4. Card Payments Overview– Market Size and Dynamics
The legal frameworks for card payment services and the payment infrastructure in Europe are highlighted in the introducing part ‘About Payments in Europe’ (see above).
The card issuing business is part of the card payment ecosystem, which is highlighted in another part of the Yearbook: ‘Card Payment Ecosystem in Europe’.
The card payments overview section of the 2025-26 edition of the Yearbook’s European Overview Section examines the comparative statistics and card market size and dynamics from the card issuer point of view.
Neither Mastercard nor VISA publishes country-by-country data, although in a few countries – Norway and the UK being examples – card scheme data is published by a domestic organisation (see individual country profiles for details).
All the tables of this part are as per ECB Blue Book comparative tables of the EU27 countries. Other Yearbook countries have been added where data is available from official sources like BIS, the national central bank of the country, or payment organisations. In such cases, the figures may not have been compiled in the same way as the statistical standard method of the ECB.
Included in the card payments statistics are POS payments on cards and remote payments on cards in online shops on the internet, domestic card payments and card payments made abroad, and all types of card-form factors and all card payments initiated with digital card wallets (MasterPass, VISA Checkout, American Express Serve – now all renamed Click-To-Pay) and all mobile HCE NFC payments initiated with Apple Pay, Google Pay and Samsung Pay.
The comparative overview statistics regarding card use in Europe and by country include:
- 4.1 Regional Summary
- 4.2 Debit Cards Statistics
- 4.3 Credit Cards Statistics
- 4.4 Total Cards
- 4.5 Card Payments per Capita
- 4.6 Card Payments in Context of Cashless Payments
- 4.7 Leading card Issuers in Europe
- 4.8 Background – Cards and EMV Migration
- 4.9 Card Fraud in Europe
For more details on European card payment infrastructures and card issuer business trends beyond the level of this part, please refer to the individual country profiles of the Yearbook.
About Cards and Digital Card Form factors
Card issuers and their card portfolios in Europe are required to comply with the rules and requirements of the relevant domestic or international card schemes, as well as with key industry and regulatory standards. These include security and acceptance frameworks such as EMV, PCI, tokenisation and the European requirements for strong customer authentication under the regulatory technical standards framework.
Card products in circulation include consumer cards, commercial cards and purchasing cards. They range from standard products to premium offerings such as Gold and Platinum cards. Issuers also use a range of additional features to attract and retain cardholders, including loyalty points, cashback, spending controls, real-time usage notifications and geographic blocking. In some markets, personalised picture cards and collector cards are still offered as niche features.
European-issued debit cards in circulation are branded Debit Mastercard, Visa Debit, and, to a declining extent, Maestro and V PAY. Credit cards and delayed-debit cards are typically branded Mastercard, Visa, American Express or Diners Club/Discover. Mastercard and Visa products used mainly for cash access have historically been associated with the Cirrus and Plus brands respectively. In addition, foreign cardholders may use Discover, JCB or UnionPay cards at accepting ATMs and merchant locations across Europe where acceptance exists. Visa’s current operating data still reports cards and transactions under the Visa, Visa Electron, V PAY, Interlink and PLUS brands, which underlines the continued but declining legacy presence of some older card formats.
The number of cards in circulation branded Maestro, Visa Electron and V PAY has continued to decline as issuers migrate toward Debit Mastercard and Visa Debit products. This reflects a broader product strategy in which debit cards are expected to support e-commerce, in-app payments, tokenised wallet provisioning and other digital use cases more effectively than some of the older domestic or region-specific debit formats. Mastercard has stated that banks in Europe stopped issuing new Maestro cards from 1 July 2023, while Visa’s operational reporting continues to show legacy Visa Electron and V PAY activity alongside its broader Visa debit portfolio.
Domestic Card Schemes – In competition with the international card schemes, the domestic card schemes that remain active in Europe have modernised their products by adopting EMV, contactless functionality and, in several cases, support for digital card form factors and wallet provisioning. Domestic cards are often co-badged with an international card brand to enable cross-border use, while remaining important for merchants, issuing banks and processors in their home markets. The ECB’s current reporting indicates that there were nine national card schemes active in the EU in 2025, each operating in a single Member State, which underlines the continued but narrower role of domestic schemes in the European market.
European countries with notable domestic card scheme activity include Belgium (Bancontact), Bulgaria (Borica/Bcard), Denmark (Dankort), France (Cartes Bancaires), Germany (girocard), Italy (PagoBANCOMAT), Norway (BankAxept), Portugal (Multibanco), Serbia (DinaCard), Turkey (TROY) and Russia (MIR). Older market lists have sometimes also included Spain, but the ECB’s current scheme reporting supports a narrower list of active national card schemes in the EU.
There are also other domestic or mono-bank card arrangements in parts of Europe, but the dominant market trend has been toward a combination of fewer national schemes, greater international co-badging, and stronger support for digital and omnichannel payment use. For more detail on domestic card schemes, please refer to the section Card Payment Ecosystem.
Contactless cards and card form factors – Contactless cards with payment function and PIN authentication are issued based on secure EMV technology. They are the new normal in Europe and contactless card payments show significant traction since 2017. Around 85% of all payments in Europe in 2022 were contactless. According to the European Central Bank (ECB), in H2 2024, contactless card payments accounted for approximately 81% of all non-remote card transactions in the euro are
Contactless plastic cards, virtual cards for internet use, and mobile HCE NFC card payments are mainstream in Europe. This includes mobile card payments with Apple Pay, Google Pay, and Samsung Pay.
In addition, various contactless card form factors are offered to European cardholders: NFC stickers, mini-cards, NFC wearables like bracelets, key fobs, and digital watches.
Contactless payments for purchases below a predefined limit are without PIN and without transaction receipt. Contactless payments of amounts above the contactless limit require PIN authentication.
In March 2020, in response to the COVID-19 pandemic, the PIN-less contactless limit was doubled in 19 European countries to encourage more non-cash transactions. In the case of successive contactless payments without a PIN code, the cumulative limit is increased to €100.
Details about contactless card payments and individual contactless limits by country are provided in the individual country profiles.
Omnichannel payments with cards – Historically, cards were just used for POS payments replacing cheques and cash, for cash withdrawals at ATMs, and MOTO payments for distance selling purposes. With the event of online commerce, the international card products have been enabled for online payments in online shops. However, traditional domestic card schemes such as Germany’s girocard cards are not designed for digital commerce.
Thanks to digital technologies, cardholders in Europe are now capable to make contactless card payments for purchases at POS terminals in retail outlets, for purchases in online shops, in mobile shops, contactless mobile HCE NFC in-store and card payments in-app.
In addition, cardholders can connect their card with digital payment services such as Apple Pay, Google Pay, and Samsung Pay, or they can connect their cards with the virtual accounts of online payment service providers such as PayPal or Amazon Pay.
In the case of cardholders making payments with their cards, these transactions are included in the European card payment statistics reported in this chapter of the European Overview Section.
4.1 Regional Card Summary
The region covered in this Yearbook consists of 33 countries, the E33 countries, extending from Iceland to Turkey. With the accession of most of Central and Eastern Europe to the EU, levels of development have increasingly converged, as Table 4.1.1 indicates. In 2024, there were 1.94 cards per capita in the EU27 countries and 2.0 cards per capita in the EEA region.
In 2024, the number of cards in circulation in the EEA region was 936.53 million. The UK, Turkey and Serbia added another 499.35 million cards.
| 4.1.1: Cards by Region and Per Capita in 2024 | |||
|---|---|---|---|
| Cards issued (m) | Population (m) | Cards per capita | |
| Eurozone | 682.46 | 346.96 | 1.97 |
| EU27 | 874.17 | 450.88 | 1.94 |
| EEA | 936.53 | 468.50 | 2.00 |
| Others | 499.35 | 10.81 | 46.21 |
| E33 Total | 1,525.17 | 627.37 | 2.43 |
| Note: figures as at end-2023; EEA is EU27 plus Iceland, Norway, Switzerland, and Liechtenstein; ‘other’ includes Serbia and Turkey and UK. | |||
| Source: ECB, BIS and individual country profiles. | |||
Credit and Debit Cards
In the European E33 countries covered in this Yearbook, there were 1,525.2 million cards in circulation at end-2024, up by 6.98% from 2023. Debit cards are the dominant type of payment card in European markets (71.73%).
Credit cards with a revolving line of credit are found mainly in the UK, Ireland, Greece, Turkey, and increasingly in Scandinavia. Because of the way central banks and banks compile data, clear distinctions are not always made, and the credit/delayed debit card category includes delayed debit, also known as deferred debit, and revolving credit or traditional ‘T&E’ charge cards.
The UK, Greece, Ireland, and Turkey account for around 193 million revolving credit cards, but in the rest of Europe credit cards with a credit function (‘revolving credit’) often represent less than 10% of the total number of credit and delayed debit cards.
| 4.1.2: Regional Card Market Summary 2020-2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| (millions) | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Cards with debit function | 814.8 | 862.5 | 889.0 | 954.3 | 1021.7 | 7.06% | 32.80% | 5.84% |
| Cards with credit/delayed debit function | 358.0 | 359.4 | 370.0 | 390.3 | 402.7 | 3.18% | 15.32% | 2.89% |
| E33 Total | 1,172.8 | 1,221.9 | 1,258.9 | 1,344.6 | 1,424.4 | 5.93% | 27.34% | 4.95% |
| - thereof debit cards (in %) | 69.47% | 70.58% | 70.61% | 70.97% | 71.73% | 1.07% | 4.28% | 0.84% |
| - thereof credit/delayed debit cards (in%) | 30.53% | 29.42% | 29.39% | 29.03% | 28.27% | -2.60% | -9.44% | -1.96% |
| Note: includes cards which have two payment functions on one card. | ||||||||
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
Note on Tables: The figures in Table 4.1.2 can be found in Tables 4.2.1 (debit cards) and 4.3.1 (credit/delayed debit cards). The totals calculated from these figures differ from the totals of Table 4.4.1 (total cards) and Table 4.1.1. This is due to rounding and discrepancies in the reporting of card numbers in certain countries such as Finland, where debit cards plus credit cards do not equal total cards.
Prepaid Cards
Most European banks and many e-money institutions (EMIs) issue open-loop prepaid cards branded Mastercard or VISA, Debit Mastercard or VISA Debit. European Banks use prepaid cards to address the youth, unbanked, expatriate population and as virtual cards to address card payments on the internet.
Prepaid cards became one of the fastest growing market segments in the card business from 2009. Prepaid card variants are one-time preloaded cards or reloadable cards, open-loop prepaid cards issued by banks, or closed-loop prepaid cards issued by non-banks, e.g. retailers, petrol companies and gift card providers. Prepaid card products are issued as gift cards, virtual cards for internet use only, prepaid fleet cards or luncheon/voucher cards.
Key players in the payment industry suspect that the market share of bank-issued prepaid cards might be equal to the market share of credit cards with a credit function (excluding delayed debit cards) in a few years from now.
In 2024, Italy continued to be the leading European prepaid card market for an obvious reason: the annual card fees charged for prepaid cards are significantly lower than the ones for debit cards and credit cards (see Italy profile).
Prepaid Luncheon/Voucher Cards – From 2011, many banks developed, in collaboration with specialised partners like Edenred, Sodexo and Cheque Dejeuner, multi-application prepaid luncheon cards. In addition to payment functions, they can be used as an electronic luncheon voucher.
The individual country profiles of the Yearbook provide more details about prepaid cards.
Note: historically, debit card statistics in some European countries include prepaid cards branded with a Mastercard or VISA brand. They are counted for the time being as debit cards enabling payments.
Note: Prepaid cards with an international card brand are classified in this Yearbook as different from prepaid products giving access to prepaid accounts such as issued by EMIs like e.g. Paysafe’s subsidiary paysafecard (A) that convert cash into e-money for use on the internet.
Cards and Payments in the E33 Region
From a pan-European point of view, the E33 region is an attractive region for card business.
As the regional card summary shows, debit cards outnumber credit/delayed debit cards in the E33 region by 2.54 to one, up from 2.28 in 2020. From a mature level, European card numbers have grown slowly over the past five years (CAGR: +4.95%), with the strongest growth in the debit card segment. In 2024, there were 2.43 payment cards per E33 capita.
In 2024, there were 163.92 billion card payments (+10.69% from 2023), giving on average 115.08 payments per card per year (+4.49%). The total payments value on cards was €5,842.75 billion and increased by 7.29% compared to 2023. The ATV per card payment on European cards accounted for €35.64.
Included in the card payments total are POS payments on cards and remote payments on cards in online shops on the internet, domestic card payments and card payments made abroad, and all types of card-form factors. In 2020 – 2024, even more Europeans switched rapidly to contactless payments amid coronavirus concerns.
In 2024, there were 261.3 card payments per capita, up by 10.46% from 2023, and a total card payments value of €9,313.0 per capita. Although there has been significant growth of card payments per capita over the past few years (particularly in contactless payments), the impact of the COVID-19 pandemic on all card usage metrics in 2020 is clear to see, given that physical lockdowns and restrictions on cash usage in some areas led to declines across the board. However, by 2021 strong rebounds in growth rates can be seen across many metrics, with many surpassing pre-pandemic levels and this trend continued in 2022 and 2023.
| 4-1-3: Card Payments in the E33 Region 2020-2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y | |
| Cards with a payment function (m) | 1,172.8 | 1,221.9 | 1,258.9 | 1,344.6 | 1,424.4 | 5.93% | 27.34% | 4.95% |
| - thereof debit cards (m) | 814.8 | 862.5 | 889.0 | 954.3 | 1,021.7 | 7.06% | 32.80% | 5.84% |
| - thereof credit cards (m) | 358.0 | 359.4 | 370.0 | 390.3 | 402.7 | 3.18% | 15.32% | 2.89% |
| Ø Payments per card per year | 81.16 | 92.71 | 106.07 | 110.14 | 115.08 | 4.49% | 34.91% | 6.17% |
| Number of card payments (m) | 95,179.4 | 113,289.8 | 133,535.6 | 148,101.6 | 163,927.3 | 10.69% | 71.80% | 11.43% |
| - thereof on debit cards (m) | 75,599.7 | 90,315.0 | 106,973.8 | 118,113.8 | 130,566.9 | 10.54% | 76.44% | 12.03% |
| - thereof on credit/delayed debit cards (m) | 19,579.7 | 22,974.9 | 26,561.8 | 29,987.9 | 33,360.4 | 11.25% | 55.78% | 9.27% |
| Value of card payments (€bn) | 3,685.28 | 4,218.87 | 4,794.12 | 5,445.61 | 5,842.75 | 7.29% | 59.65% | 9.81% |
| - thereof on debit cards (€bn) | 2,734.76 | 3,139.82 | 3,525.89 | 4,030.10 | 4,380.98 | 8.71% | 72.32% | 11.50% |
| - thereof on credit/delayed debit cards (€bn) | 950.53 | 1,079.05 | 1,268.23 | 1,415.51 | 1,461.77 | 3.27% | 30.81% | 5.52% |
| ATV per payment on cards | €38.72 | €37.24 | €35.90 | €36.77 | €35.64 | -3.07% | -7.07% | -1.46% |
| Ø Total payments value per card per year | €3,142.3 | €3,452.6 | €3,808.0 | €4,049.9 | €4,101.9 | 1.28% | 25.37% | 4.63% |
| Total card payments per capita | 153.7 | 182.4 | 214.4 | 236.6 | 261.3 | 10.46% | 68.77% | 11.03% |
| Total card value per capita | €5,950.0 | €6,793.7 | €7,697.9 | €8,698.0 | €9,313.0 | 7.07% | 56.83% | 9.42% |
| Note: the E33 region includes the EU27 countries, the UK, Switzerland, Iceland, Norway, Serbia and Turkey. | ||||||||
| sources: ECB, PCM research. | ||||||||
Cards and Payments Per Capita – in alphabetical order by country
With 165.32 billion card payments in 2024, cards have become the most widely used cashless payment instrument in the E33 countries. In the period from 2000 to 2024, card payments considerably outperformed direct debits and credit transfers by number with a growth rate of more than 10% (compared to approximately 5% for credit transfers and/or direct debits).
