Total card purchase volume worldwide reached US$42.7tn in 2022 with global credit card volumes increasing by 7% and prepaid card volumes by 9%, according to research from RBR.

Although the value of debit card purchases declined by 3% over the same period, “this fall can largely be attributed to the significant drop in debit volume in China, which represents the largest share of spending in the world”, the researchers say.

“Indeed, the decline in China significantly limited overall purchase volume growth to 1%; if China is excluded, total worldwide volume grew by 10% in 2022.”

The firm’s ‘Global Cards and Payments’ study also shows that the Middle East and Africa saw a 20% growth in card volume during 2022, that card expenditure rose by 13% year-on-year in the Americas and that card purchase volume grew by 7% in Europe.

The key drivers of growth during 2022 were financial inclusion, digitisation and the easing of lockdowns following the Covid-19 pandemic, according to RBR.

“Global purchase volume is expected to reach $63.5tn by 2028, with financial inclusion efforts continuing to boost prepaid volumes, as well as helping to return debit volume to growth,” the researchers add.

“While many economies have been suffering in 2023 due to high inflation, credit volumes are also expected to keep growing as consumers explore credit financing options.

“In line with this, RBR Data Services is forecasting that the number of card-accepting outlets, as well as the proportion that accept contactless and digital wallet payments, will grow significantly by 2028.”

Next: Visit the NFCW Expo to find new suppliers and solutions