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Country Report

Financial Cards and Payments in

Financial Cards and Payments in the US

Nov 2020

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Executive Summary

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COVID-19 impact on consumer payments

COVID-19 forced states across the US to declare stay-at-home orders and close non-essential businesses, starting in late March 2020. These closures led to mass layoffs.

COVID-19 country impact

As early as 31 January, US health officials issued quarantine orders to US citizens evacuated from Wuhan, China, amid the COVID-19 outbreak there. From 2 February, entry was restricted from China, with this later extended to virus-hit Iran and Italy.

Federal government passes USD2 trillion CARES Act, the largest economic stimulus package in history

Faced with an unprecedented shutdown of the American economy, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act in late March 2020. The bill carried a historic USD2 trillion price tag and included economic stimulus measures that ranged from industry support to personal stimulus payments.

Contactless payments go from near-zero to hero

The US has historically lagged Asian and European countries in adoption of contactless payment technology, but the pandemic has dramatically accelerated adoption of mobile wallets and other forms of contactless payment. Fear of contracting COVID-19 is driving the switch.

Issuers compete on payment flexibility and new card benefits

In the first months of the COVID-19 pandemic, millions of Americans were unable to pay off their card balances. Given the unprecedented nature of the pandemic’s impact on the economy, issuers have offered flexibility for payment plans, including waiving late fees and not charging interest on missed payments.

What next for consumer payments?

COVID-19 is expected to continue impacting consumer payments through 2021 and 2022. The potential recovery timeline from the virus is highly dependent on the development of a vaccine.

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Overview

Why buy this report?

Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in USA with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Financial Cards and Payments industry in USA, our research will save you time and money while empowering you to make informed, profitable decisions.

The Financial Cards and Payments in USA market research report includes:

Analysis of key supply-side and demand trends
Historic volumes and values, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

What is the market size of Financial Cards and Payments in USA?
What are the major operators and issuers in USA?
How will regulation impact the market?
What is the current state of emerging payment technologies such as mobile commerce?

Why buy this report?

Gain competitive intelligence about market leaders
Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply functions

Euromonitor’s industry reports, including Financial Cards and Payments in USA, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.

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Financial Cards and Payments in the US - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments

COVID-19 country impact

Federal government passes USD2 trillion CARES Act, the largest economic stimulus package in history

Contactless payments go from near-zero to hero

Issuers compete on payment flexibility and new card benefits

What next for consumer payments?

MARKET INDICATORS

Table 1 Number of POS Terminals: Units 2015-2020
Table 2 Number of ATMs: Units 2015-2020
Table 3 Value Lost to Fraud 2015-2020
Table 4 Card Expenditure by Location 2020
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2015-2020
Table 6 Domestic versus Foreign Spend 2020

MARKET DATA

Table 7 Financial Cards by Category: Number of Cards in Circulation 2015-2020
Table 8 Financial Cards by Category: Number of Accounts 2015-2020
Table 9 Financial Cards Transactions by Category: Value 2015-2020
Table 10 Financial Cards by Category: Number of Transactions 2015-2020
Table 11 Consumer Payments by Category: Value 2015-2020
Table 12 Consumer Payments by Category: Number of Transactions 2015-2020
Table 13 M-Commerce by Category: Value 2015-2020
Table 14 M-Commerce by Category: % Value Growth 2015-2020
Table 15 Financial Cards: Number of Cards by Issuer 2015-2019
Table 16 Financial Cards: Number of Cards by Operator 2015-2019
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2015-2019
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2015-2019
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2020-2025
Table 20 Forecast Financial Cards by Category: Number of Accounts 2020-2025
Table 21 Forecast Financial Cards Transactions by Category: Value 2020-2025
Table 22 Forecast Financial Cards by Category: Number of Transactions 2020-2025
Table 23 Forecast Consumer Payments by Category: Value 2020-2025
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2020-2025
Table 25 Forecast M-Commerce by Category: Value 2020-2025
Table 26 Forecast M-Commerce by Category: % Value Growth 2020-2025

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Summary 1 Research Sources

Charge Cards in the US - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Limited payment flexibility drives the decline in charge cards

