The new report shows that, the total number of card payments worldwide increased by 15% in 2015 to 270 billion, compared to the 8% rise in card numbers. Increasing acceptance and evolving consumer habits are the two main drivers of this growth.
According to the RBR study, the number of card payments worldwide is projected to rise by 55% between 2015 and 2021 to reach 417 billion. The rise in the number of card payments will be strongest in emerging economies, like those of Middle East and Africa (MEA), central and Eastern Europe (CEE) and Asia-Pacific.
Different markets are applying various strategies to increase the usage of cards as a payment method. In Thailand, the report shows, marketing by banks to promote debit cards as a payment instrument and incentives offered to merchants to increase acceptance are contributing to the rise in card payments.
In the Czech Republic and Poland, as well as in other developed markets, the rapid spread of contactless cards and acceptance infrastructure has stimulated the use of cards for payments.