The world market for consumer finance continues to see card and electronic payment value grow for consumers around the world as consumer confidence strengthens. Card payment value growth over the forecast period is expected to be driven by credit card functions while the Asia Pacific region generates the majority of card payment value. Investment in fintech is bringing a range of new players into payments.
This report comes in PPT.
An additional USD17.7 trillion is expected to be processed on financial cards by 2028 with credit accounting for 54% of additional value. Despite projected growth, debit continued to generate the most absolute payment value.
56% of all consumer card payments came from the Asia Pacific region in 2023. This is expected to accelerate to 61% over the next five years, increasing the region’s position as the hub for financial card development and innovation.
M-commerce continues to grow exponentially, benefiting from the continued migration of retail online and increased capabilities of mobile devices. The nearly universal adoption of smart devices enables consumers all over the world to make purchases from anywhere quickly, easily and securely.
With a greater portion of personal payments converted to financial cards or electronic channels, there has been a growing interest in converting B2B payments, of which only 2.7% took place on financial cards in 2023.
The total outstanding balance of consumer credit reached new highs in 2023 to reach USD17 trillion in outstanding balance. The single largest category in 2023 was financial card lending, accounting for 32%.
This is the aggregation of ATM, charge, credit, debit, e-purse and retail cards. Note that smart cards are not included in financial cards.
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