Payment cards are financial tools, typically in the form of plastic or digital cards, that enable cardholders to make purchases, pay bills, or access cash by drawing funds from a linked account or line of credit. Common types of payment cards include credit cards, debit cards, and prepaid cards, each with unique features related to how funds are sourced and repaid. Payment cards are widely accepted in physical stores, online transactions, and ATMs, providing consumers with a convenient and secure method for everyday payments and merchants with a reliable way to accept funds.
With over 22 billion payment cards in circulation globally, payment cards are a primary payment method for consumers, accounting for nearly 50% of all retail transactions in North America. Credit and debit cards are the most widely used, while digital payment cards stored in mobile wallets are also on the rise. Example: In 2023, an analysis showed that businesses that accept a range of payment cards see an average sales increase of 15% due to the expanded payment options for customers. Insight: As digital wallets grow in popularity, traditional payment cards are also being issued in virtual forms, with over 70% of U.S. consumers now using digital payment cards in mobile wallets at least once per month, reflecting the shift toward digital-first payment methods.
Swipesum helps businesses navigate the evolving world of payment card acceptance by offering expertise in choosing and integrating the right payment processing solutions. We provide support for accepting a wide range of card types, ensuring your business can meet customer demands with secure, convenient options. With Swipesum’s guidance, you’ll streamline your payment processes, reduce processing costs, and gain the flexibility to accept physical and digital payment cards, positioning your business for growth in an increasingly card-driven market.
