12/7/2023 0 Comments Download google pay card![]() ![]() There is a global trend of increasing card payments as the preferred way to pay. Credit card accounts may be closed anywhere from six months to greater than two years of inactivity. However, issuers have a limit to the amount of credit they can extend, and since they would rather extend credit to active cardholders who would utilize the credit, there is an innate incentive to close inactive accounts. In the U.S., there is no regulatory cap on the number of dormant cards in the market. Banks were also required to cap the number of dormant cards at 20% of total cards. With the new rules, lenders were urged to adopt a “prudent” growth strategy and to stop using the number of cards issued as a performance metric. In mid-2022, China unveiled tighter rules to regulate their $1.3 trillion credit card industry. It makes sense that China UnionPay would fall behind when credit is considered. ![]() Credit is popular in the U.S.-but not as popular on the global scale. 1 with 38.7% share and UnionPay fell behind at 34%. In terms of credit and debit share, Visa came in at No. UnionPay showed growth with a 1.39 percentage point increase and Visa suffered a dip of 0.82 percentage points. When comparing 2021 to 2022, there was a 7.5% increase in card payments. The count of card payments continues to grow year over year. Out of the total 624.86 billion worldwide card transactions from Visa, UnionPay, Mastercard, American Express, and other major card providers, UnionPay accounted for 40.03% of the world’s debit card market in 2022 while Visa fell short at 38.78%. Visa debit card for the first time last year. However, according to the latest research, China UnionPay overtook the U.S. Visa has been the world’s most popular debit card provider for many years. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |