Purchase of goods and services through credit, debit, and prepaid cards across the globe is anticipated to reach $48.67 trillion by 2024, according to the latest issue of The Nilson Report.
Cards issued in the Asia-Pacific are projected to generate $27.768 trillion by 2024, accounting for the highest share of the global purchase volume at 57.05%. This represents a significant rise compared to 48.67% share of the global purchase volume in 2014.
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The only other region expected to record a rise in the payment card market share is the Middle East/Africa region. Payment cards in Middle East/Africa are expected to account for a 1.66% share of global purchase volume by 2024, an increase from 1.49% in 2014. By 2024, purchase volume in the region is anticipated to reach $0.806 trillion.
In the US, general purpose cards are expected to account for a 22.37% share of global purchase volume by 2024 compared to a 25.48% share in 2014. Card spending in the region is projected to reach $10.887 trillion by 2024.
In Europe, general purpose cards are expected to account for a 14.01% global purchase volume by 2024, down from 17.83% in 2014. Purchase volume is projected to reach $6.82 trillion by 2024.
In Latin America, general purpose payment cards are anticipated to account for a 2.95% market share by 2024, a decline from 3.58% share in 2014. Purchase volume is projected to reach $1.435 trillion by 2024.
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By GlobalDataIn Canada, payment cards are expected to represent a 1.96% market share by 2024 compared to a 2.96% in 2014, with purchase volume expected to reach $0.953 trillion by 2024.
