While much recent discussion has revolved around the rise of digital wallets and “alt-pays”, new data reveals payment card use across Europe grew above trend coming out of the pandemic.

Payment Cards & Mobile’s Digital and Card Payments Yearbooks 2022-2023, published in January this year, contained some surprises – not least the news that card use grew above trend across Europe.

The number of European cards in circulation last year grew by 20% more than the long term average, at 5.18%, while spending on cards shot up by 17.64% – almost twice the long-term average. What’s more, cards still constitute 57.3% of all cashless payments on average across 33 countries in Europe, with credit transfers and direct debit payments responsible for a majority of the remainder.

These facts stand at odds with the thesis that cards are yesterday’s payment instrument, and that digital wallets will soon dominate.

Hans Sjölund, Head of Card Sales & Business Development at Tietoevry Banking, reviews what this means for players across the card value chain.

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