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Worldwide increase in bank accounts boosts card numbers

November 3, 2016

The Middle East and Africa and Asia-Pacific were the fastest-growing regions for payment cards in 2015, with card numbers up 13 percent and 10 percent, respectively, according to the new RBR report, "Global Payment Cards Data and Forecasts to 2021." 

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The strategic research and consulting firm forecasts that the number of cards worldwide will rise 28 percent from 13 billion to 17 billion between 2015 and 2021, with MEA and Asia-Pacific continuing as fastest-expanding regions with growth of 49 percent and 35 percent, respectively.

Debit cards make up 70 percent of payment cards globally, up from 68 percent in 2014, and will see the most growth through 2021, due to a continued rise in account ownership, RBR predicts. The report forecasts that debit cards will represent 72 percent of all payment cards by 2021.

"Although the growth rate in the number of cards worldwide is slowing down, there are several large markets which still have considerable potential," said RBR Senior Associate Chris Herbert, who led the study. "For example, there are comparatively low levels of bank account and cardholding in India, Indonesia, Nigeria and Pakistan, and therefore huge numbers of possible new clients who have not yet entered the banking system."

The number of credit cards worldwide rose 2 percent in 2015, but their share of total cards fell 1 percent to 22 percent. RBR predicts a further drop to 19 percent by 2021.

"Despite varying levels of maturity of the cards markets in different countries, we forecast that debit cards will continue to see faster growth than credit cards, as a result of rising bank account holding and regulatory and economic pressure on the credit card sector," Herbert said.