Due to the major factors of the US payment card industry technological advancements, improvement in security system and standardization by regulatory authority the US payment card market is anticipated to witness a hike over the forecast period.
Previously in 2017, the global US payment card market size was valued at USD 934.3 million and estimated to project the value of USD 4,133.7 million in 2025.
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One of the major factors driving the global U.S. payment card market growth is the U.S. government’s initiatives to shift from cash to cashless economy. According to the Bank for International Settlements, in 2015, North America dominated the overall market in the number of non-cash transaction by contributing around 34%. The non-cash transaction includes cheques, payment cards, online payments, and mobile wallets.
The global US payment card market share is segmented into type overview. Based on the same, the global US payment card market is categorized into contact, contactless, and dual interface. In 2017, the contact-based payment card efficiently influenced the U.S. payment card market and is estimated to keep the consistency over the forecast period. Maximum count of U.S. citizens prefers contact-based traditional and EMV smart cards to complete the transaction. The chip card requires a confidential PIN to authenticate the transactions, it is the one of the most preferred type of card. Moreover, many of the business and commercial transactions require personal identification number to complete the transaction. However, this reduces the count of frauds occurring by data theft.
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Furthermore, the U.S. payment card market is witnessing a healthy growth as people are more likely believing on the digital and cashless economy. Moreover, the U.S. payment card industry is introducing new products and services with advanced security features in the financial industry which is therefore increasing the penetration of payment cards in the market.
Looping on to the geographical view, U.S. holds the world’s largest user base of magnetic stripe cards and was the last developed country to adopt EMV cards. Due to the increase in the count of magnetic card frauds such as card cloning, ATM machine frauds, and thefts the fraud prevention system of the U.S. government was challenged to solve the situation and had an only choice of implementing EMV standards. With good results, EMV cards had been successful in reducing the number of frauds across Europe, and Asia Pacific as it added tokenization to the security layer.
Moreover, the advancement in technology has completely changed the way payments were made using microchip cards. Near Field Communication (NFC) is one of the latest U.S. payment cards trends and emerging technology which has significantly enabled contactless payment through mobile devices and wearables such as smartwatches, rings, jewellery, and other accessories. However, the transaction is completed conveniently by holding the devices near the payment terminal.
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
Major Points from TOC of the US payment card industry report:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
- Research approach
- Scope, definition, and assumptions
- Data sources
Chapter 3. Market Outlook
- Key trends
- Market drivers
- Market restraints
- Porter’s Five Forces’ analysis
- Value chain analysis
Chapter 4. US Payment Card Market Overview, By Type
- US payment card market share, by type , 2017 & 2025
- Dual Interface
Chapter 5. Company Profiles
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