Worldwide Card Transactions to Surge 43% by 2029

Worldwide credit, debit, and prepaid card transactions are projected to hit 1.11 trillion by 2029, reflecting a 43% increase from 2024, according to the Nilson Report. While this growth is substantial, the pace of expansion varies significantly by region.

The Asia-Pacific region is leading the surge, expected to see a 46.8% jump in card use. Meanwhile, the U.S. is projected to experience the slowest growth, increasing by just 27%—a trend driven by market maturity and increased competition from digital payment alternatives.

This shift follows a decade-long trend where U.S. card transactions doubled between 2014 and 2024, yet its share of global card activity declined. Once accounting for 38.6% of worldwide transactions in 2014, the U.S. held just 20.6% of the global total in 2023. Asia-Pacific now dominates, with 45.7% of all transactions.

Despite the slower growth, Visa and Mastercard continue to hold dominant positions in the U.S. market. However, competition from digital wallets and direct bank-to-bank payment solutions such as Zelle is reshaping consumer payment preferences, reducing reliance on traditional card networks.

Regulatory scrutiny further complicates the landscape. The Justice Department’s lawsuit against Visa over alleged antitrust violations highlights growing pressure on major card networks. If regulators push for more competition, alternative payment providers could gain an edge, forcing legacy players to adapt.

Looking ahead, the global payments industry is evolving rapidly. The rise of real-time payments, fintech innovations, and shifting consumer behaviors will define the next decade. While Asia-Pacific and other emerging markets are set to drive growth, traditional card issuers must stay agile to maintain their relevance in an increasingly digital world.