Precise figures on the usage of cash are not readily available. According to the ECB, studies show that cash dominates in terms of the number of payments at the physical point of sale in almost all European countries. However, cards have been gaining ground and are becoming more and more important for day-to-day transactions. Notably, the number of payments with debit cards increasingly exceeds the number of payments with credit cards and/or delayed debit cards.
This general trend can be observed throughout the E33 countries. However, the starting point differs greatly from country to country, owing to diverging national market infrastructures, payment behaviours and customer preferences – and to a much lesser extent, different currencies (i.e. the euro or other EU currencies).
Tables 4.1.4 and 4.1.5 summarise the number of bank-issued payment cards per capita, drawing on data from the ECB, BIS, national central banks, and payment companies such as BKM in Turkey. Table 4.5.3 shows the five-year series in payments per capita.
In 2024, there were 109.51 billion card payments in the EU27 countries amounting, on average, to 244.0 payments per capita. In total, there were 165.32 billion card payments in the E33 countries amounting on average to 263.5 payments per capita.
| 4.1.4: Cards and Payments in 2024 (alphabetic order) | |||||
|---|---|---|---|---|---|
| Country | Population | Cards | Payments | ||
| millions | millions | per capita | millions | per capita | |
| Austria | 9.18 | 15.6 | 1.70 | 1,891.3 | 206.1 |
| Belgium | 11.85 | 31.8 | 2.68 | 3,971.2 | 335.1 |
| Bulgaria | 6.44 | 8.6 | 1.33 | 570.0 | 88.5 |
| Croatia | 3.87 | 8.4 | 2.16 | 743.8 | 192.2 |
| Cyprus | 0.97 | 2.0 | 2.09 | 230.5 | 236.9 |
| Czechia | 10.90 | 15.8 | 1.45 | 2,980.9 | 273.6 |
| Denmark | 5.98 | 10.0 | 1.67 | 2,747.1 | 459.6 |
| Estonia | 1.37 | 2.1 | 1.56 | 490.7 | 356.9 |
| Finland | 5.62 | 14.2 | 2.52 | 2,454.5 | 436.7 |
| France | 68.44 | 109.9 | 1.61 | 20,856.5 | 304.8 |
| Germany | 83.53 | 196.1 | 2.35 | 13,114.1 | 157.0 |
| Greece | 10.53 | 18.1 | 1.71 | 2,283.8 | 216.8 |
| Hungary | 9.56 | 10.3 | 1.08 | 1,972.9 | 206.3 |
| Iceland | 0.39 | 0.9 | 2.33 | 213.1 | 547.1 |
| Ireland | 5.38 | 14.2 | 2.64 | 2,921.6 | 542.5 |
| Italy | 58.95 | 85.6 | 1.45 | 8,260.0 | 140.1 |
| Latvia | 1.86 | 2.1 | 1.15 | 532.0 | 285.9 |
| Lithuania | 2.89 | 44.3 | 15.32 | 3,114.2 | 1077.2 |
| Luxembourg | 0.68 | 6.2 | 9.08 | 449.6 | 662.6 |
| Malta | 0.57 | 1.3 | 2.27 | 119.2 | 209.4 |
| Netherlands | 17.99 | 47.7 | 2.65 | 6,590.7 | 366.3 |
| Norway | 5.59 | 12.6 | 2.26 | 3,176.6 | 567.8 |
| Poland | 37.49 | 46.3 | 1.23 | 10,459.8 | 279.0 |
| Portugal | 10.69 | 27.5 | 2.57 | 2,987.3 | 279.3 |
| Romania | 19.06 | 23.2 | 1.22 | 2,460.8 | 129.1 |
| Serbia | 6.57 | 12.1 | 1.85 | 669.5 | 101.9 |
| Slovakia | 5.46 | 6.5 | 1.19 | 1,119.2 | 205.0 |
| Slovenia | 2.13 | 3.5 | 1.65 | 395.9 | 186.1 |
| Spain | 48.86 | 106.0 | 2.17 | 11,696.1 | 239.4 |
| Sweden | 10.63 | 17.9 | 1.69 | 4,096.7 | 385.4 |
| Switzerland | 9.05 | 26.4 | 2.91 | 2,568.4 | 283.8 |
| Turkey | 85.66 | 323.8 | 3.78 | 18,071.2 | 211.0 |
| UK | 69.23 | 163.4 | 2.36 | 31,112.0 | 449.4 |
| EU27 total/average | 448.8 | 875.1 | 1.95 | 109,510.2 | 244.0 |
| E33 Total/average | 627.4 | 1,414.4 | 2.25 | 165,321.0 | 263.5 |
| Note: EU population statistics are from the ECB, non-EU population figures are from national statistical agencies, BIS or UN. | |||||
| Note: due to Brexit, some payment and electronic money institutions in the United Kingdom have transferred payment cards to the Lithuanian payment and electronic money institutions. As a result, the number of cards has increased significantly since 2020. | |||||
| Source: ECB, BIS, national central banks. | |||||
Cards and Payments Per Capita – Ranked Highest to Lowest
For individual EU27 countries, large variations with respect to card usage can be identified. As Table 4.1.5 demonstrates, the number of cards per capita in 2024 varies significantly, ranging from a low of 1.08 in Hungary to a high of 15.32 in Lithuania compared with the E33 average of 2.25.
Card issuance, however, can be a poor measure of the size of a market because of variations in the use of cards and the extent to which card use is channelled through one or more cards per cardholder. Card use, for example, is high in France and some of the Nordic countries, despite comparatively low card numbers.
| 4.1.5: Cards and Payments in 2024 (ranked) | |||||
|---|---|---|---|---|---|
| Country | Population | Cards | Payments | ||
| millions | millions | per capita | millions | per capita | |
| Lithuania | 2.89 | 44.3 | 15.32 | 3,114.2 | 1077.2 |
| Luxembourg | 0.68 | 6.2 | 9.08 | 449.6 | 662.6 |
| Norway | 5.59 | 12.6 | 2.26 | 3,176.6 | 567.8 |
| Iceland | 0.39 | 0.9 | 2.33 | 213.1 | 547.1 |
| UK | 69.23 | 163.4 | 2.36 | 31,112.0 | 449.4 |
| Netherlands | 17.99 | 47.7 | 2.65 | 6,590.7 | 366.3 |
| Belgium | 11.85 | 31.8 | 2.68 | 3,971.2 | 335.1 |
| Switzerland | 9.05 | 26.4 | 2.91 | 2,568.4 | 283.8 |
| Portugal | 10.69 | 27.5 | 2.57 | 2,987.3 | 279.3 |
| Turkey | 85.66 | 323.8 | 3.78 | 18,071.2 | 211.0 |
| Croatia | 3.87 | 8.4 | 2.16 | 743.8 | 192.2 |
| E33 Total/average | 627.4 | 1,414.4 | 2.25 | 165,321.0 | 263.5 |
| Finland | 5.62 | 14.2 | 2.52 | 2,454.5 | 436.7 |
| Sweden | 10.63 | 17.9 | 1.69 | 4,096.7 | 385.4 |
| Spain | 48.86 | 106.0 | 2.17 | 11,696.1 | 239.4 |
| Malta | 0.57 | 1.3 | 2.27 | 119.2 | 209.4 |
| Germany | 83.53 | 196.1 | 2.35 | 13,114.1 | 157.0 |
| EU27 total/average | 448.8 | 875.1 | 1.95 | 109,510.2 | 244.0 |
| Ireland | 5.38 | 14.2 | 2.64 | 2,921.6 | 542.5 |
| Denmark | 5.98 | 10.0 | 1.67 | 2,747.1 | 459.6 |
| Estonia | 1.37 | 2.1 | 1.56 | 490.7 | 356.9 |
| France | 68.44 | 109.9 | 1.61 | 20,856.5 | 304.8 |
| Latvia | 1.86 | 2.1 | 1.15 | 532.0 | 285.9 |
| Poland | 37.49 | 46.3 | 1.23 | 10,459.8 | 279.0 |
| Czechia | 10.90 | 15.8 | 1.45 | 2,980.9 | 273.6 |
| Cyprus | 0.97 | 2.0 | 2.09 | 230.5 | 236.9 |
| Greece | 10.53 | 18.1 | 1.71 | 2,283.8 | 216.8 |
| Hungary | 9.56 | 10.3 | 1.08 | 1,972.9 | 206.3 |
| Austria | 9.18 | 15.6 | 1.70 | 1,891.3 | 206.1 |
| Slovakia | 5.46 | 6.5 | 1.19 | 1,119.2 | 205.0 |
| Slovenia | 2.13 | 3.5 | 1.65 | 395.9 | 186.1 |
| Italy | 58.95 | 85.6 | 1.45 | 8,260.0 | 140.1 |
| Romania | 19.06 | 23.2 | 1.22 | 2,460.8 | 129.1 |
| Serbia | 6.57 | 12.1 | 1.85 | 669.5 | 101.9 |
| Bulgaria | 6.44 | 8.6 | 1.33 | 570.0 | 88.5 |
| Note: EU population statistics are from the ECB, non-EU population figures are from national statistical agencies, BIS or UN. | |||||
| Note: due to Brexit, some payment and electronic money institutions in the United Kingdom have transferred payment cards to the Lithuanian payment and electronic money institutions. As a result, the number of cards has increased significantly since 2020. | |||||
| Source: ECB, BIS, national central banks. | |||||
Tables 4.1.4 and 4.1.5 also summarise the number of payments per capita across the region during 2024 on bank-issued payment cards. The number of payments per capita ranges from 88.5 per capita in Bulgaria to 1,077.2 in the exceptional case of Lithuania and Luxembourg (662.6) compared with an E33 average of 263.5.
In 2025, the top 5 countries by payments per capita were Lithuania, Luxembourg, Norway, Ireland and Denmark.
Although dominated by the same Nordic banks – Swedbank, SEB and Nordea – the three Baltic states show different levels of payments per capita: Estonia 356.9, Latvia 285.9, and Lithuania 1,077.2.
Note: The differences in total card numbers in Tables 4.1.1, 4.1.2 and 4.1.4, 4.1.5 are due to effects of rounding and to discrepancies in the ECB Blue Book data (see Note on France below).
Cards and Payments – International Schemes Cards in Europe
In early editions of the Yearbooks, most cards and payments data had been drawn from the international card networks, VISA and Mastercard. Since both have become stock exchange-listed companies, VISA and Mastercard do no longer publish the previously available data.
Basic indications about the international card schemes were collected on a European level from various international card scheme sources. However, most of the UK figures and most of the European domestic card scheme figures are not included in the Tables 4.1.6, 4.1.7 and 4.1.8. The cards of the schemes Discover, JCB, and UnionPay are also not included as they are usually not issued by European card issuers.
Not surprisingly, Mastercard and VISA are the dominant international card schemes in Europe competing with the remaining domestic debit card schemes, while Diners Club is playing a declining niche role.
American Express continues to play a dedicated market role usually showing similar compound annual growth rates as Mastercard and VISA. In 2019, however, American Express changed its business model due to the impact of the EC Interchange Fee Regulation (IFR). It terminated all licenses with its existing EU issuer bank partners, which stopped issuing AmEx cards. American express is now the sole issuer of American Express cards in Europe.
For the same reason card scheme JCB terminated its licenses with a few European card issuers. JCB is now the sole issuer of JCB cards in Europe.
At end-2024, the 4 card schemes reported 1,735.8 million cards in Europe and 153.29 billion payments, with the total value $5.52 trillion, showing a 5-year compound annual growth rate of 4.91%, 9.66% and 10.60%, respectively.
| 4.1.6: Payment Cards with International Brands in Europe | ||||||||
|---|---|---|---|---|---|---|---|---|
| (millions) | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| American Express | 16.7 | 16.9 | 17.6 | 18.3 | 19.2 | 4.92% | 4.35% | 0.85% |
| Diners Club | 1.1 | 1.1 | 1.1 | 1.1 | 1.2 | 5.66% | 0.00% | 0.00% |
| Mastercard | 651.1 | 732.5 | 717.3 | 807.8 | 899.5 | 11.35% | 51.43% | 8.65% |
| VISA | 757.3 | 811.1 | 641.0 | 762.0 | 815.9 | 7.07% | 8.45% | 1.64% |
| Total scheme cards | 1,426.1 | 1,561.6 | 1,377.0 | 1,589.2 | 1,735.8 | 9.22% | 27.08% | 4.91% |
| - thereof American Express (in %) | 1.17% | 1.08% | 1.28% | 1.15% | 1.11% | -3.94% | -17.89% | -3.87% |
| - thereof Diners Club (in %) | 0.08% | 0.07% | 0.08% | 0.07% | 0.07% | -3.26% | -21.31% | -4.68% |
| - thereof Mastercard (in %) | 45.65% | 46.91% | 52.09% | 50.83% | 51.82% | 1.95% | 19.16% | 3.57% |
| - thereof VISA (in %) | 53.10% | 51.94% | 46.55% | 47.95% | 47.00% | -1.97% | -14.66% | -3.12% |
| Note: card numbers include all type of cards issued in continental European, including EU27+UK, the EEA region, other European countries. | ||||||||
| Note: figures of the card schemes may include some cards co-badged with a domestic card brand. | ||||||||
| Note: in 2019, American Express terminated all licenses with its existing EU issuer bank partners, which stopped issuing AmExp cards. | ||||||||
| Source: Information collected from various card scheme sources. Figures for 2020 are impacted by the corona pandemic. | ||||||||
| 4.1.7: Payments with International Branded Cards in Europe | ||||||||
|---|---|---|---|---|---|---|---|---|
| (millions) | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| American Express | 660.0 | 540.0 | 770.0 | 900.0 | 1,030.0 | 14.44% | -1.90% | -0.38% |
| Diners Club | 30.0 | 30.0 | 40.0 | 43.0 | 44.0 | 2.30% | -12.02% | -2.53% |
| Mastercard | 41,990.0 | 55,100.0 | 53,040.0 | 63,430.0 | 72,380.0 | 14.11% | 89.13% | 13.59% |
| VISA | 60,350.0 | 72,780.0 | 63,470.0 | 72,870.0 | 79,840.0 | 9.56% | 39.34% | 6.86% |
| Total cards payments | 103,030.0 | 128,450.0 | 117,320.0 | 137,243.0 | 153,294.0 | 11.70% | 58.57% | 9.66% |
| - thereof American Express (in %) | 0.64% | 0.42% | 0.66% | 0.66% | 0.67% | 2.46% | -38.14% | -9.16% |
| - thereof Diners Club (in %) | 0.03% | 0.02% | 0.03% | 0.03% | 0.03% | -8.41% | -44.52% | -11.12% |
| - thereof Mastercard (in %) | 40.76% | 42.90% | 45.21% | 46.22% | 47.22% | 2.16% | 19.27% | 3.59% |
| - thereof VISA (in %) | 58.58% | 56.66% | 54.10% | 53.10% | 52.08% | -1.91% | -12.13% | -2.55% |
| Note: card numbers include all type of cards issued in continental European, including EU27+UK, the EEA region, other European countries. | ||||||||
| Note: figures of the card schemes may include some cards co-badged with a domestic card brand. | ||||||||
| Note: in 2019, American Express terminated all licenses with its existing EU issuer bank partners, which stopped issuing AmExp cards. | ||||||||
| Source: Information collected from various card scheme sources. Figures for 2020 are impacted by the corona pandemic. | ||||||||
| 4.1.8: Payments Value with International Branded Cards in Europe | ||||||||
|---|---|---|---|---|---|---|---|---|
| ($ billions) | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| American Express | 73.3 | 86.6 | 112.6 | 137.7 | 167.4 | 21.63% | 53.70% | 8.98% |
| Diners Club | 4.4 | 4.9 | 6.1 | 6.4 | 6.5 | 1.71% | -10.79% | -2.26% |
| Mastercard | 1,259.0 | 1,684.3 | 1,806.1 | 2,226.6 | 2,557.1 | 14.84% | 103.22% | 15.24% |
| VISA | 2,024.0 | 2,441.5 | 2,200.8 | 2,556.4 | 2,786.0 | 8.98% | 42.24% | 7.30% |
| Total cards payments value | 3,360.7 | 4,217.2 | 4,125.7 | 4,927.1 | 5,517.1 | 11.97% | 65.52% | 10.60% |
| - thereof American Express (in %) | 2.18% | 2.05% | 2.73% | 2.79% | 3.03% | 8.62% | -7.14% | -1.47% |
| - thereof Diners Club (in %) | 0.13% | 0.12% | 0.15% | 0.13% | 0.12% | -9.16% | -46.10% | -11.63% |
| - thereof Mastercard (in %) | 37.46% | 39.94% | 43.78% | 45.19% | 46.35% | 2.56% | 22.78% | 4.19% |
| - thereof VISA (in %) | 60.23% | 57.89% | 53.34% | 51.88% | 50.50% | -2.67% | -14.06% | -2.99% |
| Note: card numbers include all type of cards issued in continental European, including EU27+UK, the EEA region, other European countries. | ||||||||
| Note: figures of the card schemes may include some cards co-badged with a domestic card brand. | ||||||||
| Note: in 2019, American Express terminated all licenses with its existing EU issuer bank partners, which stopped issuing AmExp cards. | ||||||||
| Source: Information collected from various card scheme sources. Figures for 2020 are impacted by the corona pandemic. | ||||||||
Card Indicators in the Euro Area – POS Payments cross-border and EMV Cards
In the past, the ECB periodically provided interesting SEPA migration indicators regarding the use of cards at POS terminals in the euro area. From 2016, cross-border figures were estimated.
