Market Sizing
The USA cards and payments market are the second-largest in the world after China, and most highly competitive market for payment cards. The market is mature, with a high penetration of debit and pay later cards. Debit cards are being increasingly used for small ticket purchases, while pay later cards are used for medium to high-value purchases. Balance transfer and reward cards featuring cashback are increasingly gaining popularity among the consumers.
In terms of transaction value, the USA cards and payments market crossed the US$7 Tn mark and saw close to 117 billion transactions in 2018. Consumers are increasingly making low-value payments with cards, as evident by the decreasing average transaction values. With financial institutions making a push for contactless cards, the average transaction values are anticipated to further decrease.
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Industry Enablers
The US e-commerce continues to grow at a steady pace. While payment cards and PayPal continue their dominance for online purchases, emerging payment solutions including Apple Pay, Samsung Pay, Google Pay, Chase Pay and Amazon Pay are gaining prominence.
Payment cards in the US have traditionally used a magnetic stripe. But a nationwide migration to EMV standard is now underway with major banks, replacing magnetic stripe with chip and PIN. The adoption of EMV cards was largely triggered by EMV fraud liability shift deadline on October 1, 2015.
Regulatory Framework
With increasing preference for prepaid cards among consumers, the Consumer Financial Protection Bureau (CFPB) in October 2016 introduced a slew of measures aimed to strengthen consumer protection for prepaid cardholders. The rule also requires card issuers to disclose the cards’ fee including monthly fees, extra charges for customer service and fees for ATM withdrawals and balance inquiries.
Some of the dominating players profiled in the US Cards and Payments Market report:
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Key Operators
American Express, JPMorgan Chase, Wells Fargo, Capital One, Visa and Mastercard continue their dominance in the payment cards market. The merchant acquiring market has witnessed the largest acquisition with Vantiv acquiring Worldpay for US$10 Bn.
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