Global card expenditure to reach USD 45 tln by 2023

Tuesday 12 February 2019 13:08 CET | News

Card expenditure will continue to rise, with customers expecting to be able to use their cards even for low-value payments, a study from RBR suggests.

The report, Global Payment Cards Data and Forecasts to 2023, uncovers the fact that payment cards were used for purchases with a value of USD 25.1 trillion worldwide in 2017, an increase of 13% compared to 2016. Card expenditure is being outpaced by growth in the number of payments, as cards are being used for lower-value payments, often displacing cash at small retailers.

Other key findings:

  • global card expenditure will grow at an average of 10% per year between 2017 and 2023;

  • the average value of a payment will fall from USD 67 to USD 62 over the same period as the influence of contactless cards grows;

  • APAC accounts for 50% of global card expenditure, higher than its 28% share of the number of payments;

  • debit cards account for 55% of spending on cards worldwide, below their share of the number of payments;

  • the value of card payments worldwide will continue to rise, but the average value of a payment will keep falling.

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Keywords: RBR, card expenditure, contactless payments, card, APAC, debit card
Countries: World