Between 2013 and 2023, the number of cards with a debit function in the US exhibited a general upward trend, peaking at around 334.21 million units in 2023. This increase was occasionally disrupted, notably in 2020, with a significant dip due to external factors that caused a 16.26% decline. The recovery from this dip was swift, with a robust 27.6% increase in 2021. Although the growth rate slowed again to 0.82% in 2023, the overall trend shows a steady increase from 2013 to 2023.
From 2024 onward, the forecasted data indicate a moderate but consistent growth with an average annual growth rate (CAGR) of 0.64%, reaching around 349.31 million units by 2028. This is expected to translate to a 3.24% total growth over this period, implying a stable market environment.
Future trends to watch for:
- Technological advancements and digital transformation in payment systems
- Shifts in consumer behavior towards cashless transactions
- Regulatory changes impacting fee structures and limits for debit cards
- Possible market saturation or new competitive entrants impacting growth rates
