Financial Cards and Payments

As the COVID-19 pandemic drives seismic shifts across consumer markets, the key question facing business strategists is which of these changes are more reactionary in nature versus signalling the start of a long-term behavioural shift. This briefing…

2023 is witnessing a substantial increase in both the volume and value of financial cards overall, primarily driven by government initiatives aimed at encouraging cashless payments. Debit cards, credit cards, and pre-paid cards are all seeing healthy…

A significant shift is underway in the realm of Dutch public transport, as the familiar OV chipkaart is being gradually phased out and replaced with a more versatile system known as OVpay. Since the start of 2023, travellers on public transport have…

The biggest news of 2023 has been administrative, with the Federal Reserve fighting inflation and the threat of recession. With inflation well above recent norms in 2022, the Fed spent roughly 18 months in a constant dance of deciding whether to…

In 2023, the UK’s economy has continued to be characterised by a high inflation rate and a rising cost of living. And, while in 2022 this situation was mainly exacerbated by the high cost of energy, in 2023 this cost has gradually started decreasing,…

The United Arab Emirates continues its journey towards a cashless society, with the continued adoption of digital payment solutions, contactless cards, and the emergence of supplementary payment platforms or solutions in pre-paid cards that support…

While the initial surge in spending and reopening of the economy, with the easing of the threat of Coronavirus (COVID-19) and lifting of related restrictions, has started to stabilise, the Philippines continues to experience robust growth in both…

In 2023, the Netherlands is experiencing its first full year without COVID-19 restrictions, leading to significant shifts in the payments landscape. For offline payments, this has resulted in a notable increase in card payments and proximity mobile…

Cash remains an important mode of payment in the Czech Republic, especially in rural areas, although modernisation is driving growth in financial cards and payments. The expansion of POS terminals in retail stores is driving financial card…

In 2023, the Thai economy is witnessing an economic recovery following the harsh impact of the pandemic and consumer confidence is on the rise. Private consumption is gathering momentum aided by the government program “Shop Dee Mee Kuen” (Shopping…

In 2023, electronic and mobile payments have taken centre stage, greatly reducing reliance on cash transactions in Taiwan. Local residents have enthusiastically adopted various digital payment options, particularly digital wallets, which have emerged…

The two pandemic years boosted the use of financial cards in Sweden. While the use of cash in the country was already exceptionally low by global standards at the start of the review period, its role diminished further during the pandemic due to…

The Spanish economy has performed better than anticipated in 2023, despite the challenges posed by high energy costs and the aftermath of the COVID-19 pandemic, with consumption continuing to recover to 2019 levels, boosted by the recovery of travel…

The landscape of card transactions in South Korea is undergoing a remarkable transformation marked by a gradual decline in cash usage. This paradigm shift is primarily driven by the widespread adoption of mobile financial services, a trend that has…

The number of financial cards in circulation is set to continue to increase in 2023, supported by a steady rise in the banked population and the intensified competition between issuers. Meanwhile, value transactions across categories such as debit…

The financial cards and payments landscape in Singapore has experienced notable transformations as the nation progresses towards its goal of becoming a cashless society. This evolution has been primarily driven by the rise of digitalisation,…

Saudi Arabia has taken significant steps to transform itself into a cashless society – starting even before the event of the COVID-19 pandemic, which triggered digital evolution in industries globally. In this regard, the Kingdom of Saudi Arabia…

Romania lags behind in financial inclusion compared to other nations, showcasing a lower uptake of basic financial services, primarily due to a trifecta of factors: low financial literacy levels, a significant grey economy, and a widespread…

Portuguese consumers continue to shift towards electronic payment instruments (payment cards, electronic direct or ACH transactions), with cards being the most used electronic payment instrument in everyday life. The trend of replacing cash with card…

Financial cards and payments in Poland is undergoing substantial change with the continued increase in non-cash transactions in 2023. Card operators are focused on providing access to a variety of payment methods so that the consumer and merchant can…