Financial cards are strengthening their position globally as the most popular way for consumers to pay. Paper payments have been consistently declining, due to changing consumer preferences and government efforts to increase the security and transparency of payments. Fintech is adding value throughout the payment process and increasing access to financial products and services. Credit cards are forecast to outpace debit products on a global level in terms of growth rate.
Delivery
This report comes in PPT.
Card payment value is expected to see consistent growth over the forecast period, driven by increased access to financial products and services, and more consumers becoming fully banked rather than financially underserved. Total card payment value is projected to increase by USD11.1 trillion by 2029.
The outstanding balance of consumer credit grew by a CAGR of 4.3% between 2019 and 2024, reaching a new high of USD17.9 trillion globally. Financial card lending represented the largest single lending category, followed by auto lending and educational lending.
Declining overall payment value within China has resulted in the world’s largest card network operator, China UnionPay, losing share of the global total, while continued growth for Visa, Mastercard, Discover and American Express has seen their global shares increase.
Debit remains the leading card function by payment value, but credit cards are forecast to grow at a faster rate. This reflects growing consumer confidence in the economic future, but could also lead to growth in non-performing loans in the event of an economic downturn.
Commercial paper payments is the largest opportunity for payment players looking to convert to card or electronic alternatives. Card issuers are increasingly targeting SMBs with tailored rewards and loyalty programmes to accelerate the shift.
This is the aggregation of Financial Cards and Payments, Mobile Payments, Transactions, and Consumer Lending.
See all of our definitionsIf you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!