The US
card payments channel grew both in volume and value terms between 2008 and
2012. In terms of transaction volume, the channel grew at a CAGR of 1.79% from
1.4 billion transactions in 2008 to 1.5 billion in 2012. It is anticipated that
this volume will grow at a CAGR of 2.68% over the next few years, to reach 1.8
billion transactions in 2017.
In terms
of value, the channel increased from US$4.1 trillion in 2008 to US$4.9 trillion
in 2012, at a CAGR of 4.40%. The channel is forecast to grow from US$5.2
trillion in 2013 to US$6.1 trillion in 2017, at a CAGR of 4.15%. Growth is
expected to be driven by more stable economic conditions, an increase in
disposable income and the popularity of mobile commerce and online retail.
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.
The US mobile commerce sector recorded strong growth, especially in
2012 when m-payments grew at a CAGR of 152.05%, an increase from a total value
of US$522.1 million in 2008 to US$21.1 billion in 2012. The growth of
m-commerce has supported contactless payment platforms and investments from
payment service providers in an effort to develop effective programs. The
emergence of Isis Mobile Waller, a smartphone contactless payment platform, was
a key development between 2008 and 2012. The pilot launch of Isis Mobile Wallet
was carried out in October 2012 in few US states. With the successful pilot
launch, it is expected to be rolled out across the country by the end of 2013.
Similarly, in September 2011, Google launched Google Wallet in partnership with
MasterCard, Citibank, Sprint and various retailers.
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.
The development of the mobile wallet specifically for mobile commerce
is expected to change industry dynamics by creating new participants, handset
original equipment manufacturers (OMEs), and near-field communication (NFC) developers.
In July 2012, the Federal Reserve announced amendments in the
provisions of Regulation II (Debit Card Interchange Fees and Routing), which
permits a debit card issuer to receive a fraud-prevention adjustment, subject
to interchange fee standards. This is expected to force banks to cap the daily
limits for debit card transactions. Consequently, Visa, MasterCard, Discover
and several other card issuers have lowered their interchange fees.
Due to competitive pressures, banks and issuers are developing
marketing and pricing strategies with the aim of increasing their customer
bases. Offers such as cashback, discounts for retail outlets,
buy-one-get-one-free, reward points, increased daily limits for cash
withdrawals, and insurance coverage are some of the most common strategies.
Banks are also segmenting their customer bases in order to maximize
their respective category shares. Wells Fargo, JPMorgan Chase and Bank of
America have launched credit cards specifically for college students and
developed corporate cards designed to meet specific business needs. JPMorgan
Chase offers the Procurement Card, while Bank of America offers payroll cards.
