Debit Card Market SWOT Analysis, Industry Revenue, Growth Overview And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Debit Card Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $101.15 billion In 2028 At A CAGR Of 1.4% :

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.

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Debit Card Market Major 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 Driver - 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.

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Prominent Trend - 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.

Debit Card Market Players
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.

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the global debit card market in 2023. Western Europe was the second largest region in the debit card market report. The regions covered in the debit card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Debit Card Market Report Structure
3. Debit Card Market Trends And Strategies
4. Debit Card Market - Macro Economic Scenario
5. Debit Card Market Size And Growth
…..
27. Debit Card Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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