GIA announces the release of a comprehensive global report on Debit Cards markets. The number of debit cards in use is projected to reach 5.3 billion by the year 2015, driven by the consumer need for exercising enhanced control over expenditure, in the wake of adverse economic conditions. Tightening credit scenario and cautious approach adopted by financial institutions in issuance of credit cards is also driving consumers to opt for debit card-based transactions.
Debit Cards: A Global Strategic Business Report
San Jose, California (Vocus) November 1, 2010
The global economic meltdown and rising unemployment levels have forced consumers across the world to re-evaluate spending patterns, with credit cards segment severely affected by consumers restricting spending. The enhanced emphasis on limiting expenditure and difficulty in availing credit is contributing to the increased use of debit cards across the world. Growth of debit market is also attributed to the growing acceptance of small ticket debit transactions among the merchant community. Consumer focus on scaling back expenditure by adopting pay-as-you-go strategy is proving beneficial for the debit card market. The steady growth in debit transactions even during adverse economic conditions indicates the rising consumer preference for using debit cards in payments of routine purchases. Debit card industry faces challenges due to conflict associated with interchange rates, and rising incidences of fraud and data breach.
Asia-Pacific and Europe account for more than two-third share of the total debit cards in use across the world, as stated by the new market research report on debit cards. Increasing adoption among young consumers and growing number of online transactions are major factors driving debit cards market. Apart from offering a convenient mode of payment to consumers, debit cards provide easy payment options for government and business sectors in applications such as benefits, payroll and food stamps. Rising use of debit cards is led by the advent of advanced technologies that facilitate higher card usage by enabling faster, convenient and efficient transactions. Further, the loyalty and reward program offers are also fuelling prospects in the debit card industry.
Debit card market in the US continues to register steady growth even during adverse economic conditions, largely due to consumer preference for debit as well as growing acceptance of small ticket debit transactions among the merchant community. The economic downturn has compelled consumers to re-evaluate their spending patterns, and seek convenient modes of payments for purchases. The cautious approach adopted by credit card issuers is also contributing to the growing use of debit cards. US consumers are increasingly exhibiting preference for PIN debit rather than signature debit, due to the enhanced security offered in such payments and the relatively ease of managing such transactions. Signature debit card programs generate higher interchange revenue for financial institutions as compared to the online/PIN-based debit card initiatives. As a result, card issuers focus on promoting offline card programs.
Asian countries are active users of debit cards, particularly PIN-based debit cards, which are being used as replacements for cash-based transactions. India and China are projected to drive debit card numbers in Asia-Pacific region. In Australia and New Zealand, debit cards are gaining momentum as ideal alternatives for credit cards and cash. China and Korea offer extensive and advanced infrastructure for electronic payments.
The report discusses several global and regional debit card issuers and EFT/card processing companies. Major players profiled include Bank of America Corporation, Barclays Bank Plc, Citigroup Inc., Crédit Agricole S.A, Deutsche Bank AG, HSBC Bank plc, ING Group N.V., JCB Co., Ltd., JPMorgan Chase & Co., Laser Card Services Ltd., Lloyds Banking Group PLC, Wells Fargo & Company, PULSE EFT Association, First Data Corporation, MasterCard Incorporated, and Visa Inc.
The research report titled “Debit Cards: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a strategic review of industry, key market trends, recent product launches, strategic corporate initiatives, and profiles of key market participants. The report provides annual estimates and projections for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World.
For more details about this comprehensive market research report, please visit –http://www.strategyr.com/Debit_Cards_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press(at)StrategyR(dot)com
Web Site http://www.StrategyR.com/
Telephone 408-528-9966
Fax 408-528-9977
Email press(at)StrategyR(dot)com
Web Site http://www.StrategyR.com/
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