Juniper Research has found that the number of digital credit cards will exceed 321 million globally by 2027. The number currently sits around 120 million. The 170 percent growth reflects advancing digital capabilities such as loyalty schemes and instant issuance.
“In emerging markets, the ability to instantly issue digital cards will be a key factor in users choosing credit cards over other payment methods. Card issuance platform vendors must ensure localisation to enable cards to be quickly pushed to the wallets popular in each market,” said Nick Maynard, Research Co-Author.
By 2027, global credit card spending will account for over US$9.7 trillion, which provides a significant opportunity for card issuers to encourage customers through loyalty programmes and optimal strategies.
