Consumer Finance

Financial cards and payments in Egypt has seen a remarkable year in 2023, characterised by a notable shift from cash to card usage, larger transaction amounts, and a surge in new account openings. Government initiatives to boost financial inclusion…

Financial cards continues its progress in 2023, however, with mixed results. Global inflation continues to create an uncertain economic climate and an increasing price-sensitivity around sales of fast-moving consumer goods (FMCGs), leading to…

In 2023, financial cards and payments in Germany had to navigate a complex landscape. On the one hand, there was a slow yet steady increase in transactions, particularly in industries such as travel and dining that rebounded as pandemic restrictions…

The Greek financial card and payments market experienced robust growth in 2022, fuelled by post-pandemic recovery and the impact of inflation. This growth trend persists into 2023, albeit at a slower pace, attributed to the positive economic outlook…

Total card transactions in Hong Kong, along with electronic direct/ACH transactions and mobile payments, are recording double-digit growth rates in 2023 as consumption recovers from the pandemic. This is mainly being driven by overseas consumption…

The COVID-19 pandemic has significantly influenced payment habits in Hungary, leading to an increased reliance on cards, online payments and smartphone applications. This trend continued as pandemic-related restrictions were gradually lifted…

A government-led financial inclusion initiative enticed a burgeoning population to embrace the formal banking sector, resulting in further uptake of financial cards, in particular, debit cards, in 2023. The Pradhan Mantri Jan Dhan Yojana (PMJDY)…

Electronic payment has been the fastest growing mode of payment in Indonesia in 2023. The very high use of digital wallets, QRIS (Quick Response Code Indonesia Standard - a QR code standard developed by Bank Indonesia and Indonesian Payment System…

In 2023, Israel is experiencing a notable surge in the use of digital wallets, largely driven by the rising number of providers and the inherent convenience they offer. The entry of major players like Apple Pay in late 2021 significantly boosted the…

Financial cards and payments performed well in Italy in 2023, both in terms of the number of cards in circulation and the value of transactions. Growth was underpinned by the growing trend towards cashless payments, even for smaller amounts, thanks…

Japan’s transition to a cashless society has been accelerating in 2023. The Ministry of Economy, Trade and Industry (METI) developed the “Cashless Vision” in 2018, aiming to increase the cashless payment ratio to 40% by 2025. Due to COVID-19,…

Ongoing trends continued to be seen in 2023, with the use of cash declining and the digital transformation of financial cards and payments markets in the region a major theme in Latin America. Be it the Pix instant payments system in Brazil or the…

Financial cards and payments in Malaysia in 2023 exhibited significant continuation with 2022 in terms of the direction of travel in the post-Coronavirus (COVID-19) period. The strong moves towards a cashless society in Malaysia, pushed by the…

Financial cards and payments in Mexico in 2023 has been marked by growth, and adaptation to consumer needs. Post-pandemic economic recovery has been playing a pivotal role in boosting card usage and transaction volumes and values. This recovery,…

While consumers in the Middle East and Africa region continue to increase their usage of card payments and the digitalisation of the financial industry also continues to advance, cash still remains important in many countries, especially the African…

Morocco’s commitment and investments in financial inclusion are paying off, with the nation having recorded double-digit growth in account ownership since 2017; this makes Morocco one of only four countries worldwide to achieve this. According to the…

Nigeria continues to be a cash economy, though debit cards in particular are growing in popularity. Also, in 2023, this growth was further amplified, due to a cash shortage, as there was insufficient supply of the newly designed naira. As a result,…

Financial cards and payments in Norway is witnessing a moderate performance in 2023, with flat volume growth and steady growth in card transactions. There has been a steady recovery in transaction spend since 2021, following the heavy declines…

Financial cards and payments have indeed witnessed substantial growth in 2023. However, this growth has seen a notable slowdown due to consumers adopting a more cautious approach to spending. Factors contributing to this caution include the sluggish…

Financial cards and payments in Poland is undergoing substantial change with the continued increase in non-cash transactions in 2023. Card operators are focused on providing access to a variety of payment methods so that the consumer and merchant can…