Report Summary:
The report USA Cards And Payments Market provides the insight into various payment cards market trends and growth opportunities in the USA along with the complete information about different types of cards in the market. It also offers an epitomized assessment about the competitors in the market, influential marketing strategies, customer purchase patterns, adopted payment methods in the e-commerce industry and significant government regulations associated with the USA cards and payments market. It provides reliable information about the different types of cash transactions, volumes of cardholders, market share, current accounts, growth in the number of cards, credit cards outstanding balances, transactional values, details of the issuers along with available banking schemes and futuristic analysis of overall cards and payment market in the United States.
The USA Cards and Payments Market is the second largest market for payment cards after China. The penetration of pay now and pay later cards is very high with the available convenient payment options. However, the recent times have witnessed a decrease in the use of payment cards with the advent of alternative payment options like PayPal, mobile wallets like Android Pay, Apple Pay, and Samsung Pay, and other choices.
Number of Cards in Circulation in the US:
The report by Market Data Forecast predicts that the number of cards in circulation in the country will rise from 1,422.1 million to 1,557.5 million by 2021 with a CAGR close to 5%. The transaction volumes will increase from current USD 120.6 billion to 148.5 billion. However, the average transaction value may dip from USD 57.5 to USD 56.5 as customers are preferring cards for smaller value payments these days.
Debit Cards Market in the US:
The debit cards in the US accounted for more than half of the total cards in circulation and are increasingly being used at POS. The debit card transactions at POS in 2018 were 68.3% of the total transactional volume. During the review period, the transactional value and frequency of use at POS were increasing, but the average transactional value declines at POS compared to the ATM transactions. Visa and MasterCard hold the majority of the market share in terms of the debit card.
Credit Cards Market in the US:
The credit cards, although less in number compared to the pay now cards, accounts for the far high average transactional value. During the review period, the number of credit card transactions at POS recorded a CAGR of 7.88% and estimated to be growing at 4.11% during the forecast period, whereas the frequency of the use at POS terminals is estimated to grow at a CAGR of 2.63% till 2021. American Express holds the lion’s share of credit cards market with different options for different sections of people.
The smartphone operated payment solutions are slowly grabbing the dominant share of payment cards in the online purchases. The e-commerce value of the United States was close to USD 450 billion in 2018 and expected to grow substantially in the years ahead. Although credit cards and debit cards along with PayPal accounted for the dominant share of e-trade as of now, it is evident from market reports that the mobile wallet transactions are going to replace them sooner.
EMVs with contactless cards revolutionizes the Market
The USA Cards And Payments Market is slowly moving towards EMVs, replacing the magnetic stripes with the chip-enabled cards. In 2018, close to 60% of card transactions include chip-based cards and more than 75% of ATMs are supporting these cards. POS terminals accounted for a large volume of transactions compared to ATMs.
The transactions for online shopping using eWallet, bank transfers and cash on delivery has predominantly increased close to 57%, 60%, and 55% respectively in 2018, compared to 2016. The recent trends reveal that enhanced payment experience and customer convenience from the alternate payment options can greatly influence the card payments for e-commerce purchases.
The improvements in technology and smartphone use clearly depict the switch from POS terminals to mPOS terminals very soon in the US markets. There is also an increase in the NFC-based POS terminals along with the mobile payment options of Apple Pay, Samsung Pay, Android Pay and others. Equinox Payments, Ingenico, PAX technology and Verifone are some of the significant manufacturers of POS terminals. Many leading banking institutes like Wells Fargo, Chase, Bank of America, US Bank and others are updating their regular ATMs with contactless ATMs.
Some of the dominating players profiled in the report:
On the whole, the cards and payment industry of the United States of America will face some serious competition from these alternate payment options and the augmented use of the contactless cards. For instance, the decreased growth rate of credit cards, debit cards and prepaid cards in internet purchases compared to other modes of payment options unfold the future trends for payment cards market.
Alternate payment options available in the US:
Key Questions Answered by the report
Reasons to Purchase this report
1. Definitions
2. Research Methodology
2.1 Research Process
2.1.1 Market Sizing
2.1.2 Competitor Analysis
2.1.3 Market Forecasting
2.1.4 Quality Control Process
3. Executive Summary
4. Industry Benchmarking
5. Market Attractiveness
6. Industry Enablers
6.1 Emerging Payment Technologies
6.2 Growing E-commerce Market
6.2.1 E-commerce Mix by Payment Method
6.3 EMV Migration
6.4 Contactless Cards
7. Regulatory Framework
8. Key Industry Events
9. Merchant Acquiring Business Overview
9.1 Business Overview & Key Operators
9.2 Regulatory Framework
9.3 Technological Changes
10. Market Segmentation
10.1 Cards for Students
10.2 Cards for Travelers
10.3 Cards for High-income Customers
10.4 Cards for Frequent Shoppers
11. Market Sizing
11.1 Debit Cards Market Overview
11.1.1 Scheme Providers
11.1.2 Key Issuers
11.2 Pay Later Cards Market Overview
11.2.1 Scheme Providers
11.2.2 Key Issuers
11.3 Payment Terminals Market
11.4 Payment Instruments Market
12. Key Operators in the Market
12.1 American Express Company
12.1.1 Company Snapshot
12.1.2 SWOT Analysis
12.1.3 Cards Portfolio
12.2 JPMorgan Chase & Co.
12.2.1 Company Snapshot
12.2.2 SWOT Analysis
12.2.3 Cards Portfolio
12.3 Bank of America Corporation
12.3.1 Company Snapshot
12.3.2 SWOT Analysis
12.3.3 Cards Portfolio
12.4 Citigroup Inc.
12.4.1 Company Snapshot
12.4.2 SWOT Analysis
12.4.3 Cards Portfolio
12.5 Capital One Financial Corporation
12.5.1 Company Snapshot
12.5.2 SWOT Analysis
12.5.3 Cards Portfolio
13. Appendix
13.1 Total Cards Market Stats
13.2 Debit Cards Market Stats
13.2.1 Debit Cards Use at Payment Terminals
13.2.2 Debit Cards Market – Scheme Providers Data
13.3 Pay Later Cards Market Stats
13.3.1 Pay Later Cards Use at Payment Terminals
13.3.2 Pay Later Cards Market – Scheme Providers Data
13.4 Payment Terminals Data
13.5 Payment Instruments Data
USA Cards And Payments Market
