A new report by Juniper Research, a leading authority on fintech markets, predicts that the number of cards issued via modern card platforms will nearly double from 748 million in 2024 to 1.4 billion by 2029. This sharp increase is attributed to the growing adoption of API-driven platforms that allow for instant issuance of payment cards, a significant shift that traditional banks must embrace to keep pace with the agility of digital-only competitors.
The report, titled Global Modern Card Issuing Platforms Market 2024-2029, highlights the need for established financial institutions to adapt swiftly to these platforms, enabling them to respond to fast-evolving consumer trends and expectations for a seamless, personalised experience. The research warns that failing to adopt modern card issuing technology could leave traditional banks struggling to compete.
The Fight for ‘Top-of-Wallet’ Status
As consumers increasingly have a wider array of payment options at their disposal, card issuers are facing growing pressure to ensure their products remain the preferred choice or ‘top-of-wallet’. The report suggests that the ability to offer personalisation options, such as customised PINs or personalised card graphics, will be a major factor in helping banks and other issuers stand out.
One of the key differentiators, according to Juniper Research, is modern card platforms’ capacity to tailor card features to meet new regulatory requirements. In particular, the European Accessibility Act, which mandates greater accessibility in payment services, is driving innovation in card design. This includes issuing voice-enabled payment cards for the visually impaired, a feature that modern platforms can deliver swiftly and effectively. Such advancements offer traditional financial institutions an opportunity to provide inclusive solutions that cater to the needs of all users.
The Need for Digital-First Card Issuing
The report emphasises that digital-first issuing—whereby a digital version of the card is made available to the user instantly while the physical card is still in transit—could be a game changer for banks seeking to modernise. This feature not only allows customers to begin using their cards immediately but also improves activation rates. In a world where competition from account-to-account (A2A) payments is growing, digital-first issuing ensures that cards remain a relevant and attractive option for consumers.
Juniper Research stresses that banks failing to adopt such modern card issuing strategies risk losing ground to more tech-savvy competitors. Traditional banks must move beyond slow and outdated processes, as the digital revolution continues to transform how consumers engage with financial products.
Implications for the Future
Juniper Research’s findings suggest that the evolution of card issuing platforms is critical for financial institutions aiming to stay competitive in an increasingly crowded marketplace. By adopting modern card issuing platforms, banks can enhance customer experience, offer greater flexibility, and meet emerging regulatory standards—all of which are essential for long-term survival.
The free extract of the Global Modern Card Issuing Platforms Market 2024-2029 report is available for download, offering a detailed analysis of the trends shaping the future of card issuance.
For more information, visit Juniper Research.
