The German payment landscape is undergoing a significant transformation driven by the increasing popularity of digital payment methods, shifting consumer preferences, and the emergence of new technologies. While cash remained prevalent in bricks-and-mortar stores in 2024, especially for smaller transactions, the trend towards cashless payments is clear. Consumers are increasingly opting for non-cash alternatives, particularly using debit cards, which remains the most popular non-cash payment met

Despite a steady increase in real GDP growth in 2024, South African households still faced financial challenges. This struggle was highlighted by persistently high unemployment rates, which remained above 30%, forcing over 20% of households to rely on social grants. The challenges were exacerbated by a prolonged 15-year high interest rate, resulting in many mid-income families finding it increasingly difficult to repay asset-backed debts, such as mortgages, due to shrinking disposable incomes. H

Consumer lending in Morocco is expected to maintain growth in both gross lending and the outstanding balance in 2024. Increases are anticipated for all types of lending, although card lending and durables lending are set to see the strongest increases. Key players seeking to remain relevant have been rapidly adapting their offer with an innovative, wider range of products, characterised by simpler, more flexible lending terms and conditions, such as Bugshan Automative Group’s tailored auto lendi

2024 was yet another big year for financial cards and payments in the US. Two major stories dominate the overall big picture for the US at the opening of 2025 – the continued fight against inflation, and the new Trump Administration taking the reins. Inflation has been a long-standing concern for several years now, but 2024 saw inflation finally getting closer to a semi-normal level. While inflation still held above the target rate of the US Federal Reserve, it slowed down enough that the bank f

Following a period of significant disruptions, 2024 emerged as the most stable year for financial cards and payments in Denmark in a long time. The review period was marked by major upheavals, including the COVID-19 pandemic, which temporarily altered spending and payment habits, followed by a rebound as Danes returned to familiar patterns. The post-pandemic surge in foreign spending and other pent-up demand was compounded by the inflationary effects of the Russian invasion of Ukraine, leading t

Financial cards and payments in the Czech Republic posted healthy growth in total card circulation numbers and volume and current value transactions in 2024. These results reflected the well-established tendency of consumers and businesses in the country to reduce their use of cash in favour of card-based and digital payment solutions. Having become more ingrained in the aftermath of the pandemic, this behaviour continued to be encouraged by improvements in financial inclusion and financial lite

As Nigeria slowly moves toward a cashless society, demand for financial cards and digital payment solutions continues to rise. The industry has benefited from government efforts to boost financial inclusion through initiatives like Afrigo, a domestic card scheme set to compete with other card operators due to its convenience and affordability, as well as the rapid expansion of payment infrastructure like POS machines. In addition, rising concerns over fraud have resulted in more households shift

The commercial payment reconciliation market is evolving driven by payment firms, banks and business software vendors. Currently, the sector focuses on driving penetration of virtual products while leveraging ERP/accounting integration. Emerging technologies such as blockchain, AI will leapfrog development in transparency, security and automation, reducing human intervention. Also, data quality has to be improved and standardised. Furthermore, digital payment diversity and SME inclusion are chal

Financial card and payment transactions in Turkey continued to witness steady growth in 2024. Card spending strengthened as consumers switched away from cash amid greater dependability on credit cards due to rising living costs. High inflation, economic uncertainty and ongoing retail price instability encouraged some consumers to rely on credit cards, although soaring interest rates were a deterrent for some in 2024. Consumers have become more reliant on credit cards due to the growth in retail

Financial cards and payments in Israel saw a rise in local adoption of digital wallets in 2024. Digital wallets have rapidly gained traction, experiencing substantial growth since the introduction of Apple Pay and Google Pay in 2021. Many consumers now rely on their smartphones for payments, often leaving their physical wallets at home. This shift is driven by the convenience offered by digital wallets, particularly for transactions exceeding ILS300, where a code is required when using a physica

The year 2024 marks the end of a relatively turbulent period in Sweden’s financial cards and payments. The role of cash has become marginalised in a society where digitalisation has been spearheading changes in mobile payments for some time. Even though inflation declined in 2024, consumers remained under pressure as the costs of living remained high. Consumer confidence also floundered as the economy experienced a mild recession and unemployment increased. With inflation falling over 2024, tran

In 2024, the development of Ukraine’s financial cards and payments market continued to be heavily influenced by Russia’s ongoing war against Ukraine. Despite the challenging circumstances, including widespread attacks on cities and frequent power outages disrupting merchants, ATMs, and bank branches, the industry demonstrated remarkable resilience. To safeguard the financial system, the National Bank of Ukraine (NBU) implemented the Power Banking initiative, creating a network of bank branches c

