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How is the Growth Rate of the Cards & Payments Market Estimated for 2024-2033?

In recent times, the cards & payments market has experienced substantial growth. Its size is projected to rise from $989.8 billion in 2023 to $1085.55 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.7%. The historical growth of the market is associated with the advent of electronic payment systems, the introduction of credit and debit cards, increasing globalization and cross-border transactions, a consumer shift towards online shopping, and improved security measures.

Looking ahead, the cards & payments market is poised for substantial expansion in the near future, with a projected growth to $1544.86 billion by 2028, at a compound annual growth rate (CAGR) of 9.2%. The growth expected during this period can be linked to the prevalence of mobile payments, the spread of open banking initiatives, the consistent rise of e-commerce, improvements in regulations, and the drive toward sustainable payments. Notable market trends expected in this period include a rise in contactless payments, an increase in digital wallet usage, integration of cryptocurrencies, use of biometric authentication, and regular subscription and recurring payments.

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What Key Drivers Are Propelling the cards & payments Market’s Growth?

The escalating e-commerce field looks set to underpin the future progress of the cards and payments market. E-commerce involves goods and services trading via the internet, with cards and payments forming the essential infrastructure that empowers businesses to process online transactions. As an example, the United States Census Bureau, a government agency, noted in August 2023 that the second quarter e-commerce estimate for that year marked a 7.5% (or 1.4%) rise compared to the same quarter in 2022, while the growth in general retail sales came in at 0.6% (or 0.4%). Online sales made up 15.4% of all sales in Q2 2023. This illustrates how the growth in e-commerce is a major force propelling the cards and payments market.

What Are the Distinct Segments of the Cards & Payments Market?

1) By Type: Cards, Payments

2) By Institution Type: Banking Institutions, Non-Banking Institutions

3) By Application: Food And Groceries, Health And Pharmacy, Restaurants And Bars, Consumer Electronics, Media And Entertainment, Travel And Tourism, Other Applications

Subsegments Covered: Credit Card, Debit Card, Charge Card, Prepaid Card

Which New Trends Are Making Waves in the Cards & Payments Market?

Companies in the cards and payments sector are proactively channeling resources towards technological advancements and policy development aimed at curbing card and payment fraud. Various measures have been undertaken by payment service providers and merchants such as enforcing the Payment Card Industry Data Security Standard (PCI DSS) compliance, incorporation of EMV technology, 3-D Secure services, tokenization, biometrics, and comprehensive encryption. In an effort to keep up with the ever-changing landscape of card fraud tactics, the National Retail Federation (NRF) remains diligent in regularly revising its security protocols.

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Which Regions Are Significant to the Growth of the Cards & Payments Market?

Asia-Pacific was the largest region in the cards and payments market in 2023. Western Europe was the second largest region in the card and payments market. The regions covered in the cards & payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Cards & Payments Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the cards & payments market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Cards & Payments Market Include

1. Cards & Payments Market Executive Summary

2. Cards & Payments Market Segments

3. Cards & Payments Market Size And Template Market Growth Rate

4. Key Cards & Payments Market Trends

5. Major Cards & Payments Market Drivers

……

25. Key Mergers And Acquisitions In The Cards & Payments Market

26. Top Cards & Payments Companies

27. Cards & Payments Market Opportunities And Strategies

28. Cards & Payments Market, Conclusions And Recommendations

29. Appendix

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