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Debit Card Market to Reach $151.1 Billion, Globally, by 2032 at 5.5% CAGR: Allied Market Research
Rise in demand for contactless payments from customers as well as small businesses is expected to drive the market growth. Moreover, the rise in partnerships to launch contactless credit cards specifically designed for small businesses drives the growth of the market.
PORTLAND, Ore., Aug. 27, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Debit Card Market by Type (Plastic and Metal), and Industry Vertical (Retail, Hospitality, Transportation, Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the debit card market was valued at $95.7 billion in 2023, and is estimated to reach $151.1 billion by 2032, growing at a CAGR of 5.5% from 2024 to 2032.
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Prime determinants of growth
The global debit card market is experiencing growth due to several factors such as the rise of contactless payments is a notable trend shaping the global debit card market. With technological advancements, contactless debit cards have gained popularity, allowing users to make swift and secure transactions by simply tapping their cards on payment terminals. This trend aligns with the changing consumer preferences for quick and hassle-free payment methods, driving the adoption of contactless technology in debit card solutions. However, security concerns and concerns and competition from alternative payment methods hinder the market growth. Moreover, increase in digitalization and IoT integration in the banking industry offer remunerative opportunities for the expansion of the debit card market.
Report Coverage and Details
Forecast Period: “2024–2032″
Base Year: “2023″
Market Size in 2023: “$95.7 billion“
Market Size in 2032: “$151.1 billion“
CAGR: “5.5%”
No. of Pages in Report: “230”
Segments covered: “Type, Industry Vertical, and Region”
Drivers: “Increase in digital payments adoption”, “Financial inclusion initiatives”, “Technological advancements”
Opportunities: “Expansion in emerging markets”
Restraints: “Security concerns”, “Competition from alternative payment methods”
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The plastic segment is expected to garner the highest revenue during the forecast period.
Based on type, the metal segment held the highest market share in 2023, accounting for more than half of the global debit card market revenue and is likely to retain its dominance during the forecast period. With rise of e-commerce and online transactions, consumers are increasingly favoring electronic payment methods over cash. However, the plastic segment is projected to attain the highest CAGR from 2024 to 2032, owing to increasing adoption of digital payments.
The transportation segment is expected to garner the highest revenue during the forecast period.
Based on the industry vertical, the retail segment held the highest market share in 2023, accounting for nearly one-third of the global debit card market revenue and is likely to retain its dominance during the forecast period. The retail sector’s stronghold in the market is driven by the increasing consumer preference for cashless transactions, the widespread adoption of point-of-sale (POS) systems, and the growth of e-commerce platforms. These factors collectively boost the use of debit cards in retail, solidifying the segment’s leading position.
However, the transportation segment is projected to attain the highest CAGR from 2024 to 2032. This can be attributed to the increasing urbanization and infrastructure development.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global debit card market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The rapid adoption of digital payment methods in the Asia-Pacific region, driven by government initiatives, technological advancements, and the proliferation of smartphones. Debit cards are a crucial component of this digital payment ecosystem.
Players: –
- Thales Group
- IDEMIA
- Valid S.A
- Giesecke+Devrient GmbH
- Eastcompeace Technology Co., Ltd.
- DATANG
- Paragon Group Limited
- CPI Card Group Inc.
- Watchdata Co., Ltd.
- Wuhan Tianyu
The report provides a detailed analysis of these key players in the global debit card market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Industry Dev/Industry buzz/News
- In September 2022, India released its draft National Electricity Plan, setting out ambitious targets for the development of battery energy storage, with an estimated capacity of between 51 to 84 GW installed by 2031-32.
- The Federal Reserve has proposed significant decreases in the caps on debit card interchange fees. This regulatory action aims to reduce the costs for merchants but could impact the revenue models of card issuers.
- In February 2020, IDEX Biometrics ASA, a smart card manufacturing company, introduced TrustedBio, a solution built for reducing biometric smartcard costs. This cost reduction is aimed at accelerating the adoption of smart dual interface cards.
- In December 2020, PayTM and SBI Card selected dzcard, a south Asian smart card manufacturer to deliver the dual interface credit card. These cards will allow customers to process contactless payments and gain cashbacks through the Paytm application.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the debit card market outlook, debit card market segments, current trends, estimations, and dynamics of the debit card market analysis from 2022 to 2032 to identify the prevailing debit card market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the debit card market segmentation assists to determine the prevailing debit card market size, debit card market share, debit card market growth, and debit card market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global debit card market Statistics and debit card market forecast.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global debit card market trends, key players, market segments, application areas, and market growth strategies.
Debit Card Market Report Highlights
By Type
- Plastic
- Metal
By Industry Vertical
- Retail
- Hospitality
- Transportation
- Healthcare
- Others
By Region
- North America (U.S., Canada)
- Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Purchase This Comprehensive 230-Page Report (PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3T4ln4E
Key Market Players
Cangzhou Datang Steel Pipe Co., Ltd., VALID, wuhan tianyu information co. ltd, Eastcompeace Technology Co., Ltd., CPI Card Group Inc., Paragon Group Limited, Giesecke+Devrient GmbH, Thales Group, Watchdata Co., Ltd., IDEMIA
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Research reveals mounting worries amongst UK banking customers about IT outages at financial institutions
LONDON, Jan. 8, 2025 /PRNewswire/ — As digital banking becomes the norm, over a third (34%) of Brits are worried about the potential of IT failures at their banks, and 25% now keep cash on hand as a precaution against outages.
This trend reflects the growing uncertainty consumers feel about the reliability of digital financial services, as the availability of in-person banking continues to decline.
