Italy cards and payments industry is dominated by prepaid cards, which accounted for a share of 35% of the total cards in circulation. Prepaid cards are expected to be the most popular as they allow customers to eliminate wasteful spending and pre-define their spending limits. The debit card category will continue to remain the largest card category both in terms of volume and transaction value. Credit and charge cards are expected to post negative growth in terms of transaction value and the volume of cards in issue.
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The Italian card payments channel registered growth during the review period (2013–2018). In terms of number of cards in circulation, the channel registered a CAGR of 6.96%.
Prepaid cards are expected to record the largest growth projection over the forecast period
Italy is one of largest prepaid market in Europe’s and had 45.5 million cards in circulation, representative of a review-period CAGR of 16.68%. An inclination towards controlling expenditure and educating the public with regards to the benefits of prepaid card has encouraged their use. Italian legislation is pushing the adoption of prepaid cards by making e-payments mandatory for amounts above EUR 1,000.
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The prepaid card category is expected to record the highest growth prospects both in terms of the volume of cards in issue and transaction value. In terms of card volume, the prepaid category is anticipated to post a forecast-period CAGR of 17.42% and register a CAGR of 13.41% in terms of transaction value. In volume and value terms, the open-loop prepaid segment is expected to post respective CAGRs of 16.91% and 12.47%.
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