American Express limits number of charge cards per account

American Express supporting small businesses during the pandemic

RECOVERY AND OPPORTUNITIES

Charge cards’ recovery to depend on the return of high-income consumers

Competition between charge cards and ultra-premium credit cards intensifies

Karat introduces a charge card for influencers

CATEGORY DATA

Table 27 Charge Cards: Number of Cards in Circulation 2015-2020
Table 28 Charge Cards Transactions 2015-2020
Table 29 Charge Cards in Circulation: % Growth 2015-2020
Table 30 Charge Cards Transactions: % Growth 2015-2020
Table 31 Commercial Charge Cards: Number of Cards in Circulation 2015-2020
Table 32 Commercial Charge Cards Transactions 2015-2020
Table 33 Commercial Charge Cards in Circulation: % Growth 2015-2020
Table 34 Commercial Charge Cards Transactions: % Growth 2015-2020
Table 35 Personal Charge Cards: Number of Cards in Circulation 2015-2020
Table 36 Personal Charge Cards Transactions 2015-2020
Table 37 Personal Charge Cards in Circulation: % Growth 2015-2020
Table 38 Personal Charge Cards Transactions: % Growth 2015-2020
Table 39 Charge Cards: Number of Cards by Issuer 2015-2019
Table 40 Charge Cards: Number of Cards by Operator 2015-2019
Table 41 Charge Cards Payment Transaction Value by Issuer 2015-2019
Table 42 Charge Cards Payment Transaction Value by Operator 2015-2019
Table 43 Commercial Charge Cards: Number of Cards by Issuer 2015-2019
Table 44 Commercial Charge Cards: Number of Cards by Operator 2015-2019
Table 45 Commercial Charge Cards Payment Transaction Value by Issuer 2015-2019
Table 46 Commercial Charge Cards Payment Transaction Value by Operator 2015-2019
Table 47 Personal Charge Cards: Number of Cards by Issuer 2015-2019
Table 48 Personal Charge Cards: Number of Cards by Operator 2015-2019
Table 49 Personal Charge Cards Transaction Value by Issuer 2015-2019
Table 50 Personal Charge Cards Transaction Value by Operator 2015-2019
Table 51 Forecast Charge Cards: Number of Cards in Circulation 2020-2025
Table 52 Forecast Charge Cards Transactions 2020-2025
Table 53 Forecast Charge Cards in Circulation: % Growth 2020-2025
Table 54 Forecast Charge Cards Transactions: % Growth 2020-2025
Table 55 Forecast Commercial Charge Cards: Number of Cards in Circulation 2020-2025
Table 56 Forecast Commercial Charge Cards Transactions 2020-2025
Table 57 Forecast Commercial Charge Cards in Circulation: % Growth 2020-2025
Table 58 Forecast Commercial Charge Cards Transactions: % Growth 2020-2025
Table 59 Forecast Personal Charge Cards: Number of Cards in Circulation 2020-2025
Table 60 Forecast Personal Charge Cards Transactions 2020-2025
Table 61 Forecast Personal Charge Cards in Circulation: % Growth 2020-2025
Table 62 Forecast Personal Charge Cards Transactions: % Growth 2020-2025

Credit Cards in the US - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Issuers offer financial assistance as COVID-19 leaves cardholders unable to make payments

Loss of T&E spending causes commercial cards’ transaction value to plummet

Issuers lower credit limits, accept fewer card applications

RECOVERY AND OPPORTUNITIES

Chime creates a credit card for Millennials that acts like a debit card

Travel cards adjust benefits as cardholders stop travelling

Layaway’s surge threatens credit cards’ recovery

CATEGORY DATA

Table 63 Credit Cards: Number of Cards in Circulation 2015-2020
Table 64 Credit Cards Transactions 2015-2020
Table 65 Credit Cards in Circulation: % Growth 2015-2020
Table 66 Credit Cards Transactions: % Growth 2015-2020
Table 67 Commercial Credit Cards: Number of Cards in Circulation 2015-2020
Table 68 Commercial Credit Cards Transactions 2015-2020
Table 69 Commercial Credit Cards in Circulation: % Growth 2015-2020
Table 70 Commercial Credit Cards Transactions: % Growth 2015-2020
Table 71 Personal Credit Cards: Number of Cards in Circulation 2015-2020
Table 72 Personal Credit Cards Transactions 2015-2020
Table 73 Personal Credit Cards in Circulation: % Growth 2015-2020
Table 74 Personal Credit Cards Transactions: % Growth 2015-2020
Table 75 Credit Cards: Number of Cards by Issuer 2015-2019
Table 76 Credit Cards: Number of Cards by Operator 2015-2019
Table 77 Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 78 Credit Cards Payment Transaction Value by Operator 2015-2019
Table 79 Commercial Credit Cards: Number of Cards by Issuer 2015-2019
Table 80 Commercial Credit Cards: Number of Cards by Operator 2015-2019
Table 81 Commercial Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 82 Commercial Credit Cards Payment Transaction Value by Operator 2015-2019
Table 83 Personal Credit Cards: Number of Cards by Issuer 2015-2019
Table 84 Personal Credit Cards: Number of Cards by Operator 2015-2019
Table 85 Personal Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 86 Personal Credit Cards Payment Transaction Value by Operator 2015-2019
Table 87 Forecast Credit Cards: Number of Cards in Circulation 2020-2025
Table 88 Forecast Credit Cards Transactions 2020-2025
Table 89 Forecast Credit Cards in Circulation: % Growth 2020-2025
Table 90 Forecast Credit Cards Transactions: % Growth 2020-2025
Table 91 Forecast Commercial Credit Cards: Number of Cards in Circulation 2020-2025
Table 92 Forecast Commercial Credit Cards Transactions 2020-2025
Table 93 Forecast Commercial Credit Cards in Circulation: % Growth 2020-2025
Table 94 Forecast Commercial Credit Cards Transactions: % Growth 2020-2025
Table 95 Forecast Personal Credit Cards: Number of Cards in Circulation 2020-2025
Table 96 Forecast Personal Credit Cards Transactions 2020-2025
Table 97 Forecast Personal Credit Cards in Circulation: % Growth 2020-2025
Table 98 Forecast Personal Credit Cards Transactions: % Growth 2020-2025

Debit Cards in the US - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Personal debit payments grow as recession erodes consumer confidence

Stay-at-home orders drive commercial debit card decline

COVID-19 puts a spotlight on overdraft fees

RECOVERY AND OPPORTUNITIES

Renewed momentum for contactless debit cards

Credit’s recovery slows future growth of debit

Ellevest uses debit cards to promote its social mission

CATEGORY DATA

Table 99 Debit Cards: Number of Cards in Circulation 2015-2020
Table 100 Debit Cards Transactions 2015-2020
Table 101 Debit Cards in Circulation: % Growth 2015-2020
Table 102 Debit Cards Transactions: % Growth 2015-2020
Table 103 Debit Cards: Number of Cards by Issuer 2015-2019
Table 104 Debit Cards: Number of Cards by Operator 2015-2019
Table 105 Debit Cards Payment Transaction Value by Issuer 2015-2019
Table 106 Debit Cards Payment Transaction Value by Operator 2015-2019
Table 107 Forecast Debit Cards: Number of Cards in Circulation 2020-2025
Table 108 Forecast Debit Cards Transactions 2020-2025
Table 109 Forecast Debit Cards in Circulation: % Growth 2020-2025
Table 110 Forecast Debit Cards Transactions: % Growth 2020-2025

Pre-Paid Cards in the US - Category analysis

KEY DATA FINDINGS

2020 IMPACT

CARES Act stimulus payments drive use of open-loop pre-paid cards

COVID-19’s impact varies significantly by pre-paid card type

Small businesses push gift cards to maintain cashflow during lockdown

RECOVERY AND OPPORTUNITIES

Pre-paid emerges as a potential victor in the cashless retailers debate

BitPay introduces new crypto-to-fiat pre-paid card

Contactless payment on the way for New York’s public transport system

CATEGORY DATA

Table 111 Pre-paid Cards: Number of Cards in Circulation 2015-2020
Table 112 Pre-paid Cards Transactions 2015-2020
Table 113 Pre-paid Cards in Circulation: % Growth 2015-2020
Table 114 Pre-paid Cards Transactions: % Growth 2015-2020
Table 115 Closed Loop Pre-paid Cards Transactions 2015-2020
Table 116 Closed Loop Pre-paid Cards Transactions: % Growth 2015-2020
Table 117 Open Loop Pre-paid Cards Transactions 2015-2020
Table 118 Open Loop Pre-paid Cards Transactions: % Growth 2015-2020
Table 119 Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 120 Pre-paid Cards Transaction Value by Operator 2015-2019
Table 121 Open Loop Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 122 Open Loop Pre-paid Cards Transaction Value by Operator 2015-2019
Table 123 Forecast Pre-paid Cards: Number of Cards in Circulation 2020-2025
Table 124 Forecast Pre-paid Cards Transactions 2020-2025
Table 125 Forecast Pre-paid Cards in Circulation: % Growth 2020-2025
Table 126 Forecast Pre-paid Cards Transactions: % Growth 2020-2025
Table 127 Forecast Closed Loop Pre-paid Cards Transactions 2020-2025
Table 128 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2020-2025
Table 129 Forecast Open Loop Pre-paid Cards Transactions 2020-2025
Table 130 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2020-2025

Store Cards in the US - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Recession makes store cards’ immediate discounts more appealing

Retailer bankruptcies drive down the number of store cards in circulation

New credit card reward categories challenge store cards

RECOVERY AND OPPORTUNITIES

Lower credit score requirements could boost store card applications

E-commerce shift threatens store cards’ marketing strategy

Co-branded cards continue to threaten store cards

CATEGORY DATA

Table 131 Store Cards: Number of Cards in Circulation 2015-2020
Table 132 Store Cards Transactions 2015-2020
Table 133 Store Cards in Circulation: % Growth 2015-2020
Table 134 Store Cards Transactions: % Growth 2015-2020
Table 135 Store Cards: Number of Cards by Issuer 2015-2019
Table 136 Store Cards: Payment Transaction Value by Issuer 2015-2019
Table 137 Forecast Store Cards: Number of Cards in Circulation 2020-2025
Table 138 Forecast Store Cards Transactions 2020-2025
Table 139 Forecast Store Cards in Circulation: % Growth 2020-2025
Table 140 Forecast Store Cards Transactions: % Growth 2020-2025

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Megatrends

Country Report

Financial Cards and Payments in the US

New Report Guarantee

Executive Summary

New Report Guarantee

COVID-19 impact on consumer payments

COVID-19 country impact

Federal government passes USD2 trillion CARES Act, the largest economic stimulus package in history

Contactless payments go from near-zero to hero

Issuers compete on payment flexibility and new card benefits

What next for consumer payments?

Overview

Why buy this report?

Samples (FAQs about samples):

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Table of Contents

Financial Cards and Payments in the US - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments

COVID-19 country impact

Federal government passes USD2 trillion CARES Act, the largest economic stimulus package in history

Contactless payments go from near-zero to hero

Issuers compete on payment flexibility and new card benefits

What next for consumer payments?

MARKET INDICATORS

MARKET DATA

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Charge Cards in the US - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Limited payment flexibility drives the decline in charge cards

American Express limits number of charge cards per account

American Express supporting small businesses during the pandemic

RECOVERY AND OPPORTUNITIES

Charge cards’ recovery to depend on the return of high-income consumers

Competition between charge cards and ultra-premium credit cards intensifies

Karat introduces a charge card for influencers

CATEGORY DATA

Credit Cards in the US - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Issuers offer financial assistance as COVID-19 leaves cardholders unable to make payments

Loss of T&E spending causes commercial cards’ transaction value to plummet

Issuers lower credit limits, accept fewer card applications

RECOVERY AND OPPORTUNITIES

Chime creates a credit card for Millennials that acts like a debit card

Travel cards adjust benefits as cardholders stop travelling

Layaway’s surge threatens credit cards’ recovery

CATEGORY DATA

Debit Cards in the US - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Personal debit payments grow as recession erodes consumer confidence

Stay-at-home orders drive commercial debit card decline

COVID-19 puts a spotlight on overdraft fees

RECOVERY AND OPPORTUNITIES

Renewed momentum for contactless debit cards

Credit’s recovery slows future growth of debit

Ellevest uses debit cards to promote its social mission

CATEGORY DATA

Pre-Paid Cards in the US - Category analysis

KEY DATA FINDINGS

2020 IMPACT

CARES Act stimulus payments drive use of open-loop pre-paid cards

COVID-19’s impact varies significantly by pre-paid card type

Small businesses push gift cards to maintain cashflow during lockdown

RECOVERY AND OPPORTUNITIES

Pre-paid emerges as a potential victor in the cashless retailers debate

BitPay introduces new crypto-to-fiat pre-paid card

Contactless payment on the way for New York’s public transport system

CATEGORY DATA

Store Cards in the US - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Recession makes store cards’ immediate discounts more appealing

Retailer bankruptcies drive down the number of store cards in circulation