Over the past year, one in six (17%) people have been affected by IT failures within their banks, facing an average disruption time of six hours, with customers unable to access their funds or pay for essential goods and services.
This data comes from GFT’s latest Banking Disruption Index, a bi-annual assessment of consumer sentiment towards digital banking.
The research also uncovered growing concern about the security and resiliency of third-party technology providers supporting banks, with 38% of respondents worried about the potential of these organisations to cause an IT outage at a bank, highlighting a broader scepticism around the security and reliability of outsourced digital services.
Additionally, 42% of those surveyed said they were wary of cyber-attacks, fearing that an outage could lead to personal information theft. This underscores the growing expectation for banks to protect both consumer data and access to funds.
Richard Kalas, Client Solutions Director, Retail Banking at GFT, said: “These findings reveal a clear disconnect between the rapid digitalisation of banking services and consumer confidence around the security and resilience of these measures. While digital banking offers numerous benefits, it’s essential that banks continue to clearly demonstrate the various measures they are taking to ensure all critical customer services are resilient.”
The role of banks in enhancing security
As digital banking continues to grow, so do consumer concerns about security and reliability. In response, banks are under increased pressure to strengthen their resilience strategies, ensure operational stability, and better safeguard customers.
To meet these expectations, financial institutions must continue to invest in robust IT infrastructure and cybersecurity measures, and partner with trusted organisations to effectively prevent and swiftly recover from outages.
What’s more, under recent Payment Systems Regulator (PSR) guidelines effective from 7th October, banks must now refund fraud victims up to £85,000 within five days. By shifting a significant portion of responsibility back to banks, the regulation reinforces the importance of customer protection and proactive fraud prevention.
To download the full Banking Disruption Index report, please follow this link.
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Markel appoints Grant Smith to lead its Transport and Logistics team in International Specialty
LONDON, Jan. 8, 2025 /PRNewswire/ — Markel, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced that Grant Smith is to head up its Transport and Logistics team, with immediate effect.
In his expanded role, Smith will be responsible for defining the underwriting strategy for the Transport and Logistics team, centered on driving sustainable, profitable growth. Smith will also be tasked with expanding market share, driving product development and further establishing Markel as a market leader in transport and logistics.
Smith takes on his new role in addition to his responsibilities as Director of Marine and Energy Liabilities – a role he was appointed to in August 2024. He will continue to report to Tom Hillier, Managing Director, International Specialty, at Markel.
Hillier commented: “Transport and logistics companies currently face a heightened risk environment, due to global economic contraction, heightened geopolitical tensions and increasing technological and regulatory risks. At times such as these, it’s crucial that companies have the right insurance partner who can help ensure they have comprehensive insurance cover in place that meets their evolving needs.
“I’m therefore delighted that Grant will be leading our Transport and Logistics team. Grant has already made a significant impact and contribution to Markel since joining earlier this year. His leadership, knowledge and experience of underwriting these classes of business will be hugely important as we continue to partner with clients and brokers and help them to navigate this evolving risk landscape.”
Smith has extensive knowledge of the insurance market, having spent more than 17 years of his career working in various underwriting and leadership positions across these classes of business. Prior to joining Markel in August 2024, he worked as Portfolio Manager Specialty at QBE European Operations – a role he held since 2014. Before joining QBE as a Marine and Energy Liability Underwriter in 2011, Smith had spent five years working in various underwriting roles across marine and aviation at Travelers.
About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people—and the deep, valued relationships they develop with colleagues, brokers and clients—that differentiates us worldwide.
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NFP Acquires HR Suite, a Leading Irish Human Resources Consultancy and Training Specialist
NFP’s first acquisition of an Ireland-based HR services business will strengthen the company’s portfolio of human capital solutions
DUBLIN, Jan. 8, 2025 /PRNewswire/ — NFP, an Aon company and a leading international brokerage and consulting firm, today announced its acquisition of The HR Suite, a leading human resources consultancy and training business with offices across Ireland. Caroline Reidy, managing director and founder of The HR Suite, will lead NFP’s specialist HR division in Ireland and report to Colm Power, managing director, NFP in Ireland.
“We’re excited to welcome Caroline and The HR Suite team to NFP,” said Matt Pawley, president, NFP in Europe. “The team’s undeniable knowledge and expertise, combined with our shared core values and dedication to enhancing client outcomes, provide a solid foundation for many future successes. I can’t think of a better person or group to spearhead our HR division in Ireland and can’t wait to collaborate on delivering exceptional solutions and capabilities to clients.”
Established in 2009, The HR Suite offers HR system solutions and HR outsourcing services to help large employers, multinational companies and small and medium-sized enterprises improve and streamline their human resources functions. As the firm’s founder, Caroline Reidy has become a recognised, well-respected author and speaker in the HR space and beyond.
“We’re thrilled to join NFP in Ireland and create more value for our employees and clients,” said Reidy. “Our service and commitment to delivering exceptional HR offerings remain the same, and with NFP’s global solutions and resources we can now offer more comprehensive solutions and support to clients in Ireland, including outplacement, employee benefits, pension, and health and safety.”
About NFP
NFP, an Aon company, is an organisation of consultative advisors and problem solvers helping companies and individuals address their most significant risk, workforce, wealth management and retirement challenges. We are more than 7,700 colleagues in the UK, Ireland, US, Puerto Rico and Canada serving a diversity of clients, industries and communities. Our global capabilities, specialised expertise and customised solutions span commercial business insurance, employee benefits, people consultancy, health and safety, and individual financial planning. Together, we put people first, prioritise partnerships and continuously advance a culture we’re proud of. Visit www.nfpireland.ie to learn more.
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