Payment Card Technologies Market: 2024-2029

The past few years has seen an unprecedented change within the payments market. The rise of eCommerce has led to a widespread transition to digital payments across markets, with cash use decreasing rapidly. In many ways, the card has been a huge beneficiary of these changes, becoming an integral part of eCommerce processes within Western markets in particular. The shift to contactless payment methods has also massively benefited cards, with NFC (Near Field Communication) capabilities embedded in cards having taken off at scale.

However, payment cards have not had it all their own way. The growth of digital technology has seen the rise of digital wallets, and while these they can be funded by payment cards in many cases, they also commonly bypass cards entirely. As digital payment methods proliferate, payment cards could be disintermediated, particularly with the rise of technologies such as Open Banking and AXA (account-to-account) payments. There is also the issue of relevance in emerging markets, where cards are not as well established.