DUBLIN, June 1, 2021 /PRNewswire/ — The «Cards Global Market Report 2021: COVID-19 Impact and Recovery to 2030» report has been added to ResearchAndMarkets.com’s offering.
Major players in the 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 $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 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.
The cards market covered in this report is segmented by type into general purpose; private label, by usage into general-purpose re-loadable card; government benefit/disbursement card; payroll card; others, by end user into retail establishments; corporate institutions; government; financial institutions; others.
In March 2019, Prepaid Financial Services Limited, a London-based financial services company acquired 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 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 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, global fraud losses totaled $27.85 billion in 2018 and are expected to grow to $35.67 billion in five years and $40.63 billion in the next 10 years. Therefore, the increasing incidences of fraudulent restraints the growth of the cards market.
Key Topics Covered:
1. Executive Summary
2. Cards Market Characteristics
3. Cards Market Trends and Strategies
4. Impact of COVID-19 on Cards
5. Cards Market Size and Growth
5.1. Global Cards Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Cards Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Cards Market Segmentation
6.1. Global Cards Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- General Purpose
- Private Label
6.2. Global Cards Market, Segmentation by Usage, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- General-purpose Re-loadable Card
- Government Benefit/Disbursement Card
- Payroll Card
6.3. Global Cards Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Retail Establishments
- Corporate Institutions
- Financial Institutions
7. Cards Market Regional and Country Analysis
7.1. Global Cards Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Cards Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Mastercard Incorporated
- The American Express Company
- Visa Inc.
- JPMorgan Chase & Co
- Kaiku Finance LLC
- Mango Financial Inc
- Green Dot Corporation
- NetSpend Holdings
- PayPal Holdings
- BBVA Compass Bancshares
- HDFC Bank Ltd.
- SBI Cards and Payment Services Limited
- ICICI Bank Limited
- Axis Bank Limited
- Bank of Baroda
- Capital One Financial Corporation
- The Bank of America Corporation
- Wells Fargo
- Discover Bank
- Total System Services Inc
- The PNC Financial Services Group Inc.
- The Western Union Company
For more information about this report visit https://www.researchandmarkets.com/r/j41rfy
Research and Markets
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SOURCE Research and Markets