Demystifying Cards: How we got here

Before we dive deeper into the card programme world, you’ll need some useful context to the card and payments landscape. For example, how has the card ecosystem evolved into the trillion dollar industry it is today? And, just as important, what trends will shape the card ecosystem of tomorrow?When you think about the simplicity, ease and convenience of payment cards , it’s a wonder cash has lasted this long. Now throw in technological advances, innovations from the fintech world, changing shopping habits, and a pandemic, and the future of cash is looking ever bleaker. The truth is, using physical currency to pay for goods and services may become obsolete.

“The total number of non-cash payments in the euro area, comprising all types of payment services[2], increased by 8.1% to 98.0 billion in 2019 compared with the previous year, with a total value of €162.1 trillion. Card payments accounted for 48% of all transactions, while credit transfers accounted for 23% and direct debits for 22%.”Source: European Central Bank

Now, before we dive into what the future might hold for card payments, let’s look at some notable moments in the evolution of modern-day cards.