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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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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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