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An issuing bank is a financial organization that delivers cards like debit cards and credit cards to the customers, on behalf of big network card such as MasterCard, Visa, Discover, and American Express.
Worldwide, there are more than 100,000 issuers to Discover who offers debit card and credit card to their customers.
The issuance bank, issues the payment card and carry and link the account with the consumer like, debit card or checking account for a credit card. Then consumer (cardholder) purchases and promises to pay back to the Issuing Bank for them. Whereas, issuing Bank is known as issuer.
In every online transaction the issuing Bank plays the role of representative in between the consumer and the card network.
Due to the risk related with issuing cards, the card issuing bank accept the responsibility and fault and assurance of payment, in case of any loss or damage or inconvenience.
If in case the card holder is unable to pay his/her debates, then in this situation the issuing bank should written off the debits. The issuer bank is responsible for the recovery of cost from the customer.
In this transaction process the bank issuing card is responsible for the documentation and the confirmation of the cardholder that he has enough funds to cover the transaction done by himself.
However, a Card Issuing Bank has authority to deny or approve the applications of credit card, payment collection from card holder along with providing customer support.
However, in 2020 the global cards market is estimated at $205.45 billion and in year 2021, it was predicted to reach $212.23 billion at a CAGR of 3.3%.
Major Players in Global Bank Card Issuance Market-
The American Express Company
JPMorgan Chase and Co.
Kaiku Finance LLC
Green Dot Corporation
Pay Pal Holdings
HDFC Bank Ltd
Types of Cards that Bank Issues globally-
Cards can be categorized on the basis of their issuance, payment and usage by the customers (card holders). However, there are four types of cards globally available-
This Card is the simplest and most common type of card to use. The Debit Card is connected to the bank account and authorizes you to do payment in online and physical stores, along with other features they can withdraw cash at ATM’s or branches.
After purchasing, the number of transactions is deducted automatically from the available balance. And if in case, if the account doesn’t have enough money, then the transaction will not be successful. So, for security, the debit card normally has a daily limitation of amount associated to it.
However, in 2020 the global debit card market is expected to increase from $91.37 billion and in 2021, it was predicted to grow at $94.08 billion at a CAGR of 3%. While till the year 2025, the market is expecting a growth at $97.92 billion at CAGR of 1%.
The Credit card allows you to vary payment after making purchase to perform a specific operation, or to have money within a certain time to cover the expenses and it should be within a credit limit.
Whereas, credit card authorizes you to proceed payment in two ways, either you can choose a ‘total payment’ option that is without interest, so that the purchases proceed with the credit card are varied. Or you can choose ‘differed payment’ option, or an postpone option, which allows you to payback the amount in few installments along with the interest.
Each month you can fix an amount to pay in each month to the bank. And in case of postponing, you should set a deadline to refund the whole amount. This is like a bank gives you a small loan that must be returned to the bank. By checking a client’s profile, the bank may accept or deny their application on the basis of the risk.
The credit card is beneficial, as they are usually associated with an extra advantage like, travel or theft insurance or customer loyalty points and possibility of managing installments of payments.
In 2020, the global credit card market was expected to reach $138.43 billion and is predicted to increase till 2028 by $263.47 billion at a CAGR of 8.5%.
The Electronic card is created using digital media and also known as e-media. It is a card created on the web and send via e-mail to anyone. E-card allows various backgrounds, music and pictures can be utilized. This card can be sent via e-mails including a link from a web page, visibility of your custom card for certain time period.
Generally, e-card that is ‘Electronic Use Only” card is utilized for only online, phone and e-mail purchase orders, to do on the spot transactions. Traders making faraway sales, commonly needs immediate authorization, so in this case the payment can be done immediately through this e-card.
Prepaid card is not associated with a bank account. However, when you use a pre-paid card for purchasing then you are spending a money that is already present in the card.
While, a prepaid card is utilized for paying bills and purchasing, same as that of debit and credit cards. They are accepted universally, but this card is often backed by prime network cards like, Mastercard, Visa and American Express.
In 2019, the market growth of prepaid card was estimated at $1.73 trillion and till the year 2030, it was predicted to reach $6.87 trillion, growing at a 18.23% CAGR.
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