Financial Cards and Payments

In 2023, financial cards and payments in Germany had to navigate a complex landscape. On the one hand, there was a slow yet steady increase in transactions, particularly in industries such as travel and dining that rebounded as pandemic restrictions…

A government-led financial inclusion initiative enticed a burgeoning population to embrace the formal banking sector, resulting in further uptake of financial cards, in particular, debit cards, in 2023. The Pradhan Mantri Jan Dhan Yojana (PMJDY)…

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…

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…

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,…

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…

Financial cards continues its progress in 2023, however, with mixed results. Global inflation continues to create an uncertain economic climate and an increasing price-sensitivity around sales of fast-moving consumer goods (FMCGs), leading to…

The use of debit cards continues to grow strongly in Colombia, supported by increased online purchases and cautious consumer behaviour. While credit card issuance remains stagnant, pre-paid cards, particularly closed loop transportation cards, are…

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…

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 Norway is witnessing a moderate performance in 2023, with flat volume growth and steady growth in card transactions. There has been a steady recovery in transaction spend since 2021, following the heavy declines…

Nigeria continues to be a cash economy, though debit cards in particular are growing in popularity. Also, in 2023, this growth was further amplified, due to a cash shortage, as there was insufficient supply of the newly designed naira. As a result,…

2023 has witnessed another marginal rebound in personal cash usage in Chile, despite a further decline in the overall value of this payment type. Cash usage tends to be higher among individuals over 60 years of age, those from lower socio-economic…

In 2023, Brazil's finance industry is undergoing rapid transformations driven by an expanding banked population, digitalisation, and advancements in open finance. Concurrently, consumers are increasingly turning to credit in the face of adverse…

Financial cards and payments performed well in Italy in 2023, both in terms of the number of cards in circulation and the value of transactions. Growth was underpinned by the growing trend towards cashless payments, even for smaller amounts, thanks…

Financial cards and payments have indeed witnessed substantial growth in 2023. However, this growth has seen a notable slowdown due to consumers adopting a more cautious approach to spending. Factors contributing to this caution include the sluggish…

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…

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…

In 2023, Israel is experiencing a notable surge in the use of digital wallets, largely driven by the rising number of providers and the inherent convenience they offer. The entry of major players like Apple Pay in late 2021 significantly boosted the…

The COVID-19 pandemic has significantly influenced payment habits in Hungary, leading to an increased reliance on cards, online payments and smartphone applications. This trend continued as pandemic-related restrictions were gradually lifted…