Cards Global Market To Reach Value Of About $226 Billion In 2025
16 Jul, 2021
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, and 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.
Global Cards Market Size And Drivers:
The global cards market is expected to grow from $205.45 billion in 2020 to $212.23 billion in 2021 at a compound annual growth rate (CAGR) of 3.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $225.95 billion in 2025 at a CAGR of 1.6%. The rising demand for credit cards is expected to fuel the growth of the cards market in the forecast period.
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Trends In The Global 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.
Global Cards Market Segments:
The global cards market is further segmented based on type, usage, end user and geography.
By Type: General Purpose, Private Label
By Usage: General-Purpose Re-loadable Card, Government Benefit/Disbursement Card, Payroll Card, Others
By End User: Retail Establishments, Corporate Institutions, Government, Financial Institutions, Others
By Geography: The global cards market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Cards Market At:https://www.thebusinessresearchcompany.com/report/cards-global-market-report
Cards Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides cards market overviews, analyzes and forecasts market size and growth for the global cards market, cards market share, cards market players, cards market segments and geographies, cards market’s leading competitors’ revenues, profiles and market shares. The cards market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.