U.S. Card Issuers Poised for Growth: The Tipping Point Is Now
Report Summary
U.S. Card Issuers Poised for Growth: The Tipping Point Is Now
Card-industry innovation and economic trends are leading to a fundamental paradigm shift that will propel growth for card payments.
Boston, March 13, 2012 – A new report from Aite Group provides an overview of U.S. card-industry executives’ impressions of major trends occurring in the card payments business. Based on an Aite Group survey of 20 U.S. financial services card-issuing industry executives at the ATM, Debit & Prepaid Forum in Las Vegas in November 2011, the report reveals industry insiders’ views on a multitude of subjects, such as digital-wallet mobile payments, EMV, interchange, small-merchant acceptance, and the underbanked and unbanked. Additionally, the survey presents insider views of the most admired companies in the industry.
Following recent, turbulent years in which the U.S. card payments industry was plagued by regulatory compliance and a poor economy, the industry is finally beginning to gain traction. Today, the card payments industry is bustling with activity in the forms of product and technology innovation, and transaction volume on credit, debit, and prepaid cards is growing. This activity is leading to a fundamental paradigm shift: Executives are no longer asking “if” events such as EMV and digital-wallet mobile-payment capabilities will occur in the market, but “when.”
“As the card payment industry moves into a period of growth and preparation, investments will be key for players seeking to capitalize and gain market share,” says Madeline K. Aufseeser, senior analyst with Aite Group and author of this report. “Organizations that start investing now will be in the best position to take advantage of upcoming opportunities. The risk associated with inaction, on the other hand, is significant, and includes the possibility of becoming a minor player, losing relevance in the space, or being disintermediated by organizations that bring new innovation to the marketplace.”
The report references the following companies: Account Now, ADP, Amazon, American Express, Apple (iTunes), Bancorp, Bank of America, Capital One, Cardtronics, Diebold, Discover, Facebook, Green Dot, H&R Block, Google, Incomm, Isis, JPMorgan Chase, MasterCard, Monitise, NCR, NetSpend, PayPal, Plastyc, Square, Starbucks, SunTrust, SVS, U.S. Bank, USAA, Visa, Walmart, Wells Fargo, and Western Union.
This 30-page Impact Report contains 21 figures and two tables. Clients of Aite Group’s Retail Banking service can download the report.