Financial Services & Insurance Research News

Research report explores the transaction value analysis of USA cards and payments market till 2021

The report USA Cards And Payments Market provides the insight into various payment cards market trends and growth opportunities in the USA along with the complete information about different types of cards in the market. It also offers an epitomized assessment about the competitors in the market, influential marketing strategies, customer purchase patterns, adopted payment methods in the e-commerce industry and significant government regulations associated with the USA cards and payments market. It provides reliable information about the different types of cash transactions, volumes of cardholders, market share, current accounts, growth in the number of cards, credit cards outstanding balances, transactional values, details of the issuers along with available banking schemes and futuristic analysis of overall cards and payment market in the United States.

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 e-commerce industry transactions reached a value of USD 452.1 billion in 2017 with the majority of the purchases happened using the credit cards. Along with payment cards, PayPal transactions also accounted for the important portion of e-trade sales.

The average online sales reveal the card penetration as 4.4 cards for each person. Although the mobile payment options like Apple Pay, Samsung Pay and Android Pay are gaining the momentum in online sales, the payment cards still find ample opportunities with the highly competitive market players.

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The report by Market Data Forecast predicts the e-commerce industry size to grow at an annual growth rate of 19.4% to reach 873.8 billion by 2021. The market is highly benefitted with the introduction of new features like the co-branded cards by the card issuers to promote the growing e-trade market.

The cash on delivery option provided by many merchants is having a greater impact on the online sales as customers prefer to pay the money after holding the product in their hands. However, various discount options, reward points and cash backs offered by the debit and credit cards are attracting more crowds towards the usage of payment cards for online shopping.

On the other hand, the special offers by the online retailers like low cost and various options to choose at convenience are encouraging the buyers to prefer cashless payments promoting the USA Cards and Payments Market. Around 60% of the online purchases were made using Visa cards in 2017, where credit cards dominated the debit cards in these transactions.

Moreover, there are some key factors that need to be considered while selecting the card payments for internet shopping. One such factor is the security, as 33% households in the US avoid online shopping due to the concerns of information security.

The increasing growth rates of e-wallet, cash transfer and pay on delivery will certainly have a greater impact on the cards and payments market of the USA.

American Express, JPMorgan Chase, Wells Fargo, Capital One, Visa and MasterCard are the highly competitive and leading market players in the USA Cards and Payments Market.

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