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Debit Card Global Market Report 2023


News provided by

Reportlinker

Feb 23, 2023, 11:30 ET

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NEW YORK, Feb. 23, 2023 /PRNewswire/ -- Major players in the debit card market are Capital One Financial Corp, American Express Company, Visa Inc, MasterCard, Citigroup Inc, PayPal Holdings Inc, Bank of America Corporation, JPMorgan Chase And Co, PayU, and State Bank of India.

Read the full report: https://www.reportlinker.com/p06280265/?utm_source=PRN

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Source: ReportLinker
Source: ReportLinker

The global debit card market is expected to grow from $90.49 billion in 2021 to $93.23 billion in 2022 at a compound annual growth rate (CAGR) of 3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The debit card market is expected to grow to $96.84 billion in 2026 at a CAGR of 1%.

The debit card market consists of revenues earned by entities that are engaged in storing, processing and transmitting debit card data.Debit cards usually have daily purchase and cash withdrawal limits and transactions made via these cards appear on the accountholder's bank statement each month.

This market excludes cash withdrawals through a cash dispenser.Revenue generated from the cards market include all processing and service fees levied by banks and financial institutions for processing card-based payments.

The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Debit cards are payment cards that are linked directly to a customer's bank account and can be used to make purchases and withdraw cash.

Asia Pacific was the largest region in the debit card market in 2022.Western Europe was the second largest region in the debit card market.

The regions covered in the debit card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main types of debit cards are classic, signature, platinum, and gold.The classic debit card refers to the card that allows making payments easier, faster than other cards and will have benefits based on the bank.

The various service providers are visa, Mastercard, Rupay, other service providers. The cards are used in commercial, bank, shopping, other applications.

Reduction in the use of cash following various factors contributed to the growth of the debit card market.Various institutional bodies and governments are trying to minimize the use of cash as cashless transactions reduce the risk of crime and money laundering, lessen tax evasion, and reduce transaction costs for businesses.

For instance.In 2020, a bulletin released by the Bank for International Settlements, advisor to central banks across the world, stated - the pandemic would help gain momentum for cash fewer payments around the world.

In June 2021, according to Financial Times, there is a 35% reduction in cash payments. Thus, reduced use of cash and the ongoing trend of digital payments is expected to drive the debit card market.

The universal presence of mobile has increased the use of mobile payments and wallets which are expected to restrain the debit card market growth.Mobile wallet refers to a payment service through which payments could be received or sent using mobile.

According to a Forbes article published in March 2020, mobile payments in the USA exceeded$130 billion in 2020.Most mobile wallets have built-in security such as fingerprint Touch ID, six-digit password, and other features that reduce the risk of fraud.

Mobile wallets like Apple Pay, Samsung Pay, and Google Wallet are coming with advanced features of store checkout, where the customer just needs to take his phone close to the merchant's NFC enabled point of sale. Ease of transaction and more safety features in the mobile wallet will increase its use, restricting the growth of other payment modes including debit cards thus restraining its market growth.

Cryptocurrency debit card is a new trend in the cards industry.Crypto debit cards act as an efficient bridge between the existing financial systems and the crypto world.

They offer instant purchasing power from bitcoin or other cryptocurrencies. According to a cards and payments industry report published by Infosys, the cryptocurrency market is expected to reach $1.4 billion by 2024, growing at 6.2% annually. Crypto-backed debit cards allow cardholders to make payments and withdrawal of fiat currency from ATMs, similar to debit cards linked to bank accounts. Major card networks such as MasterCard, Amex, and Visa are focusing on corporate payments with the use of blockchain. Revolut, a UK-based start-up offers the metal card with the MasterCard logo and access to 5 cryptocurrencies and 150 fiat currencies. Moreover, in October 2020, Coinbase launched its cryptocurrency Visa debit card in the USA, which allows customers to spend cryptocurrency anywhere Visa cards are accepted. Increasing acceptance of crypto cards, no foreign exchange fees, access to fiat and crypto assets with a single card, and cashback rewards are some factors that will support crypto debit card market growth.

In September 2022, JP Morgan, US-based multinational investment bank and financial services company, acquired Renovite Technologies for an undisclosed amount.The acquisition would help JP Morgan to achieve its goal of developing next-generation payments processing platform for its customers.

Renovite Technologies is a California-based payment solutions provider.

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

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The debit card research report is one of a series of new reports that provides debit card statistics, including debit card industry global market size, regional shares, competitors with debit card share, detailed debit card segments, market trends and opportunities, and any further data you may need to thrive in the debit card industry. This debit card research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Read the full report: https://www.reportlinker.com/p06280265/?utm_source=PRN

About Reportlinker

ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

Contact Clare: [email protected]

US: (339)-368-6001

Intl: +1 339-368-6001

SOURCE Reportlinker

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