Cards & Payments Market Growth, Development Share, Comprehensive Analysis

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2199

The Business Research Company presents an extensive market research report on the Cards & Payments Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

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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Key Market 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

Market Drivers:

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.

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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

Subsegments Covered: Credit Card, Debit Card, Charge Card, Prepaid Card

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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