A new study by Juniper Research predicts that global card issuer spending on card technology will increase by 39%, from $9.8 billion in 2024 to $13 billion in 2029.
According to the study, payment cards delivered will stagnate over the next five years, declining by 2% globally between 2024 and 2029. While the level of financial inclusion is increasing significantly, fewer new accounts are being opened, reducing organic growth.
However, the emergence of new card types will help offset this trend. Growth is expected to be driven by banks and other card issuers attracting new customers with differentiated card types such as wooden or metal cards. The latter are expected to see a 178% increase in annual shipments over the next five years, reaching nearly 200 million cards per year by 2029.
The study’s author, Nick Maynard, said: “To sustain growth, banks need to develop bespoke card programs that target specific user groups. For card issuers, this means they need to both develop distinctive card offerings and offer services such as modern card issuing platforms to deliver a comprehensive and effective user experience. If banks fail to introduce new offerings, they will quickly fall behind more distinctive competitors.”
The new study offers the most comprehensive assessment of the payment card technology space to date, including insightful market analysis and detailed forecasts for 60 countries. The dataset includes 15,200 market statistics and the report includes a “competitor leaderboard” as well as an examination of current and future market opportunities.
