Cards & Payments Market Set to Reach $1583.7 Billion by 2029 with 8.8% Yearly Growth

"How Are the key drivers contributing to the expansion of the cards & payments market?
The surge in the e-commerce sector is predicted to fuel the cards and payments market's progress. E-commerce is the online procurement and vending of products and services. Cards and payments constitute the essential framework for e-commerce, enabling businesses to execute online transactions. As an illustration, the United States Census Bureau, a US government agency, revealed in August 2023 that compared to the second quarter of 2022, e-commerce estimates for the second quarter of 2023 surged by 7.5% (or 1.4%), and the total retail sales grew by 0.6% (or 0.4%). Online stores accounted for 15.4% of all sales in the second quarter of 2023. Hence, the escalation in the e-commerce sector is propelling the cards and payments market.

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What growth opportunities are expected to drive the cards & payments market's CAGR through 2034?
The industry size of cards & payments has witnessed significant growth over the past years. Its expansion is anticipated to go from $1040.5 billion in 2024 to $1131.61 billion in 2025, analyzing a compound annual growth rate (CAGR) of 8.8%. The initial growth was a result of the rise in electronic payment systems, the advent of credit and debit cards, the effect of globalization and overseas transactions, the tendency of consumers towards online shopping, and improved security precautions.

The market size of cards & payments is anticipated to exhibit solid growth in the upcoming years, expanding to $1583.7 billion by 2029 at a compound annual growth rate (CAGR) of 8.8%. The growth during the prediction period can be ascribed to the surge in mobile payments, increase in open banking initiatives, persistent expansion of e-commerce, regulatory advancements, and sustainability in payments. Key trends projected for the forecast period constitute a rise in contactless payments, increasing adoption of digital wallets, integration of cryptocurrencies, biometric authentication, along with subscription and recurring payments.

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What are the emerging trends shaping the future of the cards & payments market?
Leading firms in the cards and payments industry are enhancing their market standing through the introduction of innovative offerings such as new digital checking accounts and debit cards. These novel digital checking accounts and debit cards are notable for their superb security features, easy online accessibility, compatibility with digital tools, and advanced user personalization. A case in point, in October 2023, Experian PLC, a company based in Ireland that specializes in consumer credit data analytics and reporting, unveiled its smart money digital checking account and debit card. This account comes with an Experian Boost feature, which is a FICO score enhancing tool that logs Experian Boost-eligible payments and appends them to the user's credit profile. The aim of Experian's Smart Money Digital Checking Account is to provide customers a conducive financial space where they can better their credit rating and holistic financial wellbeing with more personalized benefits.

Which growth-oriented segments of the cards & payments market are leading the industry's development?
The cards & payments market covered in this report is segmented -

1) By Type: Cards, Payments
2) By Institution Type: Banking Institutions, Non-Banking Institutions
3) By Application: Food And Groceries, Health And Pharmacy, Restaurants And Bars, Consumer Electronics, Media And Entertainment, Travel And Tourism, Other Applications

Subsegments:
1) By Cards: Credit Cards, Debit Cards, Prepaid Cards, Charge Cards, Virtual Cards
2) By Payments: Digital Payments, Mobile Payments, Contactless Payments, E-commerce Payments, Cross-Border Payments

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What regions are leading the charge in the cards & payments market?
Asia-Pacific was the largest region in the cards and payments market in 2024. Western Europe was the second largest region in the card and payments market. The regions covered in the cards & payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What companies are at the forefront of innovation in the cards & payments market?
Major companies operating in the cards & payments market include Apple Inc., China Construction Bank Corporation (CCB), Industrial and Commercial Bank of China Limited (ICBC), Banco Santander S.A., American Express Company, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Intesa Sanpaolo S.p.A., Fiserv Inc, Franchise Payments Network Inc., Global Payments Inc, Concardis AG, Total Pay Solutions Inc., AffiniPay Corp., BlueSnap Inc, BillGO Inc., nCourt Inc., Versapay Corp., PayProTec Inc., Spreedly Inc., New West Technologies Inc., International Payout Systems Inc, Pivot Payables Corporation

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What Is Covered In The Cards & Payments Global Market Report?

• Market Size Forecast: Examine the cards & payments market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cards & payments market for a structured understanding.
• Key Players Overview: Analyze major players in the cards & payments market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cards & payments market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cards & payments market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cards & payments market.
• Industry Challenges: Identify potential risks and obstacles affecting the cards & payments market.
• Competitive Landscape: Review strategic developments in the cards & payments market, including expansions, agreements, and new product launches.

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