Modern card issuing platforms will issue 35% of all payment cards by 2029 as banks begin to compete on user experience


Basingstoke, UK, June 3, 2024–(Business Wire)–A new study from Juniper Research, the most authoritative expert on the fintech market, finds that the number of bank cards issued by modern card issuance platforms will double from 748 million in 2024 to 1.4 billion in 2029 . Enables card issuers to issue payment cards instantly. To remain competitive with agile digital banks, traditional banks must adopt modern card issuance platforms to respond to rapidly changing consumer trends and improve user experience.

Excerpts from the new report, Global Modern Card Issuance Platform Market 2024-2029, are now available for free download.

Place the card “on top of wallet”

As the number of payment methods available to consumers increases, the report predicts that card issuers will face increasing competition to maintain their “top of wallet” status for users. Personalized cardholder services offered by modern card issuance platforms, such as smart PINs and personalized graphics, are expected to be a key point of differentiation compared to services offered by competitors.

In addition, the ability to customize the issuance of cards will allow financial institutions to meet emerging regulations requiring accessibility services, including the European Accessibility Act. For example, modern card issuance platforms will simplify the issuance of cards that offer features such as voice payment cards for the visually impaired.

Payment cards need to modernize to stay competitive

The report notes that digital-first issuance, where digital cards are immediately available while physical cards are in transit, can help banks modernize their products. This approach improves card activation rates and enables customers to start shopping immediately; in the face of competition from A2A (account-to-account) payments, Help Cards remains a valuable proposition. Issuers that fail to provide this service will struggle to remain competitive.

About Research Suite

The new market research suite provides the most comprehensive assessment of the modern card issuance platform market to date, analyzing and forecasting more than 13,000 data points across 60 countries over five years. It includes a “competitor ranking” and a review of future market opportunities.

Juniper Research has been providing market intelligence and advisory services to the global financial industry for two decades and is employed by many of the world's leading banks, intermediaries and providers.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240602845962/en/

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