United States (US) Cards and Payments - Opportunities and Risks to 2027 (2024)

US Cards and Payments Market Overview

The US cards and payments market size is $10.3 trillion in 2023. The market is expected to achieve a CAGR of more than 7% during 2023-2027. The US payments market is highly mature and arguably even overserved by its financial institutions. Ready access to formal financial services has resulted in a population that is very comfortable using debit, credit, and charge cards for payments. Growth in the payments space has been characterized by the gradual rise of contactless payments, growth in debit card usage, and the rising proliferation of digital wallets.

US Cards and Payments Market Outlook, 2023-2027 ($ Trillion)

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The US Cards and Payments market research report provides a detailed analysis of market trends in the US cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cards, cash, cards, credit transfers, direct debits, and cheques during the review period. The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report covers detailed regulatory policy and recent changes in the regulatory structure.

US Cards and Payments Market Dynamics

US consumers are increasingly using contactless debit cards, with banks rolling out such cards to meet this demand. According to the 2023 PULSE Debit Issuer Study, the number of debit cards with contactless functionality in the US rose significantly from 2021 to 2022. The study claims that most issuers are working towards 100% migration to contactless debit cards by the end of 2023. The growth of online shopping events such as Black Friday, Amazon Prime Day, and Cyber Monday has also boosted e-commerce in the US. According to Mastercard, online sales recorded year-on-year growth of more than 13% during the 2022 Black Friday sale.

US Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the US cards and payments market are cash, cards, credit transfers, direct debits, mobile wallets, and cheques. As of 2023, credit transfer leads the way in terms of transaction value. The Fedwire Funds Service is a real-time gross settlement system that enables banks, businesses, and government agencies to send and receive payments.

US Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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US Cards and Payments Market Segments

The key segments in the US cards and payments market are card-based payments, e-commerce payments, in-store payments, merchant acquiring, Buy Now Pay Later, mobile payments, P2P payments, bill payments, and alternative payments.

E-commerce Payments: The US e-commerce market is well developed, supported by a robust technology infrastructure that ensures the availability of high-speed internet as well as a strong supply of tech-savvy customers. The growth of online shopping events such as Black Friday has boosted e-commerce in the US. To capitalize on such opportunities, TikTok launched its online shopping marketplace TikTok Shop in the US in September 2023. According to TikTok, more than 200,000 sellers had signed up for TikTok Shop at the time of launch.

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US Cards and Payments Market - Competitive Landscape

Some of the leading players in the US cards and payments market are:

• BBVA
• JPMC
• Citibank
• Bank of America
• Visa
• Santander
• HSBC
• Mastercard

US Cards and Payments Market Analysis by Players, 2023

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Segments Covered in the Report

US Cards and Payments Instruments Outlook (Value, $ Trillion, 2019-2027)

• Cash
• Cards
• Credit Transfers
• Direct Debits
• Mobile Wallets
• Cheques

US Cards and Payments Market Segments Outlook (Value, $ Trillion, 2019-2027)

• Card-Based Payments
• E-commerce Payments
• In-Store Payments
• Merchant Acquiring
• Buy Now Pay Later
• Mobile Payments
• P2P Payments
• Bill Payments
• Alternative Payments

Scope

This report provides:

• Top-level market analysis, information, and insights into the US cards and payments industry.
• Current and forecast values for each market in the US cards and payments industry, including debit, credit, and charge cards.
• Detailed insights into payment instruments including cards, cash, credit transfers, direct debits, mobile wallets, and cheques. It also includes an overview of the country’s key alternative payment instruments.
• E-commerce market analysis.
• Analysis of various market drivers and regulations governing the US cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the US cards and payments industry.

Reasons to Buy

• Make strategic business decisions, using top-level historical and forecast market data, related to the US cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the US cards and payments industry.
• Assess the competitive dynamics in the US cards and payments industry.
• Gain insights into marketing strategies used for various card types in the US.
• Gain insights into key regulations governing the US cards and payments industry.