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Mastercard Business Intelligence​ Market Assessment 2024 highlights

Published: December 05, 2024 | Updated: December 16, 2024

Read time: 3 minutes

Mastercard Business Intelligence​’s new update of the Market Assessment interactive tool allows you to view and compare 101 standardized banking, payment and demographic KPIs across more than 75 countries.

Discover which countries had the most notable changes in card sector-related KPIs in this year’s analysis.¹

We analyzed how well market conditions equip cardholders to make payments and how that translates into card usage

Key Performance Indicators

Penetration of banking services and cards

  • % of banked population²
  • # of cards per adult³
  • % of cards with contactless functionality⁴
  • availability of point-of-sale terminals²

Card usage

  • # of card payments per adult²
  • % value of card payments that are card-not-present³

Spotlight markets with most notable YoY changes

Ireland

  • One of the countries with the largest increases across card sector maturity and card usage KPIs
    • 14% increase in number of cards per adult
    • +119 card payments per adult, the largest absolute increase of any country in the survey
    • 36% increase in share of card-not-present transactions

Chile

  • Fastest growth in availability of POS terminals globally
    • 69% rise in POS terminals per adult
    • It is now the country with the 3rd highest ratio of POS terminals per adult in the survey
  • Highest number of card transactions per adult in Latin America

USA

  • The US has the 4th highest card usage rate, globally:
    • >10 cards per adult
    • 648 annual card transactions per adult
  • Strong 15p.p. increase in share of cards with contactless functionality, although total share remains low relative to other mature card markets in the survey

Discover more data in the Market Assessment tool on Mastercard Business Intelligence​

We also analyzed how well current market conditions support card sector expansion

Key Performance Indicators

Penetration of banking services and cards

  • % of banked population¹
  • # of cards per adult²

Penetration of relevant digital technologies

  • % of population with internet access⁵
  • % of smartphone penetration⁶

Card payments growth opportunity

  • % of cash as proportion of GDV⁷
  • Card payment trends³

Spotlight markets with most notable YoY changes

Saudi Arabia

  • The market enjoys high digital readiness
    • 99.6% internet access, the 3rd highest in the World
    • 2 p.p. increase to 92%, the highest share in the region
  • and strong growth in card adoption
    • 11% increase in number of cards per adult

Nigeria

  • Rapid migration of cash to card
    • 6% decrease in cash withdrawals as a proportion of card-initiated transactions
    • 22% relative increase in number of cards per adult, the third largest globally
  • But lower digital readiness
    • 2 p.p. increase in share of adults with internet access, significantly below the regional average
    • 58% smartphone penetration, the 5th lowest in the survey

Vietnam

  • Despite having the lowest banked population in the survey
    • 42% banked population
  • And relatively low internet access and smartphone penetration
    • 78% and 77% respectively
  • Card adoption is growing strongly
    • 10% relative YoY increase in the number of cards per adult
    • Cash as a proportion of total card-initiated transactions decreased 7 p.p. YoY

For these insights and more, access our full Card Payments Index exclusively on Mastercard Business Intelligence​ Market Assessment

Access the solution

1. The research was carried out by our independent research partner to ensure all data and analysis is objective and brand agnostic. ↩

2.World Bank. ‘Global Findex Database,’ 2024; selected national sources, 2024. ↩

3. RBR. ‘Global Payment Cards Data and Forecasts to 2029,’ 2024. ↩

4. Certain terms, conditions, and exclusions apply. Cardholders need to register for this service. This service is provided by Iris® Powered by Generali. Please see your guide to benefits for details or call 1-800-MASTERCARD. ↩

5. World Bank. ‘Open Data - Individuals using internet,’ 2024; Eurostat. ‘Digital economy and society statistics,’ 2024; selected national sources, 2024. ↩

6. Eurostat. ‘Digital economy and society statistics,’ 2024; selected national sources, 2024.  ↩

7. RBR. ‘Global Payment Cards Data and Forecasts to 2028,’ 2024; bespoke RBR analysis based on primary and secondary research, 2024. ↩