US Payment Card Market 2019 Segmentation, Overview, Regional Growth, Application, Top Competitors, Industry Revenue
The United States payment card market volume is estimated to reach 4,133.7 million units by 2025. As a result of customer convenience, improvement in security, standardization and better financial services the demand for payment cards is expected to grow in the coming years. Financial cards such as Europay, MasterCard and Visa (EMV) that provides pin as a verification step have helped in reducing the number of counterfeit frauds in the U.S. The agreements and partnership between industry players and government are also driving the market further by implementing standardized products and strengthening the security for transactions.
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The major players in the United States payment card industry are entering into partnership and launching new products to sustain in the market. Additionally, some of the companies are developing powered payment cards that focus on increasing the security layer. For instance, In April 2017, Valid U.S.A, a subsidiary of Valid S.A. announced opening 225,000 square-foot facility in Bolingbrook. The facility aims to produce smart payment cards for credit and debit card user along with other business verticals such as retail, transportation, government and banks.
The United States payment card market report also includes qualitative insights of the market such as why U.S. had not implemented the EMV cards sooner and fraud loss by value of payments in billion.
EMV cards come in contact based, contactless and dual interface also and offer customer benefits such as convenience and customization. To reduce the number of frauds the U.S. has slowly and steadily started to move to EMV cards. Migration of U.S. to EMV cards faced a lot of implementation issues such as cost, short time for deployment, lack of Point of Sales (POS) terminals. Government initiatives such as Liability Shift and BuySecure, retailer’s initiatives and bank’s program that aimed to promote the switch to EMV cards also assisted during the implementation and transition period. The government initiatives to create awareness among individuals is anticipated to boost the United States payment card market further.
The regulatory authorities such as International Electrotechnical Commission (IEC) and the International Organization for Standardization (ISO) set some guidelines and standard requirements for the use of payment cards which are to be followed by card manufacturers across the globe so that the cards can be used anywhere across the world. Such standardization further moves and anchors the change in payment cards market. It is also projected to facilitate the growth of EMV cards in the U.S. during the forecast period.
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The contact-based segment dominated the United States payment card market by contributing USD 735.1 million in the year 2017. This trend is expected to continue in the coming years as majority of the United States citizens prefer contact based credit and debit cards for transactions. However, penetration of contactless payment card is witnessing a strong growth during the forecast period due to higher speed of transaction and ease of use.
The U.S. payment card industry is consolidated with majorly established players. The companies are focusing on launching new and innovative products by collaborating with technology companies. For instance, In July 2018, CPI Card Group announced collaboration with Commercial Business Systems (CBS) which provides premium software and IT services. The collaboration aims to streamline the approach to instant issuance through its Card@Once solution which can instantly issue EMV credit and debit cards on site. The major players in the market include Gemalto, Oberthur Technologies, Perfect Plastic Printing, Giesecke & Devrient, CPI Card Group, Goldpac Group Ltd, Valid USA, Inc., dz card, MCT Cards & Technology Pvt. Ltd, and CardLogix Corporation.
Key segments of the U.S. Payment card market
Type Overview, 2015-2025 (USD Million) (Million Units)
- Dual Interface
Key players analysed
- Oberthur Technologies
- Perfect Plastic Printing
- Giesecke & Devrient
- CPI Card Group
- Goldpac Group Ltd
- Valid USA, Inc.
- dz card
- MCT Cards & Technology Pvt. Ltd
- CardLogix Corporation
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