Juniper Research recently released a report with a positive outlook for the future of cards. It predicts the modern issuing market will exceed $4.2bn by 2030, dispelling any whispers of the ‘death’ of cards. This forecast underscores the enduring relevance of cards in the ever-changing fintech landscape.
Despite common beliefs, cards aren’t on the brink of extinction. Instead, they’re evolving to cater to the digital-first economy’s emerging demands. Ongoing innovation in the fintech sector ensures cards maintain a central role in the payments ecosystem.
The report from Juniper Research reveals the potential for growth in the modern issuing market. This market encompasses not only physical cards but also virtual cards and tokenised mobile services. It suggests that cards are adapting to meet the needs of a changing consumer landscape.
Moving from Traditional to Modern Issuing
Issuing cards traditionally meant providing physical plastic cards to consumers. However, the shift towards a digital-first economy has transformed this approach. Modern issuing now includes digital cards and services, extending the concept of a ‘card’.
Moreover, the rise in online transactions has spurred the growth of digital cards and services. This expansion doesn’t undermine physical cards. Rather, it signifies the card market’s adaptation to meet the diverse needs of digital age consumers.
Interestingly, the expected growth of the modern issuing market isn’t confined to a specific region. It’s projected to be a worldwide trend, driven by fintech innovations.
So, the rumors of the card’s demise seem greatly exaggerated. As the Juniper Research report shows, cards are far from disappearing. They’re instead adapting and evolving to stay relevant in the swiftly changing fintech landscape.
