Cards Global Market Report 2022

Major players in the cards market are Citibank, Mastercard Incorporated, The American Express Company, Visa Inc., JPMorgan Chase & Co, Kaiku Finance LLC, Mango Financial Inc, Green Dot Corporation, NetSpend Holdings, and PayPal Holdings.

The global cards market is expected to grow from $251.33 billion in 2021 to $275.5 billion in 2022 at a compound annual growth rate (CAGR) of 9.6%. The market is expected to grow to $399.15 billion in 2026 at a compound annual growth rate (CAGR) of 9.7%.

The cards market consists of sales of cards services by entities (organizations, sole traders, and partnerships) that are engaged in storing, processing, and transmitting payment card data.This market covers issuing and acquiring banks, card processing, issuing companies, and others.

Revenue generated from the cards market includes all processing and service fees levied by banks and financial institutions for processing card-based payments. It excludes interest charged by banks on payment cards.

The main types of cards are general-purpose and private labels.The general-purpose cards can be used as debit cards for retail purposes and are used for depositing online payments.

The cards are used for general-purpose reloadable cards, government benefit/disbursement cards, payroll cards, and other usages. The cards are used by retail establishments, corporate institutions, government, financial institutions, and other end-users.

Asia Pacific was the largest region in the cards market in 2021.Western Europe was the second largest region in the cards market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The rising demand for credit cards is expected to fuel the growth of the cards market in the forecast period.The rise in demand for consumer credit products tends to be very apparent in an economic crisis during COVID-19 outbreak where pay delays and job losses are feasible, and the outstanding credit card balance indicates that individuals are borrowing to cover their daily expenses.

According to TransUnion CIBIL Limited, an India-based credit information company, credit card debts, and the number of accounts increased by 40.7% and 29.8% respectively with 44.5 million cards in circulation in 2019. Therefore, the rising demand for credit cards drives the growth of the cards market.

The increasing incidences of fraudulent are expected to hamper the growth of the cards market in the coming years.Fraud losses are sustained on all credit, debit, prepaid general-purpose, and private label payment cards distributed around the world by payment card issuers, retailers, purchasers of card purchases at retailers, and acquirers of card transactions at ATMs.

For instance, according to the Aite Group, a company that provides insurance services in 2020, 47% of Americans experienced financial theft and found that losses from these identity theft cases cost $502.5 billion in 2019 and increased 42 percent for almost $712.4 billion in 2020 was $721.3 billion in 2021. Therefore, the increasing incidences of fraud restraint the growth of the cards market.

The growing technological innovations are gaining popularity in the cards market over recent years.Major corporations are concentrating on offering digital prepaid card services in emerging economies to attract a large consumer base for prepaid credit cards.

For example, in June 2020, in collaboration with the Mastercard alliance, Grab Holdings, Inc., a multinational ride-hailing company based in Singapore, launched a new card to facilitate cashless payments in the Philippines. With the card linked to Grab’s prepaid wallet, which includes 53 million global merchants that accept Mastercard, users can pay for anything online.

In March 2019, Prepaid Financial Services Limited, a London-based financial services company acquired the Physical Prepaid Card Portfolio of Barclaycard in the UK for an undisclosed amount.This acquisition will enable Prepaid Financial Services Limited to offer an enhanced service to existing and future Payroll and Corporate clients.

Barclaycard is a credit card brand for credit cards of Barclays PLC, a UK-based financial services company that helps consumers, retailers, and businesses to make and take payments flexibly, and to access short-term credit and point of sale finance.

The countries covered in the cards market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.