The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Reduction in the use of cash following various factors are expected to drive innovation in debit card manufacturing, thus driving the market during the forecast period.

The global debit card market is expected to grow from $93.23 billion in 2022 to $94.64 billion in 2023 at a compound annual growth rate (CAGR) of 1.5%. The debit card market is expected to grow from $98.88 billion in 2027 at a CAGR of 1.1%.

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Global debit card Market Segments Include:

• By Card Type: Classic, Signature, Platinum, Gold
• By Service Provider: Visa, Mastercard, Rupay, Other Service Providers
• By Application: Commercial, Bank, Shopping, Other Applications
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global debit card market in 2021.

Major Market Players in the debit card market include Capital One Financial Corp., American Express Company, Visa Inc., MasterCard, Citigroup Inc., PayPal Holdings Inc., Bank of America Corporation.

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.

The Debit Card Global Market Report 2023  provides a debit card market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The debit card market forecast analyzes debit card market size, debit card market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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.

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