In terms of transaction value, the US Cards and Payments Market crossed the US$7 Tn mark and saw close to 117 billion transactions in 2018. Consumers are increasingly making low-value payments with cards, as evident by the decreasing average transaction values. With financial institutions making a push for contactless cards, the average transaction values are anticipated to further decrease.

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The number of cards in circulation increased at a CAGR of 3.79% between 2014 and 2018. By 2022, the number is anticipated to reach 1.7 billion at a CAGR of 2.55%. Payment cards transaction volumes, values and frequency of use increased at respective CAGRs of 6.37%, 6.79% and 2.49% during 2014 and 2018. Also, transaction volumes and values at POS registered the fastest growth rates in comparison to at ATMs. The same trend is anticipated to continue over the next five years.

The younger generation is preferring debit cards over credit cards, increasing the debit card purchases in the recent times. As per the financial report of Visa, its debit card purchases in the first quarter of 2018 has inclined by 16%, whereas the same for credit cards grew by 14% that could be attributed to the consumer spending habits. The research also proved that millennials spending on debit cards (28%) is higher than other payments like credit cards (27%) and cash (17%).

Mastercard in December 2017 introduced Assemble, a digital platform to manage the financial needs of millennials in the US. This new platform enables the card issuers and partners to provide information to customers related to checking, payment options and budgeting. With the aid of Mastercard Send, the platform also supports P2P real-time payments that use a valid debit card.

The growth of retail and e-commerce industries and banks’ marketing strategies to encourage card use had enabled the growth of payment cards in terms of transaction volume and value. To encourage card use, banks offer benefits such as reward points, cashback, discounts and flexible repayment options.

Growing consumer confidence, increase in annual wages, decreasing unemployment levels and recent amendments to income tax slabs benefitting individuals will further benefit payment cards market in coming years.

Banks are also targeting specific segments such as high-income customers, students and young individuals because they are considered the key revenue generating segment. Similarly, in the corporate segment, banks are increasingly targeting the SME’s and offering bespoke card products.

Some of the dominating players profiled in the US Cards and Payments Market report:

JPMorgan Chase
Wells Fargo
Capital One
Vantiv
First Data
Worldpay
American Express Company
Citigroup Inc
Bank of America Corporation
Capital One Financial Corporation
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Table of Content:

Definitions
Research Methodology
Research Process
Market Sizing
Competitor Analysis
Market Forecasting
Quality Control Process
Executive Summary
Industry Benchmarking
Market Attractiveness
Industry Enablers
Emerging Payment Technologies
Growing E-commerce Market
E-commerce Mix by Payment Method
EMV Migration
Contactless Cards
Regulatory Framework
Key Industry Events
Merchant Acquiring Business Overview
Business Overview & Key Operators
Regulatory Framework
Technological Changes
Market Segmentation
Cards for Students
Cards for Travelers
Cards for High-income Customers
Cards for Frequent Shoppers
Market Sizing
Debit Cards Market Overview
Scheme Providers
Key Issuers
Pay Later Cards Market Overview
Scheme Providers
Key Issuers
Payment Terminals Market
Payment Instruments Market
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