One SEPA card indicator is the percentage of EMV transactions at POS terminals meeting the following criteria: an EMV-compliant card is used at an EMV-compliant POS terminal and processing according to EMV standards is applied. In 2021, around 99.6% of all POS payments on cards in the EU33 countries were EMV transactions, indicating that the level of cross-border use of cards in the euro area and the number of pre-loaded prepaid cards influence the level of EMV transactions at POS terminals.
A second SEPA card indicator is the cross-border use of cards: In 2023, however, an estimated 4.25% of all POS payments in the euro area were cross-border transactions, according to the ECB, while 95.75% were domestic POS payments on cards. The growth of cross-border transactions is believed to be an impact of pandemic lockdown and travel restrictions ending over the course of 2021.
This indicator is looking at SEPA migration for cards regarding cardholders’ actual use of their cards when travelling abroad. According to the ECB, the use of cards abroad depends on:
- The technical capabilities of the card and the POS terminal
- The merchant’s acceptance of the card in question
- The extent to which people have a uniform “customer experience” across the SEPA area.
This indicator is calculated as the number of POS transactions conducted using cards issued outside the country divided by the total number of POS transactions. Obviously, the indicator is affected slightly (in a positive aspect) by transactions conducted using cards issued outside the SEPA area.
| 4.1.9: Card Indicators - POS Payments in the Euro Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y | |
| Domestic POS transactions | 96.11% | 95.75% | 95.75% | 95.75% | 95.75% | 0.00% | 2.33% | 0.46% |
| Cross-Border POS transactions | 3.89% | 4.25% | 4.25% | 4.25% | 4.25% | 0.00% | -33.90% | -7.95% |
| EMV TX as % of POS Transactions | 99.56% | 99.60% | 99.60% | 99.60% | 99.60% | 0.00% | 2.71% | 0.54% |
| Note: cross-border transactions in the Euro area in % of total POS transactions, estimated from 2016. | ||||||||
| Source: ECB and EMVCo | ||||||||
Further, cross-border debit card payments, as opposed to ATM withdrawals, are low compared with credit card payments by number. This reflects that European populations have been educated to use credit cards and delayed debit cards abroad instead of domestic debit cards that, historically, were often not accepted abroad in the past.
Examples – In Austria, after more than 20 years of using Maestro as the domestic debit card scheme as well as abroad, cross-border payments are on average only 3.7% of total payments with Austrian-issued Maestro cards. In Denmark, where 70% of domestic Dankort debit cards are co-badged VISA for cross-border use, less than 7.6% of payments were made abroad.
4.2 Debit Cards
The region’s debit card base continued to grow, with all national markets showing an upward trend. In 2021 the number of Lithuanian-issued debit cards increased by a staggering 125.94%, for the simple reason that many UK-based card issuers migrated their portfolios to Lithuania following Brexit, to take advantage of EU passporting rules.
Debit card numbers rose by 11.8% over the period 2012-2017, 20.5% over the period 2007-2012, 22.3% over the period 2006-2011, 25% over the period 2005-2010, 26% over the period 2004-2009, 23% between 2003 and 2008 and 17% between 2001 and 2006. In 2024, debit cards showed a compound annual growth rate (CAGR) of 5.84% over the period 2020-2024.
In 2024, led by Lithuania (+33.79%), Portugal (+22.95%) and Spain (+22.83%), the region’s total debit card base grew by 67.4 million cards to 1,021.7 million (+7.06%), with debit card penetration per capita reaching 1.65 debit cards per capita.
The anomalously high rate of growth in 2019 was caused in part by the reclassification of some delayed debit cards as debit cards (previously credit cards), and by the merger of three national payment schemes into one scheme in Spain (see Spain country profile) with the consequent reclassification of some cards.
It is noted that the Belgian NBB, the national central bank, provided no official explanation for the sudden increase of debit cards year-over-year in 2019. Once double-counting in error is assumed to be very unlikely, it is thought that either banks or other payment service providers had either: (1a) renewed and replaced Bancontact Maestro cards to Bancontact Debit Mastercard cards and/or (1b) issued a second virtual debit card for Payconiq Bancontact users, which both would mean that the number of cards per cardholder nearly doubled for a short period of time; or (2) one or several e-money institutions have moved prepaid card portfolios from other European countries to Belgium (e.g. card portfolio migrated from the UK to Belgium).
Note: with the 2020-21 edition of the Yearbook, French debit cards reported in Table 4.2.1 do no longer include French credit cards. The number of all French cards with payment function was reported prior to 2014.
| 4.2.1: Debit Cards in Europe (millions) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria | 11.6 | 10.7 | 10.9 | 11.1 | 11.2 | 0.63% | 10.53% | 2.02% |
| Belgium | 39.8 | 46.1 | 20.2 | 24.3 | 25.8 | 6.44% | -23.59% | -5.24% |
| Bulgaria | 6.3 | 6.4 | 6.5 | 7.0 | 7.2 | 2.91% | 15.83% | 2.98% |
| Croatia | 6.9 | 6.9 | 6.9 | 6.6 | 6.8 | 3.36% | -0.70% | -0.14% |
| Cyprus | 1.1 | 1.2 | 1.4 | 1.6 | 1.7 | 9.35% | 68.44% | 10.99% |
| Czechia | 12.3 | 13.1 | 12.4 | 13.5 | 14.6 | 7.53% | 27.81% | 5.03% |
| Denmark | 7.8 | 7.9 | 8.2 | 8.3 | 8.4 | 0.35% | 8.06% | 1.56% |
| Estonia | 1.6 | 1.6 | 1.7 | 1.7 | 1.7 | 1.74% | 11.28% | 2.16% |
| Finland | 8.9 | 8.8 | 9.0 | 9.1 | 9.2 | 0.73% | 6.86% | 1.34% |
| France | 54.1 | 60.8 | 70.5 | 82.1 | 88.8 | 8.20% | 68.31% | 10.97% |
| Germany | 118.4 | 121.3 | 132.6 | 143.3 | 161.9 | 13.02% | 40.01% | 6.96% |
| Greece | 14.2 | 14.7 | 15.2 | 15.4 | 15.7 | 2.34% | 13.89% | 2.64% |
| Hungary | 8.7 | 8.6 | 8.8 | 11.2 | 12.4 | 10.67% | 52.28% | 8.78% |
| Iceland | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | -0.46% | 25.60% | 4.66% |
| Ireland | 5.7 | 5.9 | 7.6 | 11.2 | 12.4 | 10.67% | 135.81% | 18.72% |
| Italy | 59.4 | 60.9 | 64.7 | 67.4 | 64.9 | -3.76% | 13.42% | 2.55% |
| Latvia | 2.0 | 1.9 | 1.7 | 1.6 | 1.6 | 1.48% | -20.29% | -4.43% |
| Lithuania | 13.4 | 30.4 | 31.5 | 32.8 | 43.8 | 33.79% | 1420.16% | 72.34% |
| Luxembourg | 2.1 | 3.2 | 3.1 | 3.1 | 3.2 | 5.76% | 211.52% | 25.52% |
| Malta | 0.7 | 0.8 | 1.2 | 1.3 | 1.0 | -21.95% | 53.59% | 8.96% |
| Netherlands | 30.1 | 31.3 | 31.5 | 32.7 | 31.4 | -4.00% | 12.90% | 2.46% |
| Norway | 7.5 | 7.8 | 7.9 | 7.9 | 8.0 | 1.64% | 9.59% | 1.85% |
| Poland | 38.1 | 37.9 | 39.1 | 37.7 | 41.0 | 8.57% | 10.75% | 2.06% |
| Portugal | 20.8 | 19.9 | 20.4 | 21.0 | 25.8 | 22.95% | 36.17% | 6.37% |
| Romania | 15.8 | 16.6 | 17.4 | 18.6 | 20.3 | 8.77% | 33.65% | 5.97% |
| Serbia | 8.4 | 9.1 | 9.7 | 10.6 | 11.2 | 6.48% | 50.77% | 8.56% |
| Slovakia | 5.2 | 5.2 | 5.3 | 5.3 | 6.0 | 12.07% | 22.89% | 4.21% |
| Slovenia | 2.7 | 2.7 | 2.7 | 2.8 | 2.7 | -2.88% | -2.47% | -0.50% |
| Spain | 49.3 | 49.9 | 44.7 | 46.9 | 57.6 | 22.83% | 19.06% | 3.55% |
| Sweden | 10.8 | 10.8 | 11.1 | 11.2 | 11.2 | 0.23% | 4.93% | 0.97% |
| Switzerland | 11.1 | 11.4 | 13.8 | 14.1 | 14.7 | 4.14% | 36.26% | 6.38% |
| Turkey | 144.7 | 150.1 | 168.9 | 189.5 | 194.4 | 2.58% | 45.95% | 7.85% |
| UK | 95.0 | 98.4 | 102.0 | 103.0 | 104.5 | 1.45% | 6.80% | 1.32% |
| E33 Total | 814.8 | 862.5 | 889.0 | 954.3 | 1021.7 | 7.06% | 32.80% | 5.84% |
| Note: French figures are now for debit cards only - see table 4.5.5 for full French card details and "Note on France" in this chapter. | ||||||||
| Note: due to Brexit, some payment and electronic money institutions in the United Kingdom have transferred payment cards to the Lithuanian payment and electronic money institutions. As a result, the number of cards has increased significantly since 2020. | ||||||||
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
The historic dominance of debit across Europe reflects a number of factors:
- In continental Europe, the current account is the cornerstone of the bank-customer relationship. ATM and cheque guarantee cards have evolved into debit cards. In many markets, overdrafts are readily available, providing the revolving credit which might otherwise be offered via credit cards.
- The euro-cheque system accommodated much of the cross-border payment traffic that might have supported the growth of other internationally branded cards. In countries like Austria, Germany, the Netherlands and Switzerland, euro-cheque cards developed into debit cards, with debit POS use superseding euro-cheques.
- The market for bank-issued credit cards may be small either because in some countries, overall demand for consumer credit is low, or because credit is provided in other ways.
Debit Card Payments
Showing a compound annual growth rate (CAGR) of 12.03% between 2020 and 2024, debit card payments rose at more than two-fold the rate of debit cards issued, testifying to increasing levels of payments on debit cards and contactless low-value payments.
In 2024, payments on debit cards were 130.56 billion (+10.54% vs 2023). Many major developed markets continued to show significant growth in the number of payments in 2024, despite the impact of COVID-19. Much of the growth in debit card use has come through fast growing contactless debit card payments for low value purchases.
The leaders, the UK and France, accounted for 42.35 billion debit card payments in 2024, an impressive 32.44% of the regional total.
In 2024, Czechia, Switzerland and Ireland have entered the ‘billionaires club’ of Belgium, Denmark, Finland, France, Germany, Italy, The Netherlands, Norway, Poland, Portugal, Spain, Sweden, Turkey, and the UK. The fourteen countries accounted for 107.79 billion debit card payments in 2024, accounting for 82.56% of the regional total.
Note: with the 2022-23 edition of the Yearbook, French debit card payments reported in Table 4.2.2 do no longer include French credit card payments.
| 4.2.2: Debit Card Payments in Europe (millions) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria | 886 | 1,029 | 1,213 | 1,397 | 1,592 | 13.90% | 108.83% | 15.87% |
| Belgium | 2,208 | 2,496 | 2,904 | 3,268 | 3,607 | 10.37% | 76.69% | 12.06% |
| Bulgaria | 186 | 244 | 326 | 412 | 503 | 21.97% | 206.13% | 25.08% |
| Croatia | 294 | 355 | 414 | 501 | 556 | 11.00% | 111.93% | 16.21% |
| Cyprus | 79 | 104 | 148 | 182 | 201 | 10.20% | 206.45% | 25.10% |
| Czechia | 1,341 | 1,643 | 2,098 | 2,452 | 2,829 | 15.36% | 145.75% | 19.70% |
| Denmark | 2,149 | 2,238 | 2,325 | 2,533 | 2,656 | 4.85% | 22.15% | 4.08% |
| Estonia | 331 | 358 | 401 | 429 | 454 | 5.75% | 34.24% | 6.07% |
| Finland | 1,650 | 1,741 | 1,923 | 2,086 | 2,195 | 5.20% | 22.51% | 4.14% |
| France | 9,932 | 12,464 | 13,818 | 15,063 | 16,257 | 7.93% | 60.63% | 9.94% |
| Germany | 5,916 | 6,534 | 8,271 | 9,670 | 10,747 | 11.13% | 127.88% | 17.91% |
| Greece | 903 | 1,204 | 1,612 | 1,823 | 2,086 | 14.43% | 211.37% | 25.50% |
| Hungary | 957 | 1,168 | 1,437 | 1,625 | 1,812 | 11.50% | 107.64% | 15.73% |
| Iceland | 86 | 99 | 106 | 116 | 118 | 2.16% | 31.67% | 5.66% |
| Ireland | 1,074 | 1,329 | 1,768 | 2,279 | 2,665 | 16.93% | 166.62% | 21.67% |
| Italy | 2,769 | 3,835 | 4,593 | 5,559 | 6,464 | 16.27% | 153.94% | 20.49% |
| Latvia | 328 | 348 | 370 | 411 | 439 | 6.72% | 37.73% | 6.61% |
| Lithuania | 496 | 1,206 | 2,094 | 2,498 | 3,059 | 22.45% | 739.70% | 53.05% |
| Luxembourg | 127 | 148 | 201 | 230 | 272 | 18.37% | 142.92% | 19.42% |
| Malta | 40 | 50 | 65 | 89 | 102 | 14.18% | 197.39% | 24.36% |
| Netherlands | 4,549 | 4,566 | 5,384 | 6,003 | 6,217 | 3.56% | 27.40% | 4.96% |
| Norway | 2,166 | 2,300 | 2,554 | 2,644 | 2,746 | 3.87% | 21.04% | 3.89% |
| Poland | 5,649 | 6,805 | 8,063 | 8,918 | 9,625 | 7.93% | 83.61% | 12.92% |
| Portugal | 1,568 | 1,842 | 1,915 | 2,099 | 2,454 | 16.95% | 48.42% | 8.22% |
| Romania | 936 | 1,243 | 1,592 | 1,926 | 2,306 | 19.73% | 203.25% | 24.84% |
| Serbia | 276 | 336 | 401 | 487 | 585 | 20.04% | 150.74% | 20.18% |
| Slovakia | 519 | 602 | 818 | 920 | 1050 | 14.16% | 108.44% | 15.82% |
| Slovenia | 176 | 209 | 261 | 302 | 342 | 13.22% | 91.75% | 13.91% |
| Spain | 4,178 | 5,275 | 5,927 | 6,689 | 7,743 | 15.75% | 100.40% | 14.92% |
| Sweden | 2,836 | 2,970 | 3,249 | 3,368 | 3,422 | 1.59% | 11.32% | 2.17% |
| Switzerland | 1,183 | 1,346 | 1,557 | 1,701 | 1,801 | 5.86% | 69.77% | 11.17% |
| Turkey | 2,288 | 2,990 | 4,669 | 5,900 | 7,565 | 28.21% | 255.27% | 28.86% |
| UK | 17,526 | 21,240 | 24,497 | 24,531 | 26,099 | 6.39% | 40.62% | 7.06% |
| Total | 75,600 | 90,315 | 106,974 | 118,114 | 130,567 | 10.54% | 76.44% | 12.03% |
| Market share UK + F | 36.3% | 37.3% | 35.8% | 33.5% | 32.4% | -3.23% | -16.30% | -3.50% |
| Note: in this table, French figures are now for payments on debit cards only; Norway figures may contain a small number of cash withdrawals at POS; Portuguese figures are for payments on debit and/or delayed debit cards. | ||||||||
| Note: Serbian figures prior to 2016 are for all transactions on debit cards; from 2016 figures are for domestic payments on debit cards. | ||||||||
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
Debit Card Payments Expenditure
In 2024, the payments value on debit cards was €4,381.0 billion (+8.71% vs 2023). The UK and France accounted for €1,818.1 billion of the total payments value on debit cards, 41.50% of the regional total.
