Growing e-commerce industry favors the cards and payments industry of the USA
Hyderabad, India -- (SBWIRE) -- 03/14/2018 -- According to the report "USA Cards And Payments Market - By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS And ATM's), By Payment Instruments (Credit Transfers, Direct Debit, Cheques And Payment Cards) - Transaction Value, Volumes, Historical Trends, Analysis And Forecasts (2017 -2021)" published by Market Data Forecast, the United States market with around 1,205.9 million cards in circulation holds the second place of global payment cards market after China. The most commonly used payment cards in the nation are Debit card and Credit card. Pay later cards (Credit cards) are mostly used for average to expense level purchases, whereas, pay now cards (Debit cards) are used for minimal transactions like transport or movie ticket purchases. In recent times, the other payment options gaining traction in the markets are cash transfer and prepaid or reward cards.
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The report of Market Data Forecast reveals that the number of cards functional in the country are about to reach 1,312.8 million by 2021. It is also predicted that the total transactional value will increase from USD 5,265.5 billion to USD 5,681 billion during the forecast period. The main factor driving the cards and payments industry of the USA is the increasing online sales with the payment cards leading the market from the front.
Other important factors driving the USA payment cards market would be raising the use of EMVs associated contactless cards, new developments in the retail and e-commerce industries, various reward options from banks like cash backs and purchase points, and user attractive custom payment options by banks and card issuers.
However, the advent of smartphone operators in the form of e-wallets like Samsung Pay, Apple Pay, and Android Pay has transferred a lot of user base to mobile payments and the strict government regulatory fees levied on the card transactions are strongly hindering the market growth.
The recent collaborations and acquisitions in the market have also pushed the demand for payment cards increased use in the US. For example, the acquisition of WorldPay by Vantiv, by paying a whopping amount of USD 10 billion.
The key players in the USA Cards and Payments Market are American Express, JPMorgan Chase, Wells Fargo, Capital One, Visa and Mastercard.
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Key Questions Answered by the report
- What is the market size of the USA Cards and Payments market?
- What are the major operators and issuers in the US?
- What is the current state of emerging payment technologies?
Reasons to Purchase this report
- Track key industry trends, opportunities and threats related to the USA cards and payments industry and each market within it.
- Gain insights into the competitive landscape of card issuers for both, debit cards and pay later cards.
- Gain insights into marketing strategies used by market players for various card types in the US.
- Gain insights into key regulations governing the USA cards and payments market
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