A new study by Juniper Research found the number of cards issued by modern card issuing platforms will double from 748 million in 2024 to 1.4 billion in 2029.
Modern card issuing platforms are API driven; enabling issuers to issue payment cards instantly. To stay competitive against agile digital-only banks, traditional banks must adopt modern card issuing platforms to respond to rapidly changing consumer trends and improve user experience.
As the number of payment methods available to consumers increases, the report predicted card issuers will face rising competition to remain ‘top-of-wallet’ for users. The cardholder personalisation services offered by modern card issuing platforms, such as smart PIN and personalised graphics, are anticipated to provide a key differentiation point against services launched by competitors.
Furthermore, the ability to customise which cards are issued will enable financial institutions to meet emerging regulations that necessitate accessibility services, including the European Accessibility Act. For example, modern card issuing platforms will ease the issuance of cards with features like voice payment cards for the visually impaired.
The report identified digital-first issuing, where a digital card is provisioned immediately while the physical card is in transit, as being beneficial to aiding banks in modernising offerings. This approach boosts card activation rates and enables customers to start making purchases immediately; helping cards remain a valuable proposition in the face of competition from A2A (Account-to-Account) payments. Issuers who fail to offer this will struggle to remain competitive.
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An extract from the new report, Global Modern Card Issuing Platforms Market 2024-2029, is now available as a free download.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
