Cards & Payments Market: Major Trends Reshaping the Future of the Industry

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What Will the Cards & Payments Industry Market Size Be by 2025?
In the past few years, there has been a notable surge in the scale of the cards & payments market. This market is projected to expand from $1053.21 billion in 2024 to $1140.12 billion in 2025, representing an 8.3% compound annual growth rate (CAGR). The growth observed in the historic period is linked to the rise in electronic payment systems, the initiation of credit and debit cards, globalization and international transactions, the consumer shift towards e-commerce and improved security protocols.

What's the Long-Term Growth Forecast for the Cards & Payments Market Size Through 2029?
In the forthcoming years, a robust growth is anticipated in the cards & payments market, with predictions to reach $1604.85 billion in 2029, thanks to a compound annual growth rate (CAGR) of 8.9%. This growth trend in the upcoming years can be traced back to the rise of mobile payments, the expansion of open banking campaigns, sustained e-commerce growth, advancements in regulations, and sustainability in payment methods. The major trend movements for the forecast period are expected to revolve around the surge of contactless payments, the acceptance of digital wallets, the integration of cryptocurrency, the advent of biometric verification, and the emergence of subscription and recurring payments.

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What Are the Key Growth Drivers Fueling the Cards & Payments Market Expansion?
The expansion of the e-commerce sector is anticipated to drive growth in the cards and payments market. Essentially, e-commerce is the online purchase and sale of products and services, with cards and payments forming the crucial framework that enables online business transactions. For example, in August 2023, as per data from the United States Census Bureau, a governmental department in the US, the projected increase for e-commerce in the second quarter of 2023 was 7.5% (or 1.4%) as opposed to the second quarter of 2022, while general retail sales escalated by 0.6% (or 0.4%). Online sales accounted for 15.4% of total sales in the second quarter of 2023. Hence, the growth of the e-commerce sector is functioned as the catalyst for the cards and payments market.

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Which Emerging Trends Are Transforming the Cards & Payments Market in 2025?
Leading corporations in the cards and payments sector are leveraging innovative offerings like digital checking accounts and debit cards to enhance their market standing. These new products distinctively offer online accessibility, superior security features, compatibility with digital tools, and increased user personalization. For example, Experian PLC, a data analytics and consumer credit reporting enterprise based in Ireland, unrolled a new smart money digital checking account and debit card in October 2023. The account bears the Experian Boost feature, a FICO score-increasing mechanism that tracks Experian Boost-eligible payments and appends them to the consumer's credit file. The Experian Smart Money Digital Checking Account is crafted for clients seeking a streamlined financial platform to boost their credit status and general financial well-being with added specialized benefits.

How Is the Cards & Payments Market Segmented?
The cards & paymentsmarket 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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Which Companies Are Leading the Charge in Cards & Payments Market Innovation?
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

Which Regions Are Leading the Global Cards & Payments Market in Revenue?
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.

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