Credit Card Market Forecasts
Posted: Tue Dec 24, 2024 9:40 am
As in the entire European Union, the number of credit cards in our wallets has been decreasing in Poland in recent years. credit card and a tabletThe downward trend has been going on for a long time and only in Q2 was a temporary improvement noted. However, subsequent quarters marked a return to the downward trend. Experts estimate that only next year will bring an increase in the number of used plastics.
Untapped potential
In the European Union, there were an average of 333 cards issued per 1,000 inhabitants. In Poland, there were only 170 credit cards. If the statistics were to even out, the number of plastic cards in our wallets would have to double from around 6 to 12 million. Of course, such assumptions are overly optimistic and unrealistic. Debit cards currently dominate the market, issued as standard for personal accounts. Banks, on the other hand, are still quite strongly promoting contactless payments, which are evolving from contactless stickers to applications installed on smartphones.
Despite many conveniences, Poles are still happy to pay in cash. And dominican republic whatsapp database failures of transaction systems have shown that the paper form of circulation still makes sense.
The debt of Poles on cards has decreased
mBank debit cardAn important factor inhibiting the development of the credit card market in Poland was the falling debt of the average Kowalski. The decrease in debt on penalties was clearly visible at the beginning of the fourth quarter. According to experts, the trend is to reverse this year, along with the observed increase in consumer demand. We spend more and are more willing to get into short-term debt using credit on the card. Besides, this data probably does not surprise anyone who reads books on marketing and business .
Another building block for increasing the popularity of "credit cards" is to be the already observed growing trend in the number of prestigious cards issued. The wealthiest Poles are eager to use luxury plastics. And in this market segment, a clear improvement is already visible.
Some banks are also trying to revive the market by introducing facilities for users. It is worth mentioning that often you do not even have to be a client of a given bank to receive plastic with a credit limit. Depending on the institution, a certificate of earnings may be sufficient, for example.
Next year a breakthrough?
Sygma Bank analysts estimate that the increase in the number of "credit cards" issued next year will be small. On the other hand, the number and value of card transactions are set to increase significantly. The obvious reason, apart from growing consumer demand, was the recent reduction in interchange rates, i.e. fees charged for transactions. A beneficial effect can also be seen in the form of actions by the Monetary Policy Council, which is keeping interest rates low. Thus, keeping the maximum credit interest rate limit in check.
Untapped potential
In the European Union, there were an average of 333 cards issued per 1,000 inhabitants. In Poland, there were only 170 credit cards. If the statistics were to even out, the number of plastic cards in our wallets would have to double from around 6 to 12 million. Of course, such assumptions are overly optimistic and unrealistic. Debit cards currently dominate the market, issued as standard for personal accounts. Banks, on the other hand, are still quite strongly promoting contactless payments, which are evolving from contactless stickers to applications installed on smartphones.
Despite many conveniences, Poles are still happy to pay in cash. And dominican republic whatsapp database failures of transaction systems have shown that the paper form of circulation still makes sense.
The debt of Poles on cards has decreased
mBank debit cardAn important factor inhibiting the development of the credit card market in Poland was the falling debt of the average Kowalski. The decrease in debt on penalties was clearly visible at the beginning of the fourth quarter. According to experts, the trend is to reverse this year, along with the observed increase in consumer demand. We spend more and are more willing to get into short-term debt using credit on the card. Besides, this data probably does not surprise anyone who reads books on marketing and business .
Another building block for increasing the popularity of "credit cards" is to be the already observed growing trend in the number of prestigious cards issued. The wealthiest Poles are eager to use luxury plastics. And in this market segment, a clear improvement is already visible.
Some banks are also trying to revive the market by introducing facilities for users. It is worth mentioning that often you do not even have to be a client of a given bank to receive plastic with a credit limit. Depending on the institution, a certificate of earnings may be sufficient, for example.
Next year a breakthrough?
Sygma Bank analysts estimate that the increase in the number of "credit cards" issued next year will be small. On the other hand, the number and value of card transactions are set to increase significantly. The obvious reason, apart from growing consumer demand, was the recent reduction in interchange rates, i.e. fees charged for transactions. A beneficial effect can also be seen in the form of actions by the Monetary Policy Council, which is keeping interest rates low. Thus, keeping the maximum credit interest rate limit in check.