Cards & Payments Market Report Size, Growth And Forecast Report 2024 To 2033

"The Business Research Company recently released a comprehensive report on the Global Cards & Payments Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

Cards and payment companies are investing in technologies and formulating guidelines to prevent card and payment fraud. In this regard, payment service providers and merchants have implemented various solutions, including the Payment Card Industry Data Security Standard (PCI DSS) compliance, EMV technology, 3-D Secure services, tokenization, biometrics, and end-to-end encryption. To combat the constantly evolving card fraud methods, the National Retail Federation (NRF) also updates its security guidelines continuously.

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Major Key Players of the Market:

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

Cards & Payments Market 2024 Key Insights:

• 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%.
• E-Commerce Boom Fuels Accelerated Growth In The Cards And Payments Market
• Advancements In Card And Payment Security Strategies Employed By Industry Players
• Asia-Pacific was the largest region in the cards and payments market in 2023

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