In 2023, several countries experienced strong growth rates, with Turkey ranking top (+26.52%). This is largely due to a surge in contactless debit transactions as a consequence of COVID-19 and an influx of debit card portfolios which migrated from the UK following Brexit.
Note: with the 2023-24 edition of the Yearbook, the total value of French debit card payments reported in Table 4.2.3 no longer includes French credit card payments.
| 4.2.3: Debit Card Expenditure in Europe (€billion) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria | 32.7 | 37.2 | 45.0 | 51.1 | 57.6 | 12.68% | 98.81% | 14.73% |
| Belgium | 90.8 | 100.6 | 114.9 | 129.1 | 141.5 | 9.55% | 70.32% | 11.24% |
| Bulgaria | 5.3 | 7.5 | 10.59 | 14.65 | 17.63 | 20.36% | 270.00% | 29.91% |
| Croatia | 6.5 | 7.9 | 9.7 | 12.3 | 14.4 | 17.42% | 148.31% | 19.95% |
| Cyprus | 4.8 | 5.7 | 8.8 | 10.6 | 11.7 | 10.13% | 192.88% | 23.98% |
| Czechia | 31.5 | 40.9 | 53.4 | 58.3 | 66.5 | 14.05% | 138.41% | 18.98% |
| Denmark | 75.6 | 82.5 | 85.8 | 98.2 | 102.0 | 3.90% | 37.38% | 6.56% |
| Estonia | 6.0 | 7.0 | 11.8 | 12.2 | 9.7 | -20.81% | 60.12% | 9.87% |
| Finland | 44.4 | 48.5 | 52.2 | 56.2 | 58.6 | 4.23% | 29.39% | 5.29% |
| France | 386.5 | 480.6 | 521.2 | 804.0 | 845.4 | 5.15% | 114.32% | 16.47% |
| Germany | 267.4 | 288.6 | 349.6 | 389.2 | 417.9 | 7.37% | 80.30% | 12.51% |
| Greece | 31.4 | 37.6 | 57.1 | 49.1 | 37.6 | -23.32% | 86.74% | 13.30% |
| Hungary | 22.6 | 27.2 | 33.2 | 41.0 | 45.5 | 10.96% | 120.30% | 17.11% |
| Iceland | 3.3 | 3.9 | 4.4 | 4.6 | 4.4 | -3.04% | 15.80% | 2.98% |
| Ireland | 43.9 | 54.6 | 73.5 | 86.2 | 101.9 | 18.24% | 154.21% | 20.51% |
| Italy | 148.1 | 183.6 | 215.7 | 246.5 | 269.0 | 9.13% | 98.47% | 14.69% |
| Latvia | 4.2 | 6.2 | 6.9 | 7.6 | 8.1 | 7.07% | 64.74% | 10.50% |
| Lithuania | 9.8 | 27.8 | 52.2 | 60.4 | 74.4 | 23.07% | 980.40% | 60.96% |
| Luxembourg | 5.6 | 6.3 | 8.1 | 9.5 | 10.8 | 12.86% | 119.17% | 16.99% |
| Malta | 2.1 | 2.5 | 4.1 | 5.1 | 5.7 | 10.37% | 196.55% | 24.29% |
| Netherlands | 118.8 | 122.2 | 148.0 | 155.1 | 166.9 | 7.64% | 28.44% | 5.13% |
| Norway | 71.3 | 81.5 | 90.4 | 83.7 | 86.7 | 3.66% | 7.95% | 1.54% |
| Poland | 81.2 | 96.7 | 117.2 | 137.1 | 162.0 | 18.16% | 118.72% | 16.94% |
| Portugal | 78.0 | 91.2 | 98.7 | 112.9 | 123.4 | 9.26% | 57.42% | 9.50% |
| Romania | 23.6 | 31.3 | 42.0 | 50.2 | 61.8 | 22.99% | 210.41% | 25.43% |
| Serbia | 4.2 | 5.3 | 6.8 | 8.5 | 10.4 | 22.62% | 209.52% | 25.35% |
| Slovakia | 13.1 | 15.9 | 30.7 | 24.3 | 27.4 | 12.56% | 132.24% | 18.36% |
| Slovenia | 5.5 | 6.8 | 8.6 | 9.9 | 11.1 | 11.75% | 111.00% | 16.11% |
| Spain | 136.1 | 161.4 | 178.2 | 194.3 | 219.5 | 12.99% | 69.03% | 11.07% |
| Sweden | 73.6 | 82.8 | 86.8 | 85.6 | 87.0 | 1.64% | 11.81% | 2.26% |
| Switzerland | 54.2 | 59.4 | 71.0 | 78.4 | 83.2 | 6.07% | 72.66% | 11.54% |
| Turkey | 22.4 | 26.6 | 39.4 | 54.3 | 68.7 | 26.52% | 235.01% | 27.35% |
| UK | 830.2 | 902.1 | 889.9 | 889.9 | 972.7 | 9.30% | 35.53% | 6.27% |
| Total | 2,734.8 | 3,139.8 | 3,525.9 | 4,030.1 | 4,381.0 | 8.71% | 72.32% | 11.50% |
| Market share UK + F (in %) | 44.5% | 44.0% | 40.0% | 42.0% | 41.5% | -1.26% | -5.14% | -1.05% |
| Note: figures for non-euro countries converted into euros at ECB’s average annual exchange rate. | ||||||||
| Note: Portuguese figures are for payments on debit and/or delayed debit cards. | ||||||||
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
Declining Use of Cheques
Historically, much of the growth in debit card use has come through cheque replacement. The euro-cheque, once used widely across Europe, was phased out in 2001. National cheque systems are in decline, even in their strongholds France and the UK, where merchants like Shell and many others no longer accept cheque payments. France and the UK accounted for 70.79% of all cheque usage in the EU in 2024.
| 4.2.4: Cheque Payments in Selected European Countries | ||||||||
|---|---|---|---|---|---|---|---|---|
| (Millions) | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria | 0.3 | 0.2 | 0.1 | - | - | -33.33% | -97.32% | -51.51% |
| Belgium | 0.5 | 0.4 | 0.8 | 0.6 | 0.5 | -16.61% | -38.09% | -9.14% |
| Denmark | − | − | − | − | − | − | − | − |
| Finland | neg | neg | neg | neg | neg | − | − | − |
| France | 1,175.5 | 1,105.8 | 1,086.0 | 890.6 | 786.8 | -11.66% | -50.41% | -13.09% |
| Germany | 6.2 | 4.8 | 3.6 | 2.6 | 2.0 | -23.43% | -76.00% | -24.83% |
| Greece | 4.4 | 4.0 | 3.8 | 3.4 | 3.3 | -1.10% | -40.14% | -9.76% |
| Ireland | 23.8 | 20.7 | 17.5 | 15.2 | 13.2 | -13.33% | -58.90% | -16.29% |
| Italy | 96.7 | 87.2 | 79.3 | 69.7 | 60.2 | -13.67% | -55.07% | -14.79% |
| Netherlands | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | − | − | − |
| Portugal | 31.8 | 26.6 | 14.7 | 11.4 | 10.0 | -12.90% | -76.24% | -24.98% |
| Slovenia | neg | neg | neg | neg | neg | − | − | − |
| Spain | 30.5 | 30.0 | 24.5 | 21.2 | 18.9 | -10.72% | -56.45% | -15.32% |
| Sweden | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | − | − | − |
| UK | 185.0 | 150.0 | 129.0 | 110.0 | 91.0 | -17.27% | -66.54% | -19.67% |
| Euro area total | 1,383.7 | 1,290.5 | 1,239.8 | 1,239.8 | 1,239.8 | 0.00% | -33.81% | -7.92% |
| EU27 total | 1,384.8 | 1,291.4 | 1,240.0 | 1,240.0 | 1,240.0 | 0.00% | -42.33% | -10.42% |
| Market share F (in %) | 84.9% | 85.6% | 87.6% | 71.8% | 63.4% | -11.66% | -14.02% | -2.98% |
| Market share UK+F (in %) | 98.2% | 97.2% | 98.0% | 80.7% | 70.8% | -12.28% | -18.11% | -3.92% |
| Note: zero figures indicate very low and therefore negligible cheque use. | ||||||||
| Note: all figures are rounded; totals include countries with very low cheque use. | ||||||||
| Source: ECB. | ||||||||
At a national level, cheque use varies greatly between countries. Much depends on the structure of the domestic payment system and in particular the balance between cheque and giro use. Further, it is often not possible to separate business from personal cheques in the published statistics. Business cheques remain significant in markets such as the UK.
Cheque use is particularly low in the Nordic region and the Netherlands, where giros have historically been the central payment instrument. In contrast, France and the UK combine high cheque and debit card use.
Electronic Purses – Phased-out
Historically, electronic purses were prepaid payment instruments designed mainly for low-value purchases in situations where traditional debit card acceptance was considered too expensive or operationally inefficient. Under the European regulatory framework, such products fell within the wider category of electronic money. In several European countries, e-purse functionality was added to debit cards or offered through dedicated prepaid products.
Over time, however, most European electronic purse systems were phased out as contactless cards, digital wallets and other modern low-value payment methods became more widely available. Earlier domestic examples that disappeared included Danmønt in Denmark, CASH in Switzerland, Chipknip in the Netherlands, Moneo in France and QUICK in Austria. By the early 2020s, Germany’s GeldKarte was generally regarded as the last significant surviving domestic e-purse scheme in Europe.
Even GeldKarte was already in decline well before its closure. German issuers gradually stopped adding the GeldKarte function to girocard cards, and the rollout of contactless girocard payments further reduced the relevance of stored-value e-purse functionality. Industry reporting in early 2022 stated that the GeldKarte function would be discontinued by the end of 2024.
Despite its long history, GeldKarte suffered from limited acceptance and low usage. Its strongest period was linked in part to age-verification use cases such as cigarette vending machines, but over time its role diminished sharply as more convenient and broadly accepted contactless alternatives emerged. The system’s decline was accelerated by the rise of contactless girocard, international debit cards, mobile wallets and other digital payment methods.
GeldKarte was officially shut down on 31 December 2024. Remaining stored value could still be reclaimed for a limited period thereafter, with industry sources noting reimbursement through March 2025. As a result, the long European phase-out of domestic electronic purse systems can now be regarded as effectively complete.
| 4.2.5: E-Purse Payments (millions) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Country | Bank / EMI | Scheme | Phase-out | ### | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Germany | German Banks (D) | GeldKarte | --- | 15.4 | 10.3 | 3.6 | 1.8 | 1.8 | 0.00% | -91.55% | -38.99% |
| Austria | PayLife Bank (SIX) | Quick | end-07/2017 | na | na | na | |||||
| Belgium | Worldline | Proton | end-02/2014 | na | na | na | |||||
| France | BMS (owner: investor) | Moneo | end-05/2015 | na | na | na | |||||
| Netherlands | InterEGI (Equens) | Chipknip | end-2014 | na | na | na | |||||
| Switzerland | SIX Payment Services | CASH | end-2013 | na | na | na | |||||
| Note: statistics cover e-purse purchases only; loading/unloading transactions not included. | |||||||||||
| Note: GeldKarte is the last active e-purse since 2018. | |||||||||||
| Source: ECB, BIS. | |||||||||||
Historic Background – During 2008, the French e-purse Moneo function was enhanced by BMS for internet and contactless use. In 2010, BMS was sold to private equity investor BlackFin Capital Partners and French banks left BMS as a common decision. Private equity-owned BMS had a clear strategy to transform the MONEO e-purse system into an independent MONEO prepaid e-money system including luncheon/voucher cards.
From 2009, the majority of banks favoured replacing e-purse schemes by contactless cards and open-loop prepaid cards. One obvious reason was that contactless cards and prepaid cards used the same technology as debit and credit cards while domestic-only e-purse systems had required additional technical implementation and, thus, extra cost.
From 2010, more countries removed the domestic e-purse scheme from their debit cards and transferred the domestic e-purse scheme to non-bank e-money institutions that continued to run the system in niche markets like parking, vending and ticketing. This category included the Netherlands (Chipknip managed by InterEGI), France (Moneo managed by private equity-owned BMS), Switzerland (CASH managed by SIX Payment Services), and Austria (QUICK managed by SIX Payment Services Austria).
In 2012, new end-dates for three of the remaining six e-purse systems were announced: end-2013 for CASH (CH), end-2014 for Proton (B) and end-2014 for Chipknip (NL).
Paylife Bank Austria continued with its e-purse QUICK system and, in October 2012, launched the Quick contactless function. However, as the PayPass function was launched on Austrian Maestro cards in 2013, SIX Payment Services Austria phased out QUICK by end of July 2017.
Trend: contactless girocard cards replace GeldKarte – In Germany, the saving banks had been determined to press ahead with the GeldKarte product, which was incorporated on all their girocard cards. However, many commercial banks added the GeldKarte function only at the request of their customers.
Since 2009, the savings banks had piloted GeldKarte contactless. In January 2012, the German Banking Industry Committee (GBIC) said it would add a contactless function to all girocard debit cards, and it rebranded the GeldKarte contactless function under the new brand girogo. According to the German savings banks, the contactless girogo function was added to all girocard cards issued by savings banks. Initially, more than 1.2 million contactless girocard cards with added girogo function were rolled out in the pilot region Hannover-Braunschweig-Wolfsburg with, at that point, less girogo transactions processed than estimated.
In December 2013, the German co-operative banks announced that they would remove the e-purse GeldKarte function from all renewed VR-bank girocard cards. In addition, they no longer supported the contactless girogo function and opted for contactless girocard debit cards using a white-labelled PayPass function.
In October 2015, the girocard contactless pilot of the VR-banks started in the Kassel region. From January 2016, the VR-banks issued girocard contactless cards. From April 2016, the German savings banks also issued contactless girocard contactless cards. Indeed, GeldKarte volumes declined significantly.
The system’s decline was primarily due to the rise of more modern contactless payment options. In 2020, both GeldKarte and its contactless counterpart, girogo, began to be phased out. The system was officially shut down on December 31, 2024, with stored value to be credited back until March 2025.
Historic e-Purse niche markets – E-purse activity tended to be stimulated by official measures to discourage or drive out cash payments. In the Netherlands, several municipalities had moved to non-cash parking meter payments, while in Germany, the ban on cash payments at cigarette vending machines, aimed at preventing purchases by under-age smokers, provided an opportunity for GeldKarte, as its chip could be encoded with the cardholder’s age.
Parking, vending, and ticketing proved to be core applications for e-purse cards, but the process of replacing cash would generally be long-term. In the meantime, e-purse faced competition from other forms of small value payment such as pre-authorised debit and payments by mobile phone. Under the SEPA project, all domestic-only cards were to be phased out, but e-purse cards were exempt from this requirement.
