The Global Financial Cards Market is expected to grow at more than 6.2% CAGR to reach above 38 billion units by 2025 from a little above 23 billion units in 2017.
As more people are opting for cashless transactions, the number of establishments like stores and restaurants that allow card payment is also increasing. It’s no surprise considering how convenient it is both to the customer and the seller. Cashless payments are taking off in countries such as India, growing faster than in other countries around the world. The shift has attracted a host of tech companies, backed by deep-pocketed foreign investors, battling for market share.
Since the COVID-19 outbreak was first diagnosed, it has spread to over 200 countries. The pandemic is destructively affecting global economic growth beyond anything experienced in nearly a century. The COVID-19 pandemic has severely affected people’s lives, industrial production, and the global economy, which inevitably induced a major impact on the banking industry. While cash was losing its hold even before Covid 19, the pandemic has accelerated the global transition towards a cashless economy.
The key players in Global Finance Cards Market are Visa, Mastercard, American Express, JCB (Japan), China UnionPay, Diners Club International (DCI), RuPay, Interac, Joint Stock Company National System of Payment Cards (NSPK), Girocard, Elo, BC Card, Troy, Interswitch, PROSA, and many more.
Electronic payment has become the norm for everyday commerce and physical money may soon become a thing of the past.
A lot of cities in the world have been using cashless system of payment and the pandemic has given other transit agencies in different cities of the world an opportunity to switch to a no-cash system. Even Transport agencies worldwide are supporting cashless toll payment as it is safe, contactless, and also saves time. Covid 19 brought in lockdown and fuel consumption fell initially but as cities opened up, it picked up again. With the fear of contaminated paper money, the need for cashless payments at gas stations emerged.
Explore 98 market data Tables spread through nearly 140 Pages and in-depth analysis on “Global Financial Cards market by type (Debit, Credit, Charge, Prepaid, ATM), Customer Group (Retail Customers, Government Institutes, SMEs, Corporate and Others), Issuance (Central, Instant), Card Scheme (Visa, MasterCard, American Express, Union Pay, Others), Usage (Domestic, International) and by Region, Global Trends and Forecast from 2017 to 2025″ for Table of Content@
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COVID-19 has changed the payments landscape and paved the way for people shopping in the future too.
The Financial Card companies compete against all forms of payment. This includes paper-based payments, primarily cash and checks, and all forms of electronic payments. The global payments industry continues to undergo dynamic change. Existing and emerging competitors compete with each other’s network and payment solutions for consumers and for participation by financial institutions and merchants.
Technology and innovation are shifting consumer habits and driving growth opportunities in ecommerce, mobile payments, blockchain technology and digital currencies.
Various competitors are working to integrate more financial services into their product offerings and competitors are attempting to replicate closed-loop functionality of big companies, such as the merchant-processing platform Chase Net. New payments competitors continue to emerge in response to evolving technologies, consumer habits and merchant needs.
Key Market Segments: Financial Cards Market
Global Financial Cards Market By Type, 2017-2025, (UNITS IN BILLION)
Global Financial Cards Market By Customer Group, 2017-2025, (UNITS IN BILLION)
Global Financial Cards Market By Issuance, 2017-2025, (UNITS IN BILLION)
Global Financial Cards Market By Card Scheme, 2017-2025, (UNITS IN BILLION)
Global Financial Cards Market By Usage, 2017-2025, (UNITS IN BILLION)
Global Financial Cards Market By Region, 2017-2025, (UNITS IN BILLION)
Important countries in all regions are covered (Total country profiles 25)