PUNE, India, Feb. 26, 2020
The major providers in the co-branded and affinity cards market include Bank of America Corporation, Barclays, Capital One, Citigroup Inc
PUNE, India, Feb. 26, 2020 /PRNewswire/ -- The co-branded and affinity cards market is observed to be growing at a steady pace on a global level. The collaboration of banks and financial institutions with market participants from various industry verticals for the creation of co-branded cards along with the significant marketing initiatives for co-branded cards are the major factors affecting the adoption of co-branded cards on a global level.
The growth in the adoption of cashless transactions on a global scale has led to the rise in allied payment modes including card payments, online bank transfers (internet banking), and peer-to-peer online transfers amongst others. Card payments have been a tried and tested methodology for completing payments on a global scale owing to the standardization in the payment technology coupled with a positive response from the stakeholders in various financial transactions including consumers, sellers, and others.
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Banks and financial institutions have been investing actively in order to grow their customer base on a global scale/level. These organizations are creating enticing services and products and are targeting them to specific sections of the overall population in order to create an ever-increasing customer base. The target customers for any services related to credit and debit cards are observed to be the youth and the working population. The youth customers consist of traditional banking service consumers along with newer users who would experience such cards in collaboration with various companies. These companies are willing to market certain products along with their traditional offerings to create financial a comprehensive product lineup.
In terms of the products provided in the market, users are showing a better adoption rate for cards that are offering rewards and benefits for every transaction that they complete through their co-branded cards. Rewards are offered in terms of specific products and services that the company is manufacturing/developing/distributing. These rewards are expected to keep the client from adopting various products along with the ongoing projects from the issuer/organization. Furthermore, these rewards are providing companies as a consumer retention tool across various regions. The adoption of products and services under the rewards section shows a direct correlation with the adoption levels of the co-branded cards. The concept of providing special discounts on various products only because the user is using the co-branded card is gaining traction across the world and is expected to grow gradually over the forecast period.
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In terms of revenue, the global co-branded and affinity cards market stood at US$ 1784.62 Bn in 2018 and is anticipated to reach US$ 2328.46 Bn by 2027, expanding at a CAGR of 2.9% during the forecast period.
"The adoption of co-branded and affinity cards is expected to grow owing to the influx of numerous users into the banking industry. Banks and financial institutions are aiming to secure new banking users through dedicated co-branded cards. Also, the working population who require transportation services are being targeted by companies through their transportation-focused co-branded cards."
The detailed research study provides qualitative and quantitative analysis of the global co-branded and affinity cards market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further, across all the major countries. The supply side analysis covers regional product/service analysis. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
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Co-branded and Affinity Cards Market:
By Card Type
By Card Category
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