China Union Pay has usurped Visa’s top rank to
become the world’s most prolific payment card scheme, according to
a new research.
A new study by Retail Banking Research says
that China UnionPay’s logo can now be found on three in every ten
cards worldwide. However, Visa cards still dominate in terms of
usage and spending, the latter appears on.
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While revealing a decline in the number of
cards in North American and Western European regions, the research
predicts growth of the global market from 8.0 bn in 2010 to 10.1 bn
by 2015.
Other findings reveal a 10% growth in the
prepaid and debit cards sector, each, in 2010, with a rising trend
in prepaid cards issuance in countries with high bank account
holdings. The share of prepaid cards is expected to rise to 5% by
2015.
The credit card sector registered a 6% decline
but, according to the research, even as increased regulations may
revive the sector, the prepaid and debit card sectors are expected
to see grow more rapidly.
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