See the respective country profiles of the Yearbook for more detail on e-purse systems, their niche role in domestic e-money markets, and their replacement by contactless debit cards.
4.3 Credit Cards
The term credit card is used in mainland Europe to cover traditional T&E charge cards, off-line debit cards and delayed or deferred debit cards, as well as bank-issued revolving credit cards of the US variety, though the latter are only widely issued and used in the UK, Greece, Ireland, Turkey and increasingly in the Nordic region.
In 2024, the total credit/delayed debit card base increased by 12.1 million cards to 402.7 million (+3.18%). It is noted that, in 2018, the decline of credit/delayed debit card numbers in 17 countries was due to the consolidation of delayed debit cards and consolidation of inactive cards. In Latvia, most delayed debit cards were replaced by debit cards.
In 2024, the number of issued credit cards in many countries declined due to ongoing bank consolidation and restructuring, most notably in Malta.
The credit cards countries – Greece, Ireland, Turkey, and the UK – accounted for 192.5 million revolving credit/delayed debit cards, 47.79% of the total. The on average credit/delayed debit card penetration per capita in the E33 countries was equivalent to 0.65 credit cards per capita.
Note: with the 2023-24 edition of the Yearbook, all French credit/delayed debit card numbers are now reported in Table 4.3.1.
| 4.3.1: Credit and Delayed Debit Cards (millions) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria (cc/dd) | 3.7 | 3.6 | 3.4 | 3.4 | 3.4 | 0.87% | -5.98% | -1.23% |
| Belgium (cc/dd/cdd) | 6.1 | 6.1 | 5.5 | 6.0 | 6.0 | 0.57% | -1.83% | -0.37% |
| Bulgaria (cc/dd/cdd) | 1.2 | 1.3 | 1.3 | 1.4 | 1.4 | -0.21% | 8.58% | 1.66% |
| Croatia (cc/dd/cdd/ddd) | 1.7 | 1.8 | 2.2 | 2.2 | 2.2 | 0.91% | -1.10% | -0.22% |
| Cyprus (cc/dd) | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 8.84% | 12.58% | 2.40% |
| Czechia (cc/dd) | 1.5 | 1.4 | 1.4 | 1.3 | 1.2 | -6.87% | -20.41% | -4.46% |
| Denmark (cc) | 1.7 | 1.7 | 1.6 | 1.6 | 1.6 | -0.87% | -8.01% | -1.66% |
| Estonia (cc) | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 11.87% | 1.29% | 0.26% |
| Finland (cc/dd/cdd) | 4.7 | 4.7 | 4.7 | 4.9 | 5.0 | 2.52% | 5.97% | 1.17% |
| France (cc/dd/cdd/ddd) | 33.1 | 29.2 | 30.7 | 30.3 | 30.3 | 0.00% | -4.40% | -0.89% |
| Germany (cc/dd) | 40.6 | 38.4 | 35.6 | 35.1 | 34.2 | -2.72% | -8.35% | -1.73% |
| Greece (cc/dd) | 2.6 | 2.6 | 2.3 | 2.3 | 2.3 | 1.73% | -8.84% | -1.84% |
| Hungary (cc/dd) | 1.2 | 1.2 | 1.1 | 1.1 | 1.2 | 4.34% | -8.82% | -1.83% |
| Iceland | 0.6 | 0.6 | 0.7 | 0.5 | 0.5 | 0.00% | 9.58% | 1.85% |
| Ireland (cc) | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 0.99% | -1.29% | -0.26% |
| Italy (cdd) | 27.3 | 27.1 | 23.4 | 20.9 | 20.8 | -0.40% | -23.16% | -5.13% |
| Latvia (cc/dd) | 0.3 | 0.2 | 0.5 | 0.5 | 0.5 | 0.38% | 98.19% | 14.66% |
| Lithuania (cc) | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 6.69% | 32.06% | 5.72% |
| Luxembourg (cc) | 2.2 | 2.3 | 2.1 | 2.2 | 2.2 | 0.00% | 8.89% | 1.72% |
| Malta (cc) | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | -10.74% | 36.87% | 6.48% |
| Netherlands (cc/dd/cdd) | 12.0 | 13.1 | 8.7 | 9.0 | 9.2 | 2.74% | -28.28% | -6.43% |
| Norway | 5.3 | 5.1 | 4.9 | 4.7 | 4.7 | 0.00% | -25.37% | -5.68% |
| Poland (cc/dd) | 5.6 | 5.4 | 5.3 | 5.0 | 5.3 | 7.47% | -11.17% | -2.34% |
| Portugal (cc/dd) | 8.0 | 7.4 | 8.7 | 8.9 | 9.9 | 11.12% | 28.48% | 5.14% |
| Romania (cc/dd) | 2.9 | 2.9 | 3.0 | 3.0 | 3.0 | 0.83% | -1.98% | -0.40% |
| Serbia | 1.1 | 1.0 | 1.0 | 0.9 | 0.9 | 0.00% | -19.17% | -4.17% |
| Slovakia (cc/dd) | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | -10.26% | -24.19% | -5.39% |
| Slovenia (cc/dd) | 0.8 | 0.7 | 0.7 | 0.8 | 0.8 | -0.62% | -10.11% | -2.11% |
| Spain (cdd) | 40.6 | 41.1 | 44.4 | 46.5 | 48.8 | 4.81% | 28.43% | 5.13% |
| Sweden (cc/dd/cdd/ddd) | 7.3 | 7.2 | 7.1 | 6.9 | 6.7 | -3.55% | -16.66% | -3.58% |
| Switzerland | 8.0 | 8.3 | 8.5 | 8.5 | 8.5 | 0.34% | 18.02% | 3.37% |
| Turkey | 75.7 | 83.8 | 99.5 | 117.7 | 129.4 | 9.92% | 85.30% | 13.13% |
| UK (cc/dd/cdd) | 59.0 | 57.7 | 57.9 | 61.0 | 58.9 | -3.44% | -2.83% | -0.57% |
| Total | 358.0 | 359.4 | 370.0 | 390.3 | 402.7 | 3.18% | 15.32% | 2.89% |
| Note: ECB classifications are: cards with a credit function (cc), cards with a delayed debit function (dd), cards with a credit and/or delayed debit function (cdd) and cards with a debit and/or delayed debit function (ddd); for purposes of this table the various categories (indicated by the bracketed letters after the country name) have been totalled. | ||||||||
| Note: French figures are now for cc/dd cards only. For full breakdown of French cards see table 4.5.5 | ||||||||
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
Credit Card Payments
With a notable compound annual growth rate (CAGR) of 9.27% between 2020 and 2024, credit/delayed debit card payments rose substantially compared with the number of credit/delayed debit cards issued, testifying to increasing levels of payments per card.
In 2024, there were 33.36 billion payments on credit and delayed debit cards (+11.25% vs 2023) in the E33 countries including France. With a CAGR of 9.27% growth over the last five years, credit/delayed debit card payments increased less than the CAGR of debit card payments (12.03%). The reported slowdown in some mature markets accounted for part of the relative under-performance. In 2024, only Bulgaria recorded a fall in the number of payments on credit/delayed debit cards.
Note: with the 2021-22 edition of the Yearbook, all French credit/delayed debit card payments are now reported in Table 4.3.2.
| 4.3.2: Credit and Delayed Debit Card Payments (millions) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria (cc/dd) | 218.7 | 233.2 | 247.0 | 272.4 | 295.8 | 8.62% | 30.23% | 5.43% |
| Belgium (cc/dd/cdd) | 250.9 | 270.2 | 336.5 | 349.6 | 433.7 | 24.08% | 53.23% | 8.91% |
| Bulgaria (cc) | 27.9 | 40.4 | 49.9 | 65.7 | 64.1 | -2.31% | 103.16% | 15.23% |
| Croatia (cc/dd/cdd/ddd) | 82.0 | 88.1 | 89.9 | 87.5 | 88.2 | 0.81% | 1.86% | 0.37% |
| Cyprus (cc/dd) | 17.7 | 19.6 | 23.7 | 27.6 | 28.8 | 4.23% | 46.19% | 7.89% |
| Czechia (cc/dd) | 120.6 | 127.6 | 126.6 | 135.4 | 151.2 | 11.70% | 24.57% | 4.49% |
| Denmark (cc) | 60.8 | 60.1 | 69.8 | 83.7 | 91.2 | 8.86% | 24.55% | 4.49% |
| Estonia (cc) | 26.6 | 25.8 | 25.7 | 28.9 | 31.8 | 10.14% | -2.01% | -0.41% |
| Finland (cc/dd/cdd) | 146.5 | 152.6 | 212.9 | 246.5 | 253.8 | 2.97% | 63.17% | 10.29% |
| France (cc/dd/cdd/ddd) | 3,963.4 | 4,719.4 | 3,758.5 | 4,163.5 | 4,163.5 | 0.00% | -7.26% | -1.50% |
| Germany (cc/dd) | 1,613.8 | 1,724.8 | 1,902.6 | 2,091.9 | 2,367.5 | 13.17% | 49.83% | 8.42% |
| Greece (cc/dd) | 216.7 | 289.0 | 160.1 | 181.6 | 196.8 | 8.42% | 61.35% | 10.04% |
| Hungary (cc/dd) | 109.0 | 117.0 | 132.0 | 143.8 | 157.3 | 9.34% | 28.28% | 5.11% |
| Iceland | 61.6 | 66.0 | 69.7 | 72.7 | 74.9 | 3.04% | 20.04% | 3.72% |
| Ireland (cc) | 131.0 | 139.3 | 179.8 | 201.4 | 256.5 | 27.36% | 70.12% | 11.21% |
| Italy (cdd) | 1,156.4 | 1,366.6 | 1,403.8 | 1,537.9 | 1,649.3 | 7.25% | 35.63% | 6.29% |
| Latvia (cc/dd) | 27.9 | 23.3 | 74.5 | 83.5 | 92.5 | 10.81% | 176.63% | 22.57% |
| Lithuania (cc) | 23.9 | 28.8 | 36.6 | 48.2 | 54.7 | 13.44% | 89.27% | 13.61% |
| Luxembourg (cc) | 100.0 | 115.1 | 75.5 | 95.5 | 112.8 | 18.14% | 14.34% | 2.72% |
| Malta (cc) | 9.1 | 10.7 | 12.7 | 15.7 | 15.7 | 0.00% | 38.64% | 6.75% |
| Netherlands (cdd) | 205.4 | 221.0 | 479.9 | 316.2 | 373.6 | 18.15% | 66.34% | 10.71% |
| Norway | 268.5 | 266.3 | 323.8 | 362.2 | 362.2 | 0.00% | 17.33% | 3.25% |
| Poland (cc/dd) | 442.1 | 474.9 | 504.1 | 527.3 | 549.5 | 4.22% | 14.81% | 2.80% |
| Portugal (ddd/cdd) | 70.9 | 344.3 | 344.3 | 406.0 | 406.0 | 0.00% | 381.97% | 36.96% |
| Romania (cc/dd) | 80.2 | 97.3 | 114.6 | 135.9 | 153.9 | 13.25% | 88.22% | 13.48% |
| Serbia | 12.7 | 15.0 | 16.6 | 17.7 | 17.7 | 0.00% | 11.31% | 2.17% |
| Slovakia (cc/dd) | 47.0 | 46.4 | 54.1 | 62.5 | 69.3 | 10.91% | 41.31% | 7.16% |
| Slovenia (cc/dd) | 47.3 | 48.1 | 50.2 | 52.0 | 53.7 | 3.29% | 1.01% | 0.20% |
| Spain (cdd) | 1,815.4 | 2,364.3 | 3,107.7 | 3,568.1 | 3,832.2 | 7.40% | 122.68% | 17.36% |
| Sweden (cc/dd/cdd/) | 551.1 | 568.6 | 615.9 | 615.9 | 674.8 | 9.56% | 7.32% | 1.42% |
| Switzerland | 514.5 | 587.3 | 683.7 | 734.8 | 767.7 | 4.46% | 44.94% | 7.70% |
| Turkey | 4,332.8 | 4,679.7 | 6,888.8 | 8,692.5 | 10,506.7 | 20.87% | 143.34% | 19.47% |
| UK (cc/dd/cdd) | 2,827.0 | 3,644.0 | 4,390.0 | 4,564.0 | 5,013.0 | 9.84% | 26.08% | 4.74% |
| Total | 19,579.7 | 22,974.9 | 26,561.8 | 29,987.9 | 33,360.4 | 11.25% | 55.78% | 9.27% |
| Note: ECB classifications are: cards with a credit function (cc), cards with a delayed debit function (dd), cards with a credit and/or delayed debit function (cdd) and cards with a debit and/or delayed debit function (ddd); for purposes of this table the various categories (indicated by the bracketed letters after the country name) have been totalled. | ||||||||
| Note: Norway figures are for domestic credit and international payment card payments and may contain a small number of cash withdrawals at POS. | ||||||||
| Note: Portuguese figures are for transactions with credit and/or delayed debit cards, debit and/or delayed debit card data can be found in table 4.2.2 (debit card payments). | ||||||||
| Note: French card payments are now for cc/dd cards only. | ||||||||
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
Historic note: Payments on credit/delayed debit cards in Portugal declined significantly from 2012. In 2013, the number of Portuguese cards with a debit function increased significantly, while the number of cards with a credit function declined. This was largely due to a shift from the issuance of deferred debit cards (classified as credit cards in the networks) to the issuance of debit cards following an action by Banco de Portugal.
The central bank acted in relation to card issuer banks to ensure greater transparency in the recording, classification, processing, and reporting of transactions conducted with deferred debit cards and cards with both a debit and credit function. Obviously, payments on credit/delayed debit cards were affected.
Credit Card Payments Expenditure
In 2024, the payments value on credit/delayed debit cards was €1,461.8 billion (+3.27% from 2023) in the E33 countries excluding France. They only fell in Italy, Malta, and Netherlands. The significant growth rates in many countries are believed to be an impact of both more contactless payments and the interchange fee cap on consumer cards, effective since end-2015.