In the context of a stable and growing economy (after various crises), card payments continued to grow in Greece in 2024, driven by debit cards which are, by far, the dominant card type. Greece, a traditionally cash-oriented economy, has been quick to adopt card payments over recent years, a trend accelerated by the COVID-19 pandemic, with the momentum of e-commerce and digital wallets, as well as government measures that provide tax incentives for consumers who use cards, and laws dictating the

Financial cards and payments in Colombia performed well in 2024, with rates of growth in volume and current value transactions surpassing those recorded in 2023 and the total number of cards in circulation increasing at a solid pace. These results were partly attributable to higher confidence and spending among the population as inflationary pressures steadily receded and economic activity picked up. However, the primary driver of expansion remained the long-term tendency of consumers and busine

Financial cards and payments is seeing stable growth in the number of cards in circulation in Hungary in 2024. Indeed, the use of financial cards, both physical cards and their virtual counterparts, continues to grow, driven by a rich array of smartphone applications with built-in payments, and other smart solutions (e.g., QR code payments) that make card payments more convenient, fast and versatile. Added to which, there are also new usage occasions, such as the Budapest Pay and Go ticket purch

In Romania, the percentage of cash payments remains high with many employees receiving their wages in cash, which naturally reduces the use of financial cards. Nonetheless, cards have witnessed rapid growth in recent years with the share of card payments rising year on year. Digital payments are driving the use of card transactions supported by retail e-commerce platforms which have adopted digital payment methods to improve the customer experience and increase sales. The integration of secure p

Financial cards and payments continued to grow in Peru in 2024, due to several factors. One of the most influential factors is the improvement of the Peruvian economy, which is helping to boost consumption in general, thanks to the growth in national production, with inflation levels within the target range, and the greater possibilities of obtaining work. Little by little, these factors are helping to improve the incomes of the population, who are thus encouraged to increase their consumption.

Financial cards and payments in Italy has shown a solid performance in 2024, with total card circulation numbers and volume and current value transactions rising at healthy rates. Expansion continues to be underpinned by the increasing tendency of consumers and businesses to move away from cash in favour of card-based and digital payment methods. This well-established trend has become more pronounced since the pandemic, and is constantly reinforced by improvements in merchant acceptance, investm

Financial cards and payments continued to rise in Portugal in 2024 as cards and electronic payments continued taking ground from paper. The trend towards for cashless payment solutions has accelerated, largely due to contactless technology and the adoption of smartphones as payment devices. Despite still having a reduced weight in the total number of operations, instant transfers also gained traction in 2024. The average spend per card decreased over the course of the year, driven by the growing

Financial cards and payments witnessed another robust year in 2024 as inflationary pressures cooled slightly in Norway. The number of cards and transactions has remained stable with only minor fluctuations in recent years. Current value growth witnessed a more positive trend due to pent up demand for experiences and travel, although sales were elevated by higher inflation. The weak NOK has also made cross border payments relatively more expensive for Norwegians in local currency terms, both when

Financial cards and payments in Canada was impacted by moderated inflation rates in 2024, following raised interest rates immediately post-pandemic when inflation was high. Now, with the situation eased somewhat, the Bank of Canada has cut rates more than once during 2024. While this has undermined the attractiveness of debit and savings accounts, it has proved a plus for credit card holders in the local market. Overall, Canada still faces several economic challenges, in large part connect to th

Financial cards and payments were being affected by a shift towards digital and contactless payment methods in the Netherlands in 2024. In offline terms, this means a strong take-up of contactless card payments and digital wallets. Indeed, contactless payments make up the majority of checkout/till-based payments, with consumers seeing this as a safe and convenient way to pay.

2024 saw further changes for financial cards and payments in Poland. Consumers increasingly expect products and services that are tailored to their needs and allow for smooth and intuitive transactions. Companies demand the same – simpler, more efficient and intuitive solutions that help them manage business more effectively. Digitalisation continues to progress, with more and more consumers using digital services to pay for goods and services and to transfer money to each other. Companies are a

Financial cards and payments continued to see growth in Egypt in 2024. This is attributed to various reasons, from economic turbulence including high inflation, currency devaluation, an increase in fuel prices, and reduced subsidies, to higher financial inclusion rates. Added to which, financial cards continue to overtake cash as a means of payment, alongside the use of digital payment methods which are also rising in popularity. Added to which, the continuing digitisation of essential services