CARPINTERIA, Calif., Feb. 05, 2016 (GLOBE NEWSWIRE) -- Worldwide purchases of goods and services generated by credit, debit, and prepaid cards is projected to reach $48.670 trillion by 2024 according to the annual report Global Card Spending in the current issue of The Nilson Report, the top trade journal covering the card and mobile payment industries. These card-present and card-not-present type payments were initiated by credit, debit, and prepaid cards with American Express, Diners Club, Discover, JCB, MasterCard, Mir, RuPay, UnionPay, Visa, and PIN-based EFT system brands.
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Cards issued in the Asia-Pacific region are expected to generate $27.768 trillion, or 57.05% of worldwide purchase volume in 2024, up from a 48.67% share of global purchase volume in 2014.
The United States held a 25.48% share of global purchase volume for general purpose cards in 2014. That share is expected to decline to 22.37% by 2024, when card spending is projected to reach $10.887 trillion.
In Europe, credit, debit, and prepaid cards with general purpose brands accounted for 17.83% of global purchase volume in 2014. This is projected to fall to 14.01% by 2024, but purchase volume will reach $6.820 trillion.
Latin America’s general purpose payment cards accounted for a 3.58% share in 2014, and market share is expected to fall to 2.95%, reaching $1.435 trillion by 2024. Payment cards issued in Canada held a 2.96% share of the global market in 2014. By 2024, they are projected to fall to 1.96% when purchase volume is expected to reach $0.953 trillion.
In the Middle East/Africa region, market share of global purchase volume tied to cards was 1.49% in 2014, and projected to increase to 1.66% of the global total by 2024. Purchase volume is expected to reach $0.806 trillion.
About The Nilson Report
The Nilson Report is the most widely read source of global news and analysis about the card and mobile payment industries, with subscribers in 88 countries. The publication, which does not take advertising or sponsored content of any kind, provides in-depth rankings and statistics on the current status of the industry. David Robertson, Publisher of The Nilson Report and a recognized expert in the field, is a frequent speaker at industry conferences and is regularly quoted in publications worldwide. Contact Lori Fulmer at email@example.com for a complete copy of this report in the current issue of the newsletter.
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Source: The Nilson Report