Payment Cards Estimated To Reach 17 Billion in 5 Years

The London-based research firm RBR has reported that by 2021 the number of global payment cards will grow by 28 percent and reach 17 billion.

In RBR’s latest global payment cards research from October 2016, RBR explains that the number of debit cards is growing faster than credit cards, which is surprising to some and the trend that is expected to continue. The areas of the most rapid growth are expected to be the Asia-Pacific region, the Middle East, and Africa. In those areas RBR expects overall increases to be up 10 to 13 percent.

The report finds that the driver behind these double-digit growth projections is the digitalization of salary and benefit payments.

RBR Senior Associate Chris Herbert points out in a recent press release more about the areas and reason for expected growth.

“Although the growth rate in the number of cards worldwide is slowing down, there are several large markets which still have considerable potential,” said “For example, there are comparatively low levels of bank account and card holding in India, Indonesia, Nigeria and Pakistan and, therefore, huge numbers of possible new clients who have not yet entered the banking system.”

Another interesting number from the study is that debit cards already make up 70 percent of payment cards globally — that’s a 2 percent increase from 2014. And again, RBR expects that in 5 years by 2021 debit cards will reach 72 percent of all payment cards, a very strong position indeed.

An original version of this article appeared at pymnts.com.