Over 320 Million Credit Cards to Be Issued via Digital Platforms by 2027

The number of credit cards issued via digital card issuance platforms will exceed 321 million globally by 2027, from 120 million in 2023, according to Juniper Research. This growth of almost 170% reflects the use of new advanced digital capabilities, such as digital loyalty schemes and instant issuance, as card issuers aim to combat competition, including buy now pay later.

The new report found that credit cards will account for over $9.7 trillion in spending globally by 2027. This represents a significant opportunity for card issuers to drive revenue growth by choosing the optimal credit card strategy. It found that rising affluence in emerging markets will be a significant driver of credit card adoption. As such, digital card issuance platforms are critical to delivering credit offerings in these mobile wallet‑dominated markets.

“In emerging markets, the ability to instantly issue digital cards will be a key factor in users choosing credit cards over other payment methods. Card issuance platform vendors must ensure localization to enable cards to be quickly pushed to the wallets popular in each market,“ explained research co-author Nick Maynard.

The research predicts that by 2027, the monetary value of rewards for users from credit card use will reach $103 billion globally, driving overall adoption. It recommends that card issuers focus on app‑based loyalty to maximize the appeal of these rewards; partnering with well-connected digital loyalty program providers to maximize their appeal. If issuers fail to do this, they will lose out to better-connected vendors in a highly competitive credit card market.