card payments, Daily News, E-Commerce, Global card payments, Issuing & Acquiring, payment statistics, Payment Yearbooks, payments cards statistics, payments cards yearbook, POS Terminals -

Global card payments set to rise by more than half to 500bn by 2022

The total number of card payments worldwide increased by 14% to 310 billion in 2016, notably higher than the 8% increase in card numbers, according to RBR’s Global Payment Cards Data and Forecasts to 2022. In all regions, consumers are increasingly choosing cards to make purchases.

The report found that while growth in the number of card payments outpaced growth in the number of cards in virtually all markets, local factors were key in boosting specific fast-growing markets. A well-publicised demonetisation exercise in India contributed to a rapid rise in card usage, while high inflation and wider card acceptance have led to the increasing use of card payments in Iran. In Russia too, increased acceptance by SMEs and micro-enterprises, in addition to loyalty programmes incentivising debit card payments, contributed to the significant rise in card payments.

According to the study, the proliferation of contactless technology and the increasing frequency of contactless payments, especially for low-value purchases, have been key to the growth of card payments in many mature markets. In France, both banks and the government have actively pushed the technology to reduce cash usage and encourage efficiency, while the UK has seen a rapid increase in contactless payment acceptance matched by growing cardholder confidence in the technology.

Forecast growth in the number of card payments by region

                     Source: RBR Global Payment Cards Data and Forecasts to 2022

Card payments to grow twice as quickly as card numbers

The report forecasts the total number of card payments worldwide to reach 483 billion by 2022, a 56% rise compared with 2016. This is more than double the rate of growth in card numbers, which are projected to increase by 22% over the same period.

All regions will see faster growth in card payments than in card numbers. In both the Middle East and Africa (MEA) and central and eastern Europe (CEE), projecting the total number of card payments to more than double between 2016 and 2022. People in these regions do not use cards frequently for payment in comparison to North America and western Europe. The research suggests that financial inclusion programmes and rising card acceptance in developing markets will be a common factor in increasing consumer use of payment cards.

In more mature markets, growth will be characterised by local regulations mandating card acceptance for a widening range of merchant sectors, and also by further penetration of contactless technology for lower-value payments.

For more on European Card Statistics click HERE

The post Global card payments set to rise by more than half to 500bn by 2022 appeared first on Payments Cards & Mobile.