The USA Cards And Payments Market report by Market Data Forecast provides a deep insight into the current payment cards system in the country along with the total number of cards in circulation, several types of payment cards and their numbers, total transactions happening, average transactional values, market contributors and so on. The USA cards and payments market is the second largest market for payment cards after China with the average of 4.4 cards per person. The overall card turnover on payment cards increased from $4,366.4 to $4,879.3 during 2013-2017 and is anticipated to continue the positive trend to reach $5,384.2 by 2021. Credit cards are the most preferred payment option for the e-commerce purchases and VISA cards with around 60% share hold the largest portion of online card payments.
The advent of many e-wallets like Apple Pay, Samsung Pay and Android pay had a significant impact on the payment cards industry. Contactless cards are steadily gaining momentum in the US markets and currently used for smaller transactions in busy cities like New York. Several new launches like the replacement of Android Pay with Google Pay, Apple’s P2P service and Apple Cash influences the use of payment cards in the US market.
The USA cards and payments market is experiencing a great push with factors like mandatory installation of EMV-compliant infrastructure to improve the contactless card payments, growth of retail and online industries, innovative marketing strategies by banks and card issuers in the form of reward points, cash backs and delayed payments etc., tailor-made payment card plans for different age groups and SMEs by the banks, and others. However, stringent government regulations like The Durbin Amendment, increase in the number of online transfers, e-wallets and cash on delivery, alternate payment options by mobile operators and card issuers and delayed extension of EMVs for contactless cards may act as the market growth inhibitors.
Recent market trends reveal a sturdy transfer from low-level cash payments to debit card payments and largest banks in the region commandeer the market for debit cards. The key competitors in the market include JPMorgan Chase, Wells Fargo, Capital One, Vantiv, First Data, Worldpay, Mastercard, Visa, American Express, Discover and PULSE.
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