Payment Card Technologies Industry

The global market size for advanced payment cards was estimated at USD 20.50 billion in 2022

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Advanced Payment Cards Industry Data Book | Forecast 2030

The global market size for advanced payment cards was estimated at USD 20.50 billion in 2022 and is anticipated to increase at a CAGR of 20.4% from 2023 to 2030. The market continues to evolve as technological advancements, changing market dynamics, and the need for contactless payment shape its landscape. The advanced payment card industry is segmented into various types and end-uses. The type of segment includes card type and product type, further card type is divided into debit card, credit card, plastic, and metal. The end-use segment includes retail, transportation, healthcare, government, hospitality, consumer use, business use, and others.

 

Access the Global Advanced Payment Cards Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

 

The key elements driving the growth of the advanced payment cards industry is the increasing need for better transparency and high security in digital payment systems. Furthermore, a set of controls to enhance security while processing payments through advanced payment cards are also expected to drive the growth of the market. Additionally, the growing adoption of digital payment methods by several businesses and individuals worldwide bodes well for market growth. Moreover, the technological advancements in the areas including Artificial Intelligence (AI) & Machine Learning (ML), and the growing internet penetration are anticipated to propel the growth of the advanced cards market over the forecast period. Thales Group, Visa Inc, Mastercard, and IDEMIA are some of the key players spearheading the growth of these applications.

 

Virtual Cards Market Report Highlights

  • The credit card segment is expected to witness the fastest growth during the forecast period. The growing e-commerce businesses worldwide is expected to drive the demand for virtual credit card among consumers, thereby contributing to the segment’s growth.

 

  • The B2C remote payment virtual cards segment is expected to witness significant growth during the projected period. The growth of the segment can be attributed to the increasing real-time digital disbursements in mobile platforms worldwide.

 

  • The business use segment is anticipated to dominate the market during the forecast period. Businesses across the globe are adopting virtual card payments to streamline their payment processes and meet their evolving customer needs, which is one of the vital factors that propelled the segmental growth in 2022.

 

  • The Asia Pacific regional market is expected to witness the fastest growth during the projected period. The increasing internet penetration across the region is expected to play a decisive role in driving regional market growth.

 

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Dual Interface Payment Card Market Report Highlights

  • The metal segment is expected to witness the fastest growth during the forecast period. The innovative technological advancements such as fingerprint sensor embedded into cards for biometric payment processing is expected to drive the growth

 

  • The retail segment dominated the market in 2021 owing to the increasing usage of credit cards for online payments. For instance, according to the data released by RBI in march 2022, credit card payments made for e-commerce purchases were 76% more compared to in-store swipes

 

  • The Asia Pacific regional market is expected to witness the fastest growth during the forecast period. The growing awareness of contactless payments across the region is expected to play a decisive role in driving the regional growth

 

 

Biometric Payment Cards Market Report Highlights

  • The credit cards segment is the emerging segment and is expected to witness significant growth during the forecast period. Credit cards are widely used by individuals across the globe for making payments and availing easy EMIs

 

  • The retail segment is expected to witness the highest growth during the forecast period. The adoption of contactless payments as well as the credit and debit card acceptance by the retailers is propelling the growth of the segment

 

  • The Europe segment is expected to witness significant growth during the forecast period. Europe is home to key market players that are increasingly entering into partnerships to offer biometric payment cards

Advanced Payment Cards Industry Segmentation

Advanced Payment Cards Industry, By Type

  • Virtual Cards Market
    • Card Type
      • Debit Cards
      • Credit Cards
    • Product Type
      • B2B Virtual Cards
      • B2C Remote Payment Virtual Cards
      • C2B POS Virtual Cards
    • Dual Interface Payment Card Market
      • Card Type
        • Plastic
        • Metal
      • Biometric Payment Cards Market
        • Card Type
          • Debit Cards
          • Credit Cards

 

Advanced Payment Cards Industry, By End-use

  • Virtual Cards Market
    • Application
      • Consumer Use
      • Business Use
    • Dual Interface Payment Card Market
      • End-use
        • Retail
        • Transportation
        • Healthcare
        • Hospitality
        • Others
      • Biometric Payment Cards Market
        • End-use
          • Retail
          • Transportation
          • Healthcare
          • Hospitality
          • Government
          • Others
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