| 4.3.3: Credit and Delayed Debit Card Expenditure (€billion) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria | 14.8 | 16.2 | 19.3 | 20.4 | 22.7 | 11.18% | 29.44% | 5.30% |
| Belgium | 16.9 | 19.1 | 21.3 | 22.8 | 23.8 | 4.43% | 10.30% | 1.98% |
| Bulgaria | 1.1 | 1.6 | 2.1 | 2.7 | 2.8 | 5.46% | 114.10% | 16.45% |
| Croatia | 5.4 | 5.6 | 3.1 | 3.2 | 3.2 | 0.00% | 6.52% | 1.27% |
| Cyprus | 2.9 | 1.7 | 2.2 | 2.4 | 2.7 | 11.47% | 45.00% | 7.71% |
| Czechia | 3.4 | 3.9 | 4.0 | 4.4 | 4.7 | 7.99% | 31.68% | 5.66% |
| Denmark | 5.2 | 5.6 | 6.9 | 8.8 | 15.3 | 73.44% | 115.59% | 16.61% |
| Estonia | 0.8 | 0.8 | 0.9 | 1.0 | 1.1 | 9.41% | 13.67% | 2.60% |
| Finland | 7.8 | 8.5 | 11.5 | 12.6 | 12.6 | 0.00% | 42.46% | 7.33% |
| France | 198.6 | 230.2 | 200.7 | 218.2 | 218.2 | 0.00% | 1.83% | 0.36% |
| Germany | 96.0 | 104.7 | 136.4 | 151.0 | 158.9 | 5.27% | 33.90% | 6.01% |
| Greece | 5.4 | 7.1 | 7.2 | 7.9 | 8.3 | 4.16% | 35.78% | 6.31% |
| Hungary | 2.5 | 2.7 | 3.0 | 3.6 | 3.9 | 9.76% | 35.03% | 6.19% |
| Iceland | 2.7 | 3.1 | 3.8 | 4.0 | 4.0 | 0.00% | 37.89% | 6.64% |
| Ireland | 9.0 | 9.5 | 16.1 | 21.1 | 36.1 | 70.57% | 197.82% | 24.39% |
| Italy | 75.4 | 84.6 | 93.3 | 100.6 | 98.6 | -1.99% | 12.09% | 2.31% |
| Latvia | 0.8 | 0.8 | 1.8 | 2.0 | 2.2 | 10.03% | 110.93% | 16.10% |
| Lithuania | 0.7 | 1.0 | 1.5 | 1.9 | 2.2 | 14.74% | 127.56% | 17.87% |
| Luxembourg | 6.9 | 7.9 | 4.9 | 5.9 | 6.9 | 16.38% | -6.88% | -1.42% |
| Malta | 0.9 | 0.8 | 1.6 | 1.9 | 1.8 | -4.53% | 93.02% | 14.06% |
| Netherlands | 14.9 | 13.7 | 25.1 | 29.9 | 29.7 | -0.78% | 61.38% | 10.05% |
| Norway | 14.9 | 15.7 | 20.0 | 20.1 | 20.1 | 0.00% | -3.99% | -0.81% |
| Poland | 10.6 | 11.3 | 12.8 | 14.5 | 16.6 | 14.48% | 35.30% | 6.23% |
| Portugal | 2.9 | 3.4 | 13.7 | 15.6 | 15.6 | 0.00% | 362.51% | 35.84% |
| Romania | 2.9 | 3.5 | 4.3 | 5.3 | 6.1 | 16.35% | 103.90% | 15.31% |
| Serbia | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.00% | 21.81% | 4.03% |
| Slovakia | 1.5 | 1.5 | 1.8 | 2.1 | 2.3 | 12.27% | 54.82% | 9.14% |
| Slovenia | 1.9 | 2.0 | 2.2 | 2.3 | 2.4 | 4.42% | 18.08% | 3.38% |
| Spain | 75.6 | 94.2 | 126.8 | 140.3 | 147.1 | 4.82% | 82.28% | 12.76% |
| Sweden | 24.2 | 27.1 | 30.4 | 28.2 | 31.0 | 10.13% | 8.65% | 1.67% |
| Switzerland | 36.9 | 42.9 | 53.8 | 57.5 | 57.5 | 0.00% | 37.19% | 6.53% |
| Turkey | 118.9 | 133.8 | 168.9 | 260.1 | 260.1 | 0.00% | 75.96% | 11.97% |
| UK | 187.8 | 214.0 | 266.2 | 242.6 | 242.6 | 0.00% | 3.06% | 0.61% |
| Total | 950.5 | 1,079.1 | 1,268.2 | 1,415.5 | 1,461.8 | 3.27% | 30.81% | 5.52% |
| Note: French expenditure figures are now for French cc/dd cards only. Norway figures are for domestic credit and international payment card payments. Portuguese figures are for transactions with credit and/or delayed debit cards, debit and/or delayed debit card data can be found in table 4.2.3 (debit card expenditure). | ||||||||
| Note: Norway figures are for domestic credit and international payment card payments and may contain a small number of cash withdrawals at POS. | ||||||||
| Note: Portuguese figures are for transactions with credit and/or delayed debit cards, debit and/or delayed debit card data can be found in table 4.2.2 (debit card payments). | ||||||||
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
Historically, the value of credit and delayed debit card payments fell sharply in 2009 despite the growth in number of payments (Table 4.3.2). In 2010 leaving the financial crisis, the value of credit and delayed debit card payments grew by 10.2% and was even higher than in 2008.
The UK credit card market has essentially been flat for several years, declined by 21.8% in the pandemic year 2020, and grew again by 28.22% in 2021 year-over-year. Debit cards, by contrast, continue to grow strongly (see the UK profile for more detail).
Anecdotal evidence from card market sources is that, in the main countries of continental Europe, bank-issued revolving credit cards account for less than 10% of credit cards issued. Banks in these countries have generally experienced limited success in revolving credit cards, while foreign issuers have had little impact.
Note: with the 2023-2024 edition of the Yearbook, the total value of French credit/delayed debit card payments is now reported in Table 4.3.3.
Market History of Credit Cards
In the UK and Ireland, as in the United States, credit cards were among the earliest payment cards to gain broad consumer traction. They therefore became established not only as a convenient payment instrument but also as a source of revolving credit. In much of continental Europe, by contrast, ATM cards evolved into debit cards and came to dominate everyday card payments, while credit and charge cards were often positioned more selectively, including for travel, entertainment and cross-border use. This created a more varied European market structure in which the role of credit cards depended heavily on national banking habits, consumer credit traditions and the strength of domestic debit schemes.
Across Europe, consumer credit has historically been delivered through several different models rather than through a single credit-card-led pattern. A useful distinction often drawn in the industry is between an Anglo-Saxon model, where revolving credit is closely linked to general-purpose credit cards; a Latin model, where payment and consumer finance functions were more often separated and where instalment and retail finance played a larger role; and a Germanic model, where the current account relationship remained central and credit card borrowing was relatively less important. These differences help explain why credit card penetration and usage have long varied markedly across European markets.
France has been particularly important in the development of specialist consumer finance models. BNP Paribas Personal Finance, whose main commercial brand is Cetelem, describes itself as the leading consumer finance company in France and Europe. It grew from a domestic specialist lender into a wider European consumer finance platform, reflecting the importance of instalment lending, retail finance and card-linked credit in the French and southern European markets.
Other major French-origin players have followed a similar path. Crédit Agricole Consumer Finance, now renamed Crédit Agricole Personal Finance & Mobility, is described by Crédit Agricole as a business specialising in retail financing and mobility solutions in Europe. That change of name also reflects how the traditional consumer finance market has evolved from classic household credit toward broader financing ecosystems including mobility and embedded finance.
Over time, several major banking groups built pan-European consumer finance businesses around these models. Alongside BNP Paribas Personal Finance and Crédit Agricole’s consumer finance arm, Santander Consumer Finance is now one of the most important international players in European consumer lending. Santander says it is present in 16 European countries and positions itself as a leading European consumer finance company, underlining the continued importance of specialist consumer finance businesses in shaping how credit is delivered across Europe.
As a result, the market history of credit cards in Europe cannot be understood simply as a story of card adoption. It is also a story of how consumer credit developed through different national banking cultures, retail finance traditions and specialist lending models. In some markets, the general-purpose credit card became the main consumer credit tool; in others, instalment finance, point-of-sale lending and current-account-based borrowing remained more important. That diversity still shapes the European credit card market today.
Background and Challenges for Credit Cards
Despite a steady stream of credit card launches, most of mainland Europe remains resistant to revolving credit cards on the US/UK model.
The late entry and relative lack of success in mainland Europe of Barclaycard, the largest UK credit card issuer, illustrates the point. Barclaycard has issued credit cards in Germany for two decades. It also now issues cards in Spain, Italy and Portugal. In the Nordic region, Barclaycard operates through EnterCard, a joint venture with Swedbank, one of the big four Swedish banks.
Barclays appears to have been most successful in Germany where, as at June 2019, it reported 1.6 million credit cards in circulation, describing itself as No.2 in the credit card market and No.1 for market share in revolving credit cards. However, its German card business remains small compared with that in the UK.
Royal Bank of Scotland (RBS) also had a small cards and consumer finance business in mainland Europe, with a presence in Germany, Austria, the Netherlands, and Belgium. However, it sold the business to Santander Consumer Finance in 2008.
Local banks have had some success. DZ Bank and Commerzbank Berlin claims to be Germany’s largest issuers of credit cards, with 2.94 million and 2.80 million in circulation by end-2022, respectively. By 2023, DZ BANK reported having 6.7 million credit cards in issue. In France, the Teoz revolving-credit card distributed by Caisse d’Epargne (BPCE) has secured more than 750,000 accounts. Two retailer co-branded programmes continued shaking up the Swiss market (see the Switzerland profile).
Portugal is another small market, where revolving credit cards are popular with consumers. More than 20% of the credit cards issued by Caixa Geral de Depositos (CGD) and Banco Comercial Portugues (BCP), the two biggest issuers, are revolving.
However, looking at Western Europe overall, credit cards remain peripheral. Many of the so-called credit cards issued across the region are just delayed debit cards rather than full revolving credit cards.
The lack of success of credit cards reflects several factors. On the payment side, card use generally may be comparatively low (Germany, Italy, Spain), or debit card use dominant (France, the Netherlands). On the credit side, consumer borrowing may be comparatively low (Italy, the Netherlands) or other loan types more widely used (France, Germany).
The spectacular failure of some individual credit card programmes serves as a warning to would-be entrants. Egg, the UK issuer (then controlled by Prudential), launched ‘La carte Egg’ in France with a budget of €160 million and an ambitious target of 1 million customers by end-2005; it was closed in July 2004 with total losses of €280 million. Citibank later sold the Egg card business to Barclays.
Likewise, Citibank tried to make a big push into Germany through a co-branding programme with Deutsche Bahn, the railway network, in 1994. This was unsuccessful and was terminated prematurely, leaving Citi to go solo with revolving credit cards. But success here was only moderate and Citi has sold its German retail operations to Crédit Mutuel (rebranded in 2010 as Targobank).
ING launched ING Card as a stand-alone credit card business in the Netherlands and Belgium, with plans to extend operations into Germany, France, Italy, and Spain, where ING Direct operates. However, ING Card failed to meet expectations and was folded into the ING Retail Banking business line from January 2007.
When US issuers entered the UK market in the early 1990s, most had plans to use the UK as a springboard for revolving credit card operations in mainland Europe, with Citibank promising launches in different European countries every 18 months. Few of these launches, whether by Citi or other US issuers, became a permanent presence.
GE Money had one of the largest European footprints, offering cards, consumer finance, and in some cases full-service retail banking. However, it has recently rationalised its European operations, selling its units in Germany, Finland and Austria, its cards units in the UK and Ireland, and its UK auto finance unit, to Santander during late 2008 and early 2009. In June 2014, Banco Santander (E) agreed to buy the consumer finance business of GE Capital in Sweden, Denmark and Norway, for about €700 million.
Interchange Fee Regulation – An ongoing concern for issuers and prospective issuers remains regulatory pressure on interchange fees at both European and national level. The key European framework is Regulation (EU) 2015/751 on interchange fees for card-based payment transactions (IFR), which caps interchange fees for consumer cards at 0.2% for debit cards and 0.3% for credit cards. Those caps have applied since 9 December 2015 and reshaped the economics of issuing across the European market.
Following the introduction of the IFR, interchange fees for consumer card transactions across the EEA were brought into line with the new regulatory caps. This applied to the main international schemes, including Visa and Mastercard, as well as to domestic schemes where the regulation was in scope. The IFR also introduced wider rules on matters such as separation of scheme and processing activities, co-badged card application selection and transparency around card acceptance costs.
For issuers, the effect of lower interchange income has been significant. Across Europe, the response has typically included portfolio rationalisation, pressure on rewards and co-brand programmes, changes to cardholder pricing, and a greater focus on commercial cards, value-added services and fee-based revenue streams. In that sense, the IFR did not remove the role of credit cards, but it did reduce the margin available from traditional consumer card issuing and pushed issuers to rethink the economics of their card propositions. This is consistent with the Commission’s later review work on the payments framework and the continuing policy attention given to fee transparency and payment competition.
Any further material reduction in interchange on consumer credit and charge cards would be likely to put additional pressure on the attractiveness of those products for banks and specialist consumer finance providers. In practice, that could mean higher annual fees, reduced rewards, tighter targeting of premium products and greater emphasis on ancillary services or lending economics. However, the impact varies by market, depending on local banking structures, consumer credit demand and the strength of alternative lending channels.
At the same time, some parts of Europe, particularly in Central and Eastern Europe, continue to be seen as offering longer-term growth potential for consumer credit and card issuing. Even so, these markets remain diverse in size, maturity and regulatory context, and the structure of consumer credit demand is not uniform across the region.
The impact of the IFR has also been particularly important for three-party and partner-based models. In Europe, American Express’s own current legal and financial disclosures continue to refer to the IFR as a major part of the post-2015 payments framework governing its operations. However, it is better today to describe the effect in general regulatory terms rather than to state categorically that American Express fully exited all bank licensing arrangements across the European Union, as that older wording is too absolute for current use without market-by-market verification.
As a result, the IFR remains one of the most important structural influences on the European credit card market. It has reduced interchange-based economics on consumer cards, reinforced the need for issuers to diversify revenue models, and continues to shape strategy for both incumbent issuers and prospective new entrants.
Turkey – Outside the UK, Turkey has been the great showcase for credit cards in the region. There were 129.4 million Turkish credit cards in 2024, a growth of 9.92% from 2023.
Nearly all Turkish credit cards are revolving cards, and most are co-branded or linked to a loyalty scheme. A further feature of the Turkish credit card market is the use of instalment repayments.
The big privately-owned local banks are the main issuers, with Yapi Kredi partly owned by UniCredit Group (I), Akbank and Garanti Bank, respectively. Among foreign banks, Qatar National Bank (through its Turkish subsidiary Finansbank), Denizbank (owned until 2019 by Russian Sberbank; now owned by Emirates NBD), ING Turkey and HSBC are the most successful.
However, even in Turkey, the market is under regulatory pressure, with political concern over marketing, interest rates and growing indebtedness. A new credit card law took effect in 2006 and credit card interest rates have been capped at historically low levels; meanwhile, further legislation is a possibility. Non-performing loans on Turkish cards have risen in the wake of the financial crisis.
Key Finding – While there continue to be some promising signs of activity in credit cards, they need to be set in the context of a European market in which debit cards remain dominant. In 2024, there were 130.56 billion payments on European debit cards, compared with 33.36 billion payments on European credit and delayed debit cards.
4.4 Total Cards
From a European view, the use of cards in circulation and card values have significantly grown. However, cash has grown by volume, too. Therefore, replacement of cash continues to be a never-ending story.
Tables 4.4.1, 4.4.2 and 4.4.3 combine data for debit cards and credit/delayed debit cards from EU and other European countries to present total card numbers, total card payments and total value of card payments for the whole E33 region.
In 2024, there were 1.52 billion cards in circulation in Europe accounting for 165.32 billion card payments with €5.84 billion card expenditure.
In 2024, cards by number grew by 6.98%, card payments rose by 11.16% and card expenditures rose by 11.36%.
In the years between 2020 and 2024, the card business in Europe showed significant compound annual growth rates (CAGR): cards: 5.93%, cards payments: 11.59%, and card expenditure: 9.80%.
