Press release
Debit Card Market to Reach $151.1 Billion, Globally, by 2032 at 5.5% CAGR
Debit Card Market
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Prime determinants of growth
The global debit card market is experiencing growth due to several factors such as the rise of contactless payments is a notable trend shaping the global debit card market. With technological advancements, contactless debit cards have gained popularity, allowing users to make swift and secure transactions by simply tapping their cards on payment terminals. This trend aligns with the changing consumer preferences for quick and hassle-free payment methods, driving the adoption of contactless technology in debit card solutions. However, security concerns and concerns and competition from alternative payment methods hinder the market growth. Moreover, increase in digitalization and IoT integration in the banking industry offer remunerative opportunities for the expansion of the debit card market.
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The plastic segment is expected to garner the highest revenue during the forecast period.
Based on type, the metal segment held the highest market share in 2023, accounting for more than half of the global debit card market revenue and is likely to retain its dominance during the forecast period. With rise of e-commerce and online transactions, consumers are increasingly favoring electronic payment methods over cash. However, the plastic segment is projected to attain the highest CAGR from 2024 to 2032, owing to increasing adoption of digital payments.
The transportation segment is expected to garner the highest revenue during the forecast period.
Based on the industry vertical, the retail segment held the highest market share in 2023, accounting for nearly one-third of the global debit card market revenue and is likely to retain its dominance during the forecast period. The retail sector's stronghold in the market is driven by the increasing consumer preference for cashless transactions, the widespread adoption of point-of-sale (POS) systems, and the growth of e-commerce platforms. These factors collectively boost the use of debit cards in retail, solidifying the segment's leading position.
However, the transportation segment is projected to attain the highest CAGR from 2024 to 2032. This can be attributed to the increasing urbanization and infrastructure development.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global debit card market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The rapid adoption of digital payment methods in the Asia-Pacific region, driven by government initiatives, technological advancements, and the proliferation of smartphones. Debit cards are a crucial component of this digital payment ecosystem.
Players: -
Thales Group
IDEMIA
Valid S.A
Giesecke+Devrient GmbH
Eastcompeace Technology Co., Ltd.
DATANG
Paragon Group Limited
CPI Card Group Inc.
Watchdata Co., Ltd.
Wuhan Tianyu
The report provides a detailed analysis of these key players in the global debit card market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Industry Dev/Industry buzz/News
In September 2022, India released its draft National Electricity Plan, setting out ambitious targets for the development of battery energy storage, with an estimated capacity of between 51 to 84 GW installed by 2031-32.
The Federal Reserve has proposed significant decreases in the caps on debit card interchange fees. This regulatory action aims to reduce the costs for merchants but could impact the revenue models of card issuers.
In February 2020, IDEX Biometrics ASA, a smart card manufacturing company, introduced TrustedBio, a solution built for reducing biometric smartcard costs. This cost reduction is aimed at accelerating the adoption of smart dual interface cards.
In December 2020, PayTM and SBI Card selected dzcard, a south Asian smart card manufacturer to deliver the dual interface credit card. These cards will allow customers to process contactless payments and gain cashbacks through the Paytm application.
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Key Benefits for Stakeholders
This report provides a quantitative analysis of the debit card market outlook, debit card market segments, current trends, estimations, and dynamics of the debit card market analysis from 2022 to 2032 to identify the prevailing debit card market opportunities.
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the debit card market segmentation assists to determine the prevailing debit card market size, debit card market share, debit card market growth, and debit card market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global debit card market Statistics and debit card market forecast.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global debit card market trends, key players, market segments, application areas, and market growth strategies.
Debit Card Market Report Highlights
By Type
Plastic
Metal
By Industry Vertical
Retail
Hospitality
Transportation
Healthcare
Others
By Region
North America (U.S., Canada)
Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
Purchase This Comprehensive 230-Page Report (PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3T4ln4E
Key Market Players
Cangzhou Datang Steel Pipe Co., Ltd., VALID, wuhan tianyu information co. ltd, Eastcompeace Technology Co., Ltd., CPI Card Group Inc., Paragon Group Limited, Giesecke+Devrient GmbH, Thales Group, Watchdata Co., Ltd., IDEMIA
โ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ญ ๐๐ข๐ฌ๐๐จ๐ฎ๐ง๐ญ๐๐ ๐๐ซ๐ข๐๐:
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