallet adoption, cryptocurrency integration, biometric authentication, subscription and recurring payments.
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Segmentation & Regional Insights
The cards & payments market covered in this report is segmented –
1) By Type: Cards, Payments
2) By Institution Type: Banking Institutions, Non-Banking Institutions
3) By Application: Food And Groceries, Health And Pharmacy, Restaurants And Bars, Consumer Electronics, Media And Entertainment, Travel And Tourism, Other Applications
Top 5 Major Players:
- Apple Inc., China Construction Bank Corporation (CCB),
- Industrial and Commercial Bank of China Limited (ICBC),
- Nippon Telegraph and Telephone Corporation,
- Banco Santander S.A
- American Express Company,
Subsegments Covered: Credit Card, Debit Card, Charge Card, Prepaid Card
Asia-Pacific was the largest region in the cards and payments market in 2023. Western Europe was the second largest region in the card and payments market. The regions covered in the cards & payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in the e-commerce industry is expected to propel the cards and payments market going forward. E-commerce refers to the buying and selling of goods and services over the Internet. Cards and payments are the backbone of e-commerce, providing the necessary infrastructure for businesses to conduct transactions online. For instance, in August 2023, according to the United States Census Bureau, a US-based government agency, compared to the second quarter of 2022, the estimate for e-commerce in the second quarter of 2023 climbed by 7.5% (or 1.4%), while overall retail sales rose by 0.6% (or 0.4%). 15.4% of all sales in the second quarter of 2023 were made through online stores. Therefore, the rise in the e-commerce industry is driving the cards and payments market.
Key Industry Players
Major companies operating in the cards & payments market report are Apple Inc., China Construction Bank Corporation (CCB), Industrial and Commercial Bank of China Limited (ICBC), Nippon Telegraph and Telephone Corporation, Banco Santander S.A., American Express Company, Honeywell International Inc., Visa Inc., PayPal Holdings Inc., Johnson Controls International plc, Mastercard Incorporated, Intesa Sanpaolo S.p.A., Fiserv Inc, Franchise Payments Network Inc., Global Payments Inc, Gentex Corporation, Concardis AG, Fike Corporation, Total Pay Solutions Inc., AffiniPay Corp., BlueSnap Inc, BillGO Inc., Hochiki America Corporation, nCourt Inc., Versapay Corp., PayProTec Inc., Spreedly Inc., New West Technologies Inc., International Payout Systems Inc, Pivot Payables Corporation
The cards & payments market report table of contents includes:
1. Executive Summary
2. Cards & Payments Market Characteristics
3. Cards & Payments Product/Service Analysis -Product/Service Examples
4. Cards & Payments Market Trends And Strategies
5. Cards & Payments Market – Macro Economic Scenario
….
68. Global Cards & Payments Market Competitive Benchmarking
69. Global Cards & Payments Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Cards & Payments Market
71. Cards & Payments Market Future Outlook and Potential Analysis
72. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Cards & Payments Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Cards & Payments Market, Segmentation By Institution Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Cards & Payments Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 144: Apple Inc. Financial Performance
Table 145: China Construction Bank Corporation (CCB) Financial Performance
Table 146: Industrial and Commercial Bank of China Limited (ICBC) Financial Performance
Table 147: Nippon Telegraph and Telephone Corporation Financial Performance
Table 148: Banco Santander S.A. Financial Performance
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