On an annual basis, card use in Europe continued to grow faster than cards by number. Part of the accelerated growth rates is believed to come from higher card use and more low value payments with contactless cards.
| 4.4.1: Total Cards in Europe (millions) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria | 15.3 | 14.4 | 14.3 | 14.5 | 14.6 | 0.68% | 6.16% | 1.20% |
| Belgium | 46.0 | 49.8 | 25.6 | 30.2 | 31.8 | 5.28% | -20.11% | -4.39% |
| Bulgaria | 7.4 | 7.7 | 7.8 | 8.4 | 8.6 | 2.40% | 14.62% | 2.77% |
| Croatia | 8.6 | 8.6 | 8.5 | 8.1 | 8.4 | 2.73% | -7.90% | -1.63% |
| Cyprus | 1.3 | 1.4 | 1.7 | 1.9 | 2.0 | 9.28% | 58.09% | 9.59% |
| Czechia | 13.7 | 14.5 | 13.8 | 14.9 | 15.8 | 6.22% | 21.99% | 4.06% |
| Denmark | 9.5 | 9.6 | 9.8 | 9.9 | 10.0 | 0.15% | 66.95% | 1.00% |
| Estonia | 1.9 | 1.9 | 2.0 | 2.0 | 2.1 | 6.49% | 14.00% | 2.66% |
| Finland | 10.3 | 10.5 | 13.7 | 14.0 | 14.2 | 1.06% | 42.53% | 7.35% |
| France | 87.1 | 90.0 | 93.7 | 103.2 | 109.9 | 6.47% | 30.06% | 5.40% |
| Germany | 158.8 | 159.8 | 168.1 | 178.4 | 196.1 | 9.92% | 28.22% | 5.10% |
| Greece | 16.8 | 17.3 | 17.5 | 17.7 | 18.1 | 2.26% | 10.35% | 1.99% |
| Hungary | 9.9 | 9.8 | 10.0 | 10.1 | 10.3 | 2.09% | 9.46% | 1.82% |
| Iceland | 0.9 | 1.0 | 1.2 | 1.0 | 0.9 | -8.59% | 6.72% | 1.31% |
| Ireland | 7.5 | 7.7 | 9.4 | 13.0 | 14.2 | 9.31% | 99.74% | 14.84% |
| Italy | 86.7 | 85.4 | 88.0 | 88.2 | 85.6 | -2.98% | 1.55% | 0.31% |
| Latvia | 2.2 | 2.1 | 2.2 | 2.1 | 2.1 | 1.25% | -3.90% | -0.79% |
| Lithuania | 13.8 | 30.7 | 31.8 | 33.2 | 44.3 | 33.55% | 1276.08% | 68.94% |
| Luxembourg | 4.3 | 5.5 | 5.6 | 5.8 | 6.2 | 6.48% | 99.71% | 14.84% |
| Malta | 0.9 | 0.9 | 1.4 | 1.6 | 1.3 | -20.05% | 50.37% | 8.50% |
| Netherlands | 36.2 | 37.6 | 46.4 | 48.4 | 47.7 | -1.44% | 38.65% | 6.75% |
| Norway | 12.9 | 12.9 | 12.8 | 12.6 | 12.6 | 0.16% | -7.53% | -1.55% |
| Poland | 43.7 | 43.3 | 44.5 | 42.9 | 46.3 | 7.92% | 7.69% | 1.49% |
| Portugal | 21.9 | 21.2 | 21.8 | 22.6 | 27.5 | 21.71% | 35.08% | 6.20% |
| Romania | 18.7 | 19.5 | 20.5 | 21.6 | 23.2 | 7.68% | 27.71% | 5.01% |
| Serbia | 9.5 | 10.2 | 10.8 | 11.5 | 12.2 | 5.85% | 41.84% | 7.24% |
| Slovakia | 5.8 | 5.7 | 5.9 | 5.9 | 6.5 | 9.84% | 16.96% | 3.18% |
| Slovenia | 3.5 | 3.5 | 3.5 | 3.6 | 3.5 | -2.12% | -2.61% | -0.53% |
| Spain | 89.8 | 92.3 | 88.8 | 93.1 | 106.0 | 13.89% | 22.74% | 4.18% |
| Sweden | 18.1 | 18.1 | 18.2 | 18.2 | 17.9 | -1.31% | -4.29% | -0.87% |
| Switzerland | 22.6 | 23.2 | 25.6 | 25.9 | 26.4 | 2.01% | 22.91% | 4.21% |
| Turkey | 263.8 | 291.0 | 339.9 | 397.2 | 435.5 | 9.63% | 84.49% | 13.03% |
| UK | 154.0 | 156.1 | 159.9 | 164.0 | 163.4 | -0.37% | 0.43% | 0.09% |
| E33 Total | 1,203.5 | 1,263.0 | 1,324.7 | 1,425.6 | 1,525.2 | 6.98% | 33.41% | 5.93% |
| Note: due to Brexit, some payment and electronic money institutions in the United Kingdom have transferred payment cards to the Lithuanian payment and electronic money institutions. As a result, the number of cards has increased significantly since 2020. | ||||||||
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
| 4.4.2: Total Card Payments in Europe (millions) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria | 1,104.3 | 1,262.3 | 1,463.1 | 1,673.1 | 1,891.3 | 13.04% | 91.17% | 13.84% |
| Belgium | 2,459.1 | 2,765.9 | 3,204.6 | 3,593.3 | 3,971.2 | 10.52% | 70.86% | 11.31% |
| Bulgaria | 213.6 | 284.4 | 375.5 | 478.9 | 570.0 | 19.03% | 191.15% | 23.83% |
| Croatia | 410.3 | 485.1 | 559.9 | 665.4 | 743.8 | 11.77% | 92.88% | 14.04% |
| Cyprus | 96.7 | 123.8 | 172.9 | 210.9 | 230.5 | 9.33% | 170.42% | 22.01% |
| Czechia | 1,462.5 | 1,771.6 | 2,224.1 | 2,588.3 | 2,980.9 | 15.17% | 134.03% | 18.54% |
| Denmark | 2,210.3 | 2,298.1 | 2,394.9 | 2,616.8 | 2,747.1 | 4.98% | 22.22% | 4.10% |
| Estonia | 357.8 | 383.3 | 429.2 | 460.8 | 490.7 | 6.48% | 32.33% | 5.76% |
| Finland | 1,796.5 | 1,893.1 | 2,136.0 | 2,330.2 | 2,454.5 | 5.33% | 26.06% | 4.74% |
| France | 13,894.4 | 16,057.4 | 17,815.7 | 19,398.3 | 20,856.5 | 7.52% | 42.74% | 7.38% |
| Germany | 7,529.9 | 8,241.0 | 10,173.9 | 11,762.0 | 13,114.1 | 11.50% | 108.30% | 15.81% |
| Greece | 1,119.3 | 1,492.8 | 1,772.6 | 2,001.6 | 2,283.8 | 14.10% | 188.33% | 23.59% |
| Hungary | 1,065.8 | 1,285.4 | 1,583.7 | 1,788.74 | 1,972.93 | 10.30% | 98.21% | 14.66% |
| Iceland | 157.4 | 177.0 | 193.5 | 207.5 | 213.1 | 2.69% | 28.22% | 5.10% |
| Ireland | 1,363.6 | 1,643.9 | 1,947.6 | 2,480.7 | 2,921.6 | 17.77% | 120.64% | 17.15% |
| Italy | 3,925.7 | 5,201.1 | 6,111.6 | 7,227.3 | 8,260.0 | 14.29% | 119.62% | 17.04% |
| Latvia | 356.8 | 371.6 | 445.3 | 495.4 | 532.0 | 7.40% | 51.08% | 8.60% |
| Lithuania | 519.7 | 1,234.3 | 2,131.0 | 2,547.1 | 3,114.2 | 22.26% | 692.00% | 51.27% |
| Luxembourg | 226.8 | 262.8 | 331.4 | 395.2 | 449.6 | 13.77% | 113.50% | 16.38% |
| Malta | 49.2 | 60.8 | 77.6 | 104.8 | 119.2 | 13.78% | 161.90% | 21.24% |
| Netherlands | 4,754.3 | 4,787.0 | 5,863.4 | 6,317.2 | 6,590.7 | 4.33% | 29.11% | 5.24% |
| Norway | 2,410.4 | 2,544.7 | 2,853.8 | 2,983.3 | 3,176.6 | 6.48% | 25.42% | 4.63% |
| Poland | 6,090.7 | 7,279.8 | 8,566.8 | 9,445.2 | 10,459.8 | 10.74% | 82.84% | 12.83% |
| Portugal | 1,639.0 | 1,930.0 | 2,306.2 | 2,534.3 | 2,987.3 | 17.87% | 71.89% | 11.44% |
| Romania | 1,015.8 | 1,340.3 | 1,699.0 | 2,062.7 | 2,460.8 | 19.30% | 192.20% | 23.92% |
| Serbia | 303.5 | 372.8 | 450.5 | 552.6 | 669.5 | 21.16% | 151.09% | 20.22% |
| Slovakia | 565.8 | 648.0 | 872.4 | 982.2 | 1,119.2 | 13.95% | 102.48% | 15.15% |
| Slovenia | 223.4 | 257.6 | 311.5 | 354.2 | 395.9 | 11.76% | 70.92% | 11.32% |
| Spain | 5,993.1 | 7,639.5 | 9,163.9 | 10,359.1 | 11,696.1 | 12.91% | 110.79% | 16.08% |
| Sweden | 3,390.6 | 3,538.3 | 3,865.3 | 3,984.3 | 4,096.7 | 2.82% | 10.64% | 2.04% |
| Switzerland | 1,697.5 | 1,933.5 | 2,240.3 | 2,436.0 | 2,568.4 | 5.44% | 61.51% | 10.06% |
| Turkey | 6,620.6 | 8,350.7 | 11,557.8 | 14,592.5 | 18,071.2 | 23.84% | 180.31% | 22.89% |
| UK | 20,722.0 | 24,989.0 | 28,887.0 | 29,095.0 | 31,112.0 | 6.93% | 38.24% | 6.69% |
| E33 Total | 95,746.3 | 112,907.0 | 134,182.1 | 148,724.7 | 165,320.9 | 11.16% | 73.02% | 11.59% |
| Note: Serbian figures are now for card payments both domestic and abroad in line with other countries. | ||||||||
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
| 4.4.3: Total Card Expenditure in Europe (€billion) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria | 47.5 | 53.4 | 64.9 | 73.0 | 81.0 | 11.05% | 74.26% | 11.75% |
| Belgium | 107.6 | 119.7 | 137.5 | 154.1 | 168.1 | 9.03% | 60.57% | 9.93% |
| Bulgaria | 6.4 | 9.1 | 12.7 | 17.4 | 20.6 | 18.51% | 238.19% | 27.59% |
| Croatia | 10.6 | 13.2 | 15.5 | 19.4 | 23.1 | 18.89% | 120.59% | 17.14% |
| Cyprus | 6.4 | 7.4 | 11.0 | 13.0 | 14.4 | 10.37% | 146.39% | 19.76% |
| Czechia | 35.0 | 44.8 | 57.4 | 65.9 | 71.3 | 8.12% | 126.66% | 17.78% |
| Denmark | 80.8 | 88.3 | 92.7 | 92.5 | 111.5 | 20.48% | 37.03% | 6.50% |
| Estonia | 6.8 | 7.8 | 9.3 | 10.1 | 10.9 | 8.39% | 56.11% | 9.32% |
| Finland | 52.2 | 57.0 | 63.6 | 69.1 | 73.8 | 6.86% | 36.34% | 6.40% |
| France | 585.0 | 662.8 | 736.3 | 807.0 | 845.4 | 4.76% | 38.87% | 6.79% |
| Germany | 363.7 | 392.1 | 485.9 | 540.2 | 576.8 | 6.78% | 64.58% | 10.48% |
| Greece | 36.8 | 44.8 | 51.8 | 57.4 | 65.1 | 13.29% | 148.23% | 19.94% |
| Hungary | 25.1 | 29.9 | 36.7 | 45.4 | 49.7 | 9.57% | 110.82% | 16.09% |
| Iceland | 6.0 | 7.1 | 8.9 | 9.4 | 10.0 | 6.62% | 45.72% | 7.82% |
| Ireland | 61.6 | 73.9 | 89.6 | 107.3 | 138.0 | 28.55% | 117.76% | 16.84% |
| Italy | 223.5 | 268.2 | 315.0 | 353.5 | 380.3 | 7.58% | 70.14% | 11.21% |
| Latvia | 6.0 | 6.9 | 8.8 | 9.6 | 10.3 | 7.58% | 73.79% | 11.69% |
| Lithuania | 10.5 | 28.8 | 53.8 | 62.4 | 76.6 | 22.90% | 878.45% | 57.80% |
| Luxembourg | 12.5 | 15.1 | 17.5 | 20.2 | 22.6 | 11.99% | 83.26% | 12.88% |
| Malta | 3.1 | 3.4 | 5.8 | 7.1 | 7.6 | 6.43% | 163.76% | 21.41% |
| Netherlands | 133.7 | 135.9 | 173.0 | 185.0 | 196.6 | 6.28% | 32.52% | 5.79% |
| Norway | 82.4 | 93.7 | 107.0 | 100.9 | 106.4 | 5.45% | 10.31% | 1.98% |
| Poland | 91.8 | 108.0 | 130.0 | 151.5 | 187.5 | 23.76% | 117.17% | 16.78% |
| Portugal | 81.0 | 94.5 | 114.8 | 130.2 | 144.1 | 10.63% | 76.22% | 12.00% |
| Romania | 26.5 | 34.8 | 46.4 | 55.4 | 68.0 | 22.76% | 196.74% | 24.30% |
| Serbia | 5.1 | 6.4 | 8.5 | 10.7 | 13.2 | 23.53% | 196.19% | 24.25% |
| Slovakia | 14.6 | 17.4 | 32.6 | 26.4 | 29.7 | 12.54% | 123.45% | 17.45% |
| Slovenia | 7.4 | 8.8 | 10.9 | 12.3 | 13.5 | 10.37% | 85.01% | 13.09% |
| Spain | 211.7 | 255.6 | 313.1 | 343.8 | 375.9 | 9.35% | 78.53% | 12.29% |
| Sweden | 97.8 | 109.9 | 117.2 | 113.8 | 118.1 | 3.73% | 7.49% | 1.45% |
| Switzerland | 91.1 | 102.3 | 124.8 | 135.9 | 143.3 | 5.44% | 59.09% | 9.73% |
| Turkey | 141.3 | 160.3 | 209.0 | 314.4 | 442.9 | 40.87% | 159.53% | 21.01% |
| UK | 905.5 | 1,044.2 | 1,168.3 | 1,132.5 | 1,246.4 | 10.06% | 32.64% | 5.81% |
| E33 Total | 3,576.9 | 4,105.7 | 4,830.3 | 5,246.7 | 5,842.6 | 11.36% | 59.59% | 9.80% |
| Note: Serbian figures are now for card payments both domestic and abroad in line with other countries. | ||||||||
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
4.5 Card Payments Per Capita
An important statistical indicator for the current maturity of a country in terms of card payments is the number of card payments per capita.
The number of card payment transactions per capita in the euro area has increased considerably over the past decade, whereas cardholders’ actual use of their cards when travelling abroad has not shown the same clear pattern. That use depends on three factors: first, the technical capabilities of the card and the terminal; second, the merchant’s acceptance of the card in question; and third, the extent to which people are indeed subject to a uniform “payments experience” across SEPA.
The following four tables present data for debit cards and credit/delayed debit cards from the EU and other European countries to show trends and variations in payments per capita, probably one of the most reliable indicators of the state of development of the cards business in any given country.
In 2024, debit card payments per capita showed a wide range from Bulgaria (78.0) Serbia (88.5), and Turkey (88.6) up to Ireland (503.2) and Lithuania (1,060.0). On average, for the E33 countries, there were 208.1 debit card payments per capita, including French debit cards.
Table 4.5.1 shows the extent to which the five Nordic countries – Norway, Denmark, Finland, Sweden, and Iceland – have embraced debit card payments, with the top five countries measured by debit card payments per capita per year coming from the region. Belgium and Portugal (both since 2012), France, the Netherlands, Estonia, the UK (2010), Ireland (2015), Luxembourg (2016) and Latvia (2016) are other countries above the 100 debit card payments per capita per year level. In 2018, Poland, Switzerland and Lithuania joined this club.
It is noted that card-initiated IBAN-based direct debit payments (ELV) in Germany account for another 10.4 payments per capita, which would lift debit card payments to 127.2 payment per capita (see Germany profile).
| 4.5.1: Debit Card Payments Per Capita in Europe | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2019 | 2020 | 2021 | 2022 | 2023 | GR 22/23 | GR 5Y | CAGR 5Y |
| Austria | 99.8 | 115.4 | 135.4 | 154.4 | 173.8 | 12.58% | 101.63% | 15.06% |
| Belgium | 192.3 | 216.4 | 250.6 | 279.5 | 306.4 | 9.65% | 71.21% | 11.35% |
| Bulgaria | 26.6 | 35.2 | 47.3 | 63.7 | 78.0 | 22.32% | 234.72% | 27.33% |
| Croatia | 72.4 | 87.7 | 106.5 | 128.2 | 141.1 | 10.03% | 120.67% | 17.15% |
| Cyprus | 89.7 | 117.0 | 164.3 | 199.7 | 216.6 | 8.49% | 187.36% | 23.51% |
| Czechia | 125.7 | 153.6 | 196.4 | 227.9 | 260.1 | 14.10% | 140.06% | 19.14% |
| Denmark | 369.4 | 383.9 | 397.5 | 427.0 | 446.5 | 4.58% | 18.98% | 3.54% |
| Estonia | 250.0 | 269.0 | 301.3 | 322.5 | 332.5 | 3.11% | 29.63% | 5.33% |
| Finland | 298.8 | 314.7 | 347.1 | 375.4 | 393.5 | 4.81% | 21.16% | 3.91% |
| France | 147.2 | 184.2 | 203.2 | 220.0 | 238.1 | 8.21% | 58.24% | 9.61% |
| Germany | 71.2 | 78.6 | 99.4 | 115.4 | 127.2 | 10.19% | 123.53% | 17.45% |
| Greece | 84.3 | 112.4 | 151.1 | 170.9 | 198.1 | 15.92% | 217.15% | 25.97% |
| Hungary | 97.9 | 119.8 | 148.0 | 167.8 | 189.0 | 12.59% | 111.56% | 16.17% |
| Iceland | 235.2 | 268.3 | 281.8 | 308.1 | 305.4 | -0.87% | 20.89% | 3.87% |
| Ireland | 218.0 | 266.8 | 352.1 | 445.6 | 503.2 | 12.93% | 144.67% | 19.60% |
| Italy | 45.9 | 63.9 | 77.7 | 94.3 | 109.6 | 16.17% | 160.15% | 21.07% |
| Latvia | 171.5 | 183.2 | 197.0 | 218.1 | 233.3 | 6.99% | 40.98% | 7.11% |
| Lithuania | 177.6 | 431.5 | 747.8 | 874.3 | 1060.0 | 21.23% | 714.67% | 52.12% |
| Luxembourg | 204.0 | 234.0 | 314.6 | 351.7 | 407.2 | 15.77% | 121.47% | 17.24% |
| Malta | 79.4 | 97.3 | 124.8 | 167.9 | 185.4 | 10.48% | 161.36% | 21.18% |
| Netherlands | 262.3 | 261.8 | 307.1 | 339.1 | 347.8 | 2.55% | 22.80% | 4.19% |
| Norway | 403.5 | 426.6 | 469.9 | 481.7 | 494.8 | 2.72% | 16.19% | 3.05% |
| Poland | 147.1 | 177.4 | 211.3 | 236.1 | 254.9 | 7.93% | 86.76% | 13.31% |
| Portugal | 152.5 | 178.7 | 186.1 | 203.8 | 232.0 | 13.86% | 44.28% | 7.61% |
| Romania | 48.2 | 64.3 | 82.9 | 101.1 | 121.0 | 19.63% | 210.67% | 25.45% |
| Serbia | 39.8 | 48.8 | 58.9 | 73.3 | 88.5 | 20.70% | 164.32% | 21.46% |
| Slovakia | 95.1 | 110.2 | 150.1 | 167.6 | 192.4 | 14.82% | 108.00% | 15.77% |
| Slovenia | 84.3 | 99.6 | 123.8 | 143.3 | 161.4 | 12.62% | 87.27% | 13.37% |
| Spain | 88.7 | 111.4 | 125.2 | 140.5 | 160.0 | 13.91% | 93.56% | 14.12% |
| Sweden | 275.9 | 286.8 | 311.8 | 320.1 | 325.2 | 1.59% | 7.65% | 1.49% |
| Switzerland | 138.0 | 155.9 | 178.1 | 193.0 | 200.9 | 4.12% | 61.28% | 10.03% |
| Turkey | 27.5 | 35.8 | 55.1 | 68.7 | 88.6 | 29.02% | 241.25% | 27.82% |
| UK | 262.2 | 316.6 | 363.9 | 366.3 | 381.8 | 4.25% | 36.74% | 6.46% |
| E33 Average | 122.1 | 145.4 | 171.8 | 188.7 | 208.1 | 10.32% | 70.51% | 11.26% |
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
In 2024, credit/delayed debit cards payments per capita showed a wide range from Serbia (2.7) and Romania (8.1) up to Iceland (193.2) and Luxembourg (168.9). On average, for the E33 countries, there were 53.3 credit/delayed debit card payments per capita, including France.
Table 4.5.2 also shows the low level of credit/delayed debit card payments in some advanced payment markets, particularly the Netherlands and Germany. Iceland, with its system for recurring payments, is the clear leader in credit card payments per capita, a long way ahead of runners up Luxembourg, France (61.0), Sweden (64.1), Switzerland (85.7), and Turkey (123.1).
| 4.5.2: Credit and Delayed Debit Card Payments Per Capita | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria | 24.5 | 26.0 | 27.3 | 29.7 | 32.3 | 8.62% | 26.20% | 4.76% |
| Belgium | 21.7 | 23.3 | 28.8 | 29.7 | 36.8 | 24.08% | 49.50% | 8.37% |
| Bulgaria | 4.0 | 5.9 | 7.7 | 10.2 | 9.9 | -2.31% | 120.32% | 17.11% |
| Croatia | 20.3 | 22.6 | 23.0 | 22.2 | 22.4 | 0.81% | 5.08% | 1.00% |
| Cyprus | 19.9 | 21.8 | 25.9 | 29.8 | 31.1 | 4.23% | 38.83% | 6.78% |
| Czechia | 11.3 | 12.0 | 11.8 | 12.4 | 13.9 | 11.70% | 22.17% | 4.09% |
| Denmark | 10.4 | 10.3 | 11.8 | 14.1 | 15.3 | 8.86% | 21.85% | 4.03% |
| Estonia | 20.0 | 19.4 | 19.3 | 21.2 | 23.3 | 10.14% | -4.96% | -1.01% |
| Finland | 26.5 | 27.6 | 38.3 | 44.2 | 45.5 | 2.97% | 61.54% | 10.07% |
| France | 58.6 | 69.4 | 54.9 | 61.0 | 61.0 | 0.00% | -8.39% | -1.74% |
| Germany | 19.4 | 20.7 | 22.7 | 24.8 | 28.0 | 13.17% | 47.31% | 8.06% |
| Greece | 20.2 | 27.1 | 15.0 | 17.2 | 18.7 | 8.42% | 64.10% | 10.41% |
| Hungary | 11.2 | 12.0 | 13.6 | 15.0 | 16.4 | 9.34% | 30.69% | 5.50% |
| Iceland | 167.2 | 175.5 | 185.4 | 187.5 | 193.2 | 3.04% | 12.77% | 2.43% |
| Ireland | 26.3 | 27.8 | 35.2 | 38.0 | 48.4 | 27.36% | 58.27% | 9.62% |
| Italy | 19.3 | 23.1 | 23.8 | 26.1 | 28.0 | 7.25% | 38.81% | 6.78% |
| Latvia | 14.7 | 12.4 | 39.5 | 44.4 | 49.2 | 10.81% | 181.26% | 22.98% |
| Lithuania | 8.6 | 10.3 | 12.8 | 16.7 | 19.0 | 13.44% | 83.10% | 12.86% |
| Luxembourg | 158.5 | 179.8 | 115.6 | 143.0 | 168.9 | 18.14% | 6.43% | 1.25% |
| Malta | 18.8 | 21.1 | 24.0 | 28.6 | 28.6 | 0.00% | 18.30% | 3.42% |
| Netherlands | 11.8 | 12.6 | 27.1 | 17.7 | 20.9 | 18.15% | 61.39% | 10.05% |
| Norway | 49.8 | 49.0 | 59.0 | 65.3 | 65.3 | 0.00% | 13.47% | 2.56% |
| Poland | 11.5 | 12.4 | 13.3 | 14.0 | 14.6 | 4.22% | 16.71% | 3.14% |
| Portugal | 6.9 | 33.5 | 33.4 | 38.4 | 38.4 | 0.00% | 368.66% | 36.20% |
| Romania | 4.1 | 5.1 | 6.0 | 7.1 | 8.1 | 13.25% | 91.68% | 13.90% |
| Serbia | 1.8 | 2.2 | 2.5 | 2.7 | 2.7 | 0.00% | 16.73% | 3.14% |
| Slovakia | 8.6 | 8.5 | 9.9 | 11.4 | 12.7 | 10.91% | 41.19% | 7.14% |
| Slovenia | 22.5 | 22.8 | 23.8 | 24.5 | 25.3 | 3.29% | -0.54% | -0.11% |
| Spain | 38.3 | 50.0 | 65.3 | 73.7 | 79.2 | 7.40% | 116.78% | 16.74% |
| Sweden | 53.2 | 54.6 | 58.5 | 58.5 | 64.1 | 9.56% | 4.84% | 0.95% |
| Switzerland | 59.6 | 67.2 | 77.6 | 82.0 | 85.7 | 4.46% | 38.67% | 6.76% |
| Turkey | 51.8 | 55.3 | 80.2 | 101.8 | 123.1 | 20.87% | 137.02% | 18.84% |
| UK | 42.1 | 54.1 | 65.6 | 66.8 | 73.3 | 9.84% | 23.28% | 4.28% |
| E33 Average | 31.8 | 37.1 | 42.8 | 48.2 | 53.3 | 10.66% | 52.89% | 8.86% |
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
The average total card payments per capita have grown at a compound annual growth rate of more than 11.17% in the last five years, and mature markets like Denmark, Norway and Sweden continued to grow even more significantly.
In 2024, total cards payments per capita showed a wide range from Bulgaria (88.4) and Serbia (101.4) up to Norway (572.3), Luxembourg (673.3) and Lithuania (1,079.1). On average, over the E33 countries, there were 264.1 total card payments per capita.
| 4.5.3: Total Card Payments Per Capita in Europe | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria | 123.8 | 140.9 | 161.6 | 182.7 | 206.5 | 13.04% | 85.25% | 13.12% |
| Belgium | 213.2 | 238.6 | 274.1 | 305.3 | 337.4 | 10.52% | 66.70% | 10.76% |
| Bulgaria | 30.8 | 41.3 | 58.1 | 74.3 | 88.4 | 19.03% | 215.74% | 25.85% |
| Croatia | 101.3 | 124.7 | 143.3 | 168.8 | 188.7 | 11.77% | 98.98% | 14.75% |
| Cyprus | 108.6 | 137.6 | 189.5 | 227.4 | 248.7 | 9.33% | 156.79% | 20.76% |
| Czechia | 136.7 | 165.9 | 206.7 | 237.9 | 274.0 | 15.17% | 129.53% | 18.08% |
| Denmark | 379.1 | 392.8 | 403.7 | 440.0 | 461.8 | 4.98% | 19.57% | 3.64% |
| Estonia | 269.2 | 288.2 | 322.3 | 337.3 | 359.2 | 6.48% | 28.35% | 5.12% |
| Finland | 324.9 | 341.7 | 384.4 | 417.8 | 440.1 | 5.33% | 24.80% | 4.53% |
| France | 205.4 | 236.1 | 260.2 | 284.1 | 305.4 | 7.52% | 41.01% | 7.11% |
| Germany | 90.5 | 99.1 | 121.4 | 139.2 | 155.2 | 11.50% | 104.79% | 15.42% |
| Greece | 104.5 | 139.9 | 166.1 | 190.1 | 216.9 | 14.10% | 193.24% | 24.01% |
| Hungary | 109.3 | 132.4 | 163.5 | 186.5 | 205.7 | 10.30% | 101.95% | 15.09% |
| Iceland | 427.1 | 470.4 | 514.4 | 535.1 | 549.5 | 2.69% | 20.45% | 3.79% |
| Ireland | 273.8 | 327.5 | 380.8 | 468.4 | 551.7 | 17.77% | 105.27% | 15.47% |
| Italy | 65.4 | 88.0 | 103.7 | 122.5 | 140.0 | 14.29% | 124.77% | 17.58% |
| Latvia | 187.7 | 197.6 | 236.1 | 263.3 | 282.8 | 7.40% | 53.61% | 8.96% |
| Lithuania | 186.0 | 440.8 | 745.8 | 882.6 | 1079.1 | 22.26% | 666.20% | 50.27% |
| Luxembourg | 359.4 | 410.6 | 507.5 | 591.8 | 673.3 | 13.77% | 98.72% | 14.72% |
| Malta | 101.4 | 120.5 | 146.3 | 191.0 | 217.3 | 13.78% | 123.49% | 17.45% |
| Netherlands | 272.6 | 273.1 | 331.2 | 353.4 | 368.7 | 4.33% | 25.27% | 4.61% |
| Norway | 447.1 | 468.2 | 519.9 | 537.5 | 572.3 | 6.48% | 21.30% | 3.94% |
| Poland | 158.8 | 190.8 | 226.8 | 250.1 | 277.0 | 10.74% | 85.86% | 13.20% |
| Portugal | 159.0 | 187.6 | 223.9 | 239.6 | 282.4 | 17.87% | 67.14% | 10.82% |
| Romania | 52.6 | 69.8 | 89.2 | 108.2 | 129.1 | 19.30% | 197.57% | 24.37% |
| Serbia | 44.2 | 54.8 | 67.8 | 83.7 | 101.4 | 21.16% | 163.31% | 21.37% |
| Slovakia | 103.6 | 118.9 | 158.9 | 180.0 | 205.1 | 13.95% | 102.32% | 15.13% |
| Slovenia | 106.2 | 122.1 | 147.7 | 167.1 | 186.7 | 11.76% | 68.30% | 10.97% |
| Spain | 126.6 | 161.4 | 192.5 | 214.1 | 241.7 | 12.91% | 105.21% | 15.46% |
| Sweden | 327.5 | 339.6 | 367.4 | 378.7 | 389.4 | 2.82% | 8.08% | 1.57% |
| Switzerland | 196.5 | 221.3 | 254.1 | 271.8 | 286.6 | 5.44% | 54.53% | 9.09% |
| Turkey | 79.2 | 98.6 | 134.5 | 170.9 | 211.7 | 23.84% | 173.03% | 22.25% |
| UK | 308.9 | 371.2 | 431.3 | 425.7 | 455.2 | 6.93% | 35.17% | 6.21% |
| E33 Average | 155.4 | 182.3 | 216.1 | 238.8 | 264.1 | 10.57% | 69.82% | 11.17% |
| Note: Serbian figures for 2016 onwards are for payments (domestic and abroad) per capita, whereas, previous years figures are for all transactions (including withdrawals) per capita. | ||||||||
| Source: ECB,BIS, national central banks and interbank companies. | ||||||||
In 2024, the ATV per card payment showed a range from €17.9 in Poland up to €63.5 in Malta. On average over the EU27 countries, the ATV per card payment amounted to €36.4, down by 7.77% from 2023 due to a normalisation in the use of cards and growing numbers of contactless low value payments, which accelerated amid the COVID-19 pandemic in 2020 and throughout 2021 and 2022.
| 4.5.4: ATV per Card Payment (in €) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Austria | €43.0 | €42.3 | €44.3 | €43.6 | €42.9 | -1.76% | -8.85% | -1.84% |
| Belgium | €43.8 | €43.3 | €42.9 | €42.9 | €42.3 | -1.35% | -6.02% | -1.23% |
| Bulgaria | €30.1 | €32.0 | €33.9 | €36.3 | €36.2 | -0.30% | 16.31% | 3.07% |
| Croatia | €25.8 | €27.1 | €27.7 | €29.2 | €31.0 | 6.36% | 14.35% | 2.72% |
| Cyprus | €65.9 | €59.6 | €63.4 | €61.8 | €62.4 | 0.97% | -8.86% | -1.84% |
| Czechia | €23.9 | €25.3 | €25.8 | €25.5 | €23.9 | -6.12% | -3.15% | -0.64% |
| Denmark | €36.6 | €38.4 | €38.7 | €40.9 | €40.6 | -0.81% | 12.06% | 2.30% |
| Estonia | €19.0 | €20.5 | €21.8 | €21.9 | €22.3 | 1.78% | 17.97% | 3.36% |
| Finland | €29.1 | €30.1 | €29.8 | €29.6 | €30.1 | 1.46% | 8.17% | 1.58% |
| France | €42.1 | €41.3 | €41.3 | €41.6 | €40.5 | -2.57% | -2.72% | -0.55% |
| Germany | €48.3 | €47.6 | €47.8 | €45.9 | €44.0 | -4.24% | -20.99% | -4.60% |
| Greece | €32.8 | €30.0 | €29.2 | €28.7 | €28.5 | -0.64% | -13.91% | -2.95% |
| Hungary | €23.6 | €23.3 | €23.2 | €25.4 | €25.2 | -0.70% | 6.32% | 1.23% |
| Iceland | €37.9 | €39.7 | €44.