カード・決済の米国市場：機会とリスク

当レポートでは、米国のカード・決済産業における市場動向について調査分析し、カード、現金、自動引き落とし、銀行口座振替、小切手を含めた、主要業績評価指標 (KPI) について、体系的な情報を提供しています。

目次

• 市場概要
• カードベース決済
• 加盟店獲得
• eコマース決済
• 近接型モバイル決済
• P2P決済
• 請求書の支払
• 代替決済
• 決済イノベーション
• 決済インフラ・規制
• 付録

The US payments market is highly mature - arguably even over-served by its financial institutions. There were more debit cards in circulation than individuals in the US in 2019 by a considerable margin. Ready access to formal financial services has resulted in a population that is highly comfortable with credit and debit cards both in-store and online. A wide range of card-issuing and alternative payment brands (including P2P, e-commerce, and mobile proximity payments) are available.

With growth in the market, companies from diverse sectors have launched solutions to gain market share. Mobile phone manufacturers such as Apple and Samsung, technology provider Google, banks including JPMorgan Chase, Wells Fargo, and Capital One, and retailers such as Amazon and Walmart have all launched their own payment solutions. In this highly competitive market, these companies are also expanding the scope of their solutions beyond payments to retain existing customers and attract new ones.

Point of sale (POS) financing is an emerging trend in the US consumer financing space. JPMorgan Chase announced plans to launch My Chase Plan - a new service allowing card holders to purchase products that cost $500+ over a longer duration with a monthly fee, rather than interest-based repayments. The service is likely to be launched later in 2019.

The US merchant acquiring and payment processing space was previously fragmented, with companies competing mostly on national and regional levels. However, interest from strategic and financial investors has led to a wave of consolidation. In May 2019, Global Payments announced a merger with US-based card processor TSYS for a consideration of $21.5bn. In July 2019, Fiserv completed the acquisition of First Data for $22bn in an all-stock deal. But the blockbuster deal remains FIS's acquisition of Worldpay for $43bn.

The US e-commerce market registered a review-period (2015-19e) compound annual growth rate (CAGR) of 12.1%. Credit cards account for the largest share of any single payment tool, owing their success to their comfort and convenience. Yet alternative payment methods including Apple Pay, Chase Pay, Samsung Pay, and Google Pay are also being used for e-commerce.

The report "US Cards & Payments: Opportunities and Risks to 2023" provides detailed analysis of market trends in the US cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, direct debits, credit transfers, and cheques during the review-period (2015-19e). The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

The report "US Cards & Payments: Opportunities and Risks to 2023" provides -

• Current and forecast values for each market in the US cards and payments industry, including debit, credit, and charge cards
• Detailed insights into payment instruments including cards, cash, direct debits, credit transfers, and cheques. It also, includes an overview of the country's key alternative payment instruments
• E-commerce market analysis
• Analysis of various market drivers and regulations governing the US cards and payments industry
• Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards

Companies Mentioned - Wells Fargo, Bank of America, JPMorgan Chase, PNC, US Bank, American Express, Citibank, Capital One, Visa, Mastercard, Star, Pulse, Discover, Worldpay, First Data, Elavon, Fiserv, Global Payments, FIS

Scope

• Rising pressure on profitability and the growing consumer preference for online banking are driving the concept of digital-only banks in the US. In June 2019, UK-based digital-only bank Monzo launched its operations in the US in partnership with Sutton Bank. A Mastercard debit card is issued when consumers open an account. From July 2019, Germany-based mobile-only bank N26 started to offer a checking account via Axos Bank. The account comes with a Visa debit card, as well as no minimum account balance or maintenance charges. To keep up with these challenger banks, the likes of JPMorgan Chase, Goldman Sachs, and Citizens Bank have launched digital-only banks.
• Credit and charge cards account for 51.2% of total payment card value in 2019. Growth in the credit card market has been driven by factors such as rising employment and growing demand for consumer credit. In response to this growth, non-banking companies are entering the space. Apple partnered with Goldman Sachs to unveil Apple Card in March 2019. The Mastercard-branded credit card can be used for in-store, in-app, and online purchases. Card holders are offered 3% cashback on Apple purchases, 2% cashback on Apple Pay transactions, and 1% cashback on purchases with the physical card. The company started to offer the new credit card on a selective basis from August 6, 2019.
• The US Federal Reserve decreased its benchmark interest rate in July 2019 by 0.25% to a range of 2-2.25%. Loan rates are also likely to decrease depending on the type of loan and the term. It is reasonable to expect interest rates to decrease on credit cards, mortgages, home equity loans, car loans, and other consumer loans going forward. Following the Federal Reserve rate cut, JPMorgan Chase, Citibank, and U.S. Bank lowered their prime rate by 25 basis points to 5.25% effective from August 1, 2019, which in turn makes borrowing less expensive for consumers.

Reasons to buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the US cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the US cards and payments industry.
• Assess the competitive dynamics in the US cards and payments industry.
• Gain insights into marketing strategies used for various card types in the US.
• Gain insights into key regulations governing the US cards and payments industry.

Table of Contents

• Market Overview
• Card-based Payments
• Merchant Acquiring
• E-commerce Payments
• Mobile Proximity Payments
• P2P Payments
• Bill Payments
• Alternative Payments
• Payment Innovations
• Payments Infrastructure & Regulation
• Appendix