The US Payment Card Transactions to Grow at a CAGR of 4% During the Period 2015-2020

The research report provides in depth analysis and insights into the U.S. Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 3 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.

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In terms of number of cards in circulation, the U.S. payment cards market grew at a CAGR of 4.5% during the period 2012-2014 and it is expected to further grow at a CAGR of 1.3% over the period 2015-2020. The growth of the card market in the country was supported by the increase in GDP per capita of U.S., which increased from USD 51,384 in 2012 to USD 54,369.8 in 2014. The GDP per capita is further expected to reach USD 67,064.3 by 2020. This increase is expected to result in increased cards usage over the forecast period. The U.S. population grew from 314.4 million in 2012 to 319 million in 2014, and is expected to reach 332.4 million by 2020. The increase in population is expected to encourage the growth of cards in circulation and card spending over the forecast period.

The sustained increase in POS terminals in the U.S. reflects growth in the POS acceptance network. The number of POS terminals recorded a CAGR of 3.1% over 2012–14. The POS penetration rate in 2014 was 34.3 people per POS terminal.

In U.S., the debit card segment dominates the payment cards market in terms of number of cards in circulation. Debit cards accounted for 53.2% of the total number of payment cards in circulation in 2014. In debit card segment, Bank of America was the leading card issuer in terms of the number of cards in circulation, in 2014. The transaction value of debit card at POS terminals accounted for 77.7% of the aggregate debit card transaction value in 2014. Some of the key players in the debit cards market include Bank of America, Wells Fargo and JP Morgan Chase.

The credit card market is expected to grow over the forecast period at a CAGR of 0.8%, to reach 610.6 million cards in circulation by 2020. Visa was the leading scheme in the credit card market in 2014. The frequency of credit card use witnessed a CAGR of 4% during 2012-2014. The average credit card transaction value in the U.S. grew from USD 95.3 in 2012 to USD 97.1 in 2014, at a CAGR of 0.9%. The average transaction value is anticipated to increase during the forecast period of 2015-2020 at a CAGR of 1.0%. The key players in the US credit cards market include American Express, JPMorgan Chase, Citibank, Capital one and Bank of America.

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Over the period 2012–2014 charge cards recorded a CAGR of 4.1%. However, it is expected that the charge cards market will experience a CAGR of 1.8% over 2015–2020. The average charge card transaction value decreased from USD 108.7 in 2012 to USD 106.0 in 2014, at a CAGR of -1.2%. The average transaction value is anticipated to grow at a CAGR of 0.4% during the period 2015-2020.

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