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Personal bank cards are a kind of plastic money, which is electronically connected to a bank account. The cardholder has access to get money automatically from the bank account when making purchases or vise-versa. The cards are in various forms and have a brand equity, with loyalty points, and other major benefits to the users. Earlier, it was easy to differentiate between debit card and credit card. However, today both cards can be used to make online purchases and can be swiped at the checkout counters.
In April 2019, NatWest bank, developed UK’s first biometric fingerprint card, which instead of pin, relies on a fingerprint of the cardholder to verify transaction. It is used to verify transactions above the £30 contactless limit as well as for other payment services for withdrawing cash from an ATM. The fingerprint is only held on the card and not centrally by the bank. Each transaction is verified using data which is encrypted and stored locally on the card. The fingerprint is unique and cannot be replaced, and thus biometrics are gaining ground as a secured and convenient alternative to passwords and PINs.
The various factors behind the adaption of an economy without borders propelled are, the robust change in customer demand, access to global products, transformation of consumers and business technologies, merger and acquisition of various investment institutes and banks, and falling obstacle to trade and travel. The personal bank cards to the complete end-users in this digitalized world are providing more opportunities to save time. The economic growth, from across the world has been accustomed to the market, due to its lucrative performance over the years of personal bank card issuance. The market has been reflected into breakdown of national and international economic issues such as rate of growth and size of money supply, foreign exchange transactions, control of financial institutions, and others.
The personal bank card market is segmented based on product type, application, and region. Based on product type, the market is divided into debit card, credit, prepaid, charge, stored-value, fleet cards, and others. Based on application, it is categorized into private banks, central banks, commercial banks, individuals, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The personal bank card market is highly competitive in nature, with an idea of exchange through payments have experienced huge advancements since the time of its inception. As consumer behavior changes, an expectation of multichannel emerges – that is the ability to pay with the same method whether buying in-store, online, or via a mobile device. This shift triggers a need for retailers to adapt toward fast, simple, and secure mobile payments. The major players in the personal bank card market include Advanced Card Systems and Solutions, Barclays, Are Con, Art-Line, Caxton Mark, Emperor Technology, Hedpes, and Sis Software and Services.
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Key Market Players