The world market for consumer finance has continued to see card and electronic payment value grow for consumers around the world, following the decline in spending brought on by COVID-19. Card payment value growth over the forecast period is expected to be split between credit and debit card functions, with the Asia Pacific region generating the majority of card payment value. High inflation and the risk of a global recession are causing uncertainty for consumer payments going forward.
This report comes in PPT.
An additional USD18.5 trillion is expected to be processed on financial cards by 2027, with credit and debit card functions splitting the value equally. Credit, starting from a lower base than debit in 2022, will see faster growth.
58% of all consumer card payments came from the Asia Pacific region in 2022. This is predicted to rise to 63% by 2027, as the region’s position strengthens as a hub for financial card development and innovation.
M-commerce continues to grow rapidly, benefiting from the continued migration of retail online and the 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.
The major financial card and electronic direct players looking to grow volume by converting paper payments have the best opportunity in B2B payment value. Only 2% of all B2B payment value globally took place on financial cards in 2022.
The number of merchants, fintechs and financial institutions offering BNPL solutions has increased significantly over the last two years. BNPL is becoming a go-to lending solution for an increasing range of products and services, and is expected to gain additional traction going forward.
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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