Financial Cards and Payments

In 2023, financial cards and payments in Germany had to navigate a complex landscape. On the one hand, there was a slow yet steady increase in transactions, particularly in industries such as travel and dining that rebounded as pandemic restrictions…

A government-led financial inclusion initiative enticed a burgeoning population to embrace the formal banking sector, resulting in further uptake of financial cards, in particular, debit cards, in 2023. The Pradhan Mantri Jan Dhan Yojana (PMJDY)…

The biggest news of 2023 has been administrative, with the Federal Reserve fighting inflation and the threat of recession. With inflation well above recent norms in 2022, the Fed spent roughly 18 months in a constant dance of deciding whether to…

Although cash transactions continued to play a strong role in Austria, a clear shift from cash to card payments continued in 2023. The outbreak of COVID-19 in Austria further accelerated the change, with consumers appreciating the contactless form of…

The United Arab Emirates continues its journey towards a cashless society, with the continued adoption of digital payment solutions, contactless cards, and the emergence of supplementary payment platforms or solutions in pre-paid cards that support…

The landscape of card transactions in South Korea is undergoing a remarkable transformation marked by a gradual decline in cash usage. This paradigm shift is primarily driven by the widespread adoption of mobile financial services, a trend that has…

While the initial surge in spending and reopening of the economy, with the easing of the threat of Coronavirus (COVID-19) and lifting of related restrictions, has started to stabilise, the Philippines continues to experience robust growth in both…

In 2023, the Thai economy is witnessing an economic recovery following the harsh impact of the pandemic and consumer confidence is on the rise. Private consumption is gathering momentum aided by the government program “Shop Dee Mee Kuen” (Shopping…

Saudi Arabia has taken significant steps to transform itself into a cashless society – starting even before the event of the COVID-19 pandemic, which triggered digital evolution in industries globally. In this regard, the Kingdom of Saudi Arabia…

Financial cards and payments in Malaysia in 2023 exhibited significant continuation with 2022 in terms of the direction of travel in the post-Coronavirus (COVID-19) period. The strong moves towards a cashless society in Malaysia, pushed by the…

Financial cards and payments performed well in Italy in 2023, both in terms of the number of cards in circulation and the value of transactions. Growth was underpinned by the growing trend towards cashless payments, even for smaller amounts, thanks…

2023 is witnessing a substantial increase in both the volume and value of financial cards overall, primarily driven by government initiatives aimed at encouraging cashless payments. Debit cards, credit cards, and pre-paid cards are all seeing healthy…

A significant shift is underway in the realm of Dutch public transport, as the familiar OV chipkaart is being gradually phased out and replaced with a more versatile system known as OVpay. Since the start of 2023, travellers on public transport have…

In 2023, the Netherlands is experiencing its first full year without COVID-19 restrictions, leading to significant shifts in the payments landscape. For offline payments, this has resulted in a notable increase in card payments and proximity mobile…

Cash remains an important mode of payment in the Czech Republic, especially in rural areas, although modernisation is driving growth in financial cards and payments. The expansion of POS terminals in retail stores is driving financial card…

In 2023, electronic and mobile payments have taken centre stage, greatly reducing reliance on cash transactions in Taiwan. Local residents have enthusiastically adopted various digital payment options, particularly digital wallets, which have emerged…

The two pandemic years boosted the use of financial cards in Sweden. While the use of cash in the country was already exceptionally low by global standards at the start of the review period, its role diminished further during the pandemic due to…

Romania lags behind in financial inclusion compared to other nations, showcasing a lower uptake of basic financial services, primarily due to a trifecta of factors: low financial literacy levels, a significant grey economy, and a widespread…

Financial cards and payments in Poland is undergoing substantial change with the continued increase in non-cash transactions in 2023. Card operators are focused on providing access to a variety of payment methods so that the consumer and merchant can…

Financial cards and payments have indeed witnessed substantial growth in 2023. However, this growth has seen a notable slowdown due to consumers adopting a more cautious approach to spending. Factors contributing to this caution include the sluggish…