-The “Debit Card Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
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 debit card market is expected to grow to $96.84 billion in 2026 at a CAGR of 1%.
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.
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. 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 cryptodebit card market growth.
A selection of companies mentioned in this report includes
- Capital One Financial Corp
- American Express Company
- Visa Inc.
- Citigroup Inc.
- PayPal Holdings Inc.
- Bank of America Corporation
- JPMorgan Chase And Co.
- State Bank of India
- HDFC Bank Ltd.
- US Bank
- Wells Fargo
Key Topics Covered:
1. Executive Summary
2. Debit Card Market Characteristics
3. Debit Card Market Trends And Strategies
4. Debit Card Market – Macro Economic Scenario
4.1 COVID-19 Impact On Debit Card Market
4.2 Ukraine-Russia War Impact On Debit Card Market
4.3 Impact Of High Inflation On Debit Card Market
5. Debit Card Market Size And Growth
5.1. Global Debit Card Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Debit Card Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Debit Card Market Segmentation
6.1. Global Debit Card Market, Segmentation By Card Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Debit Card Market, Segmentation By Service Provider, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Other Service Providers
6.3. Global Debit Card Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Other Applications
7. Debit Card Market Regional And Country Analysis
7.1. Global Debit Card Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Debit Card Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/fskh2-card-global?w=5
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