Debit Card Global Market Consumer Credit Global Market is Likely to Upsurge $101.15 Billion at a CAGR of 1.4% Globally By 2028, Size, Share, Trends, Demand, Growth Forecast and Opportunity outlook

The debit card market size has grown marginally in recent years. It will grow from $94.64 billion in 2023 to $95.78 billion in 2024 at a compound annual growth rate (CAGR) of 1.2%. The growth in the historic period can be attributed to rising convenience and accessibility, reduced reliance on cash, bank account penetration, security features and fraud protection, integration with digital banking.

The debit card market size is expected to see marginal growth in the next few years. It will grow to $101.15 billion in 2028 at a compound annual growth rate (CAGR) of 1.4%. The growth in the forecast period can be attributed to rising contactless payment adoption, financial inclusion initiatives, rising government cashless initiatives, personal finance management features, e-commerce and online spending. Major trends in the forecast period include incorporation of digital currencies, personalized budgeting tools, sustainable card materials, enhanced fraud prevention measures, open banking integration, partnerships with fintech.

Market Overview -
Debit cards are payment cards that are linked directly to a customer's bank account and can be used to make purchases and withdraw cash.

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The Role Of Governments And Financial Institutions In Promoting Cashless Transactions And Debit Card Usage
Reduction in the use of cash following various factors contributed to the growth of the debit card market. Various institutional bodies and governments are trying to minimize the use of cash as cashless transactions reduce the risk of crime and money laundering, lessen tax evasion, and reduce transaction costs for businesses. For instance, In June 2021, according to Financial Times, there is a 35% reduction in cash payments. Thus, reduced use of cash and the ongoing trend of digital payments is expected to drive the debit card market.

Competitive Landscape -
Major companies operating in the debit card market report are JPMorgan Chase & Co., Bank of America Corporation, Banco Santander S.A., PayU Global BV, Citigroup Inc., Wells Fargo & Company, American Express Company, Toronto-Dominion Bank, Capital One Financial Corp., State Bank of India, Visa Inc., PayPal Holdings Inc., U.S. Bank Corp., PNC Financial Services Group Inc., Mastercard Inc., HDFC Bank Ltd., Charles Schwab Investment Management Inc., Discover Financial Services, Ally Financial Inc., Fifth Third Bancorp., KeyBank National Association of Cleveland Ohio, Huntington Bancshares Incorporated, Regions Financial Corporation, Navy Federal Credit Union, Manufacturers and Traders Trust Company, Union Bank of India, Hongkong and Shanghai Banking Corporation Limited, Pentagon Federal Credit Union, BBVA Compass Bancshares Inc., SunTrust Banks Inc., First Commonwealth Financial Corporation, First Citizens Bancshares Inc.

The Impact Of Cryptocurrency On The Debit Card Market
Cryptocurrency debit card is a new trend in the cards industry. Crypto debit cards act as an efficient bridge between the existing financial systems and the crypto world. They offer instant purchasing power from bitcoin or other cryptocurrencies. According to a cards and payments industry report published by Infosys, the cryptocurrency market is expected to reach $1.4 billion by 2024, growing at 6.2% annually. Crypto-backed debit cards allow cardholders to make payments and withdrawal of fiat currency from ATMs, similar to debit cards linked to bank accounts. Major card networks such as MasterCard, Amex, and Visa are focusing on corporate payments with the use of blockchain. Revolut, a UK-based start-up offers the metal card with the MasterCard logo and access to 5 cryptocurrencies and 150 fiat currencies. For instance, in May 2023, Coinbase, a US-based public company unveiled its First Crypto Derivatives Product for use in retail traders. The product is aimed at attracting more retail traders and providing hedging options for traders. Increasing acceptance of crypto cards, no foreign exchange fees, access to fiat and crypto assets with a single card, and cashback rewards are some factors that will support crypto debit card market growth.

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Key Segments -
The debit card market covered in this report is segmented -
1) By Card Type: Classic, Signature, Platinum, Gold
2) By Service Provider: Visa, Matercard, Rupay, Other Service Providers
3) By Application: Commercial, Bank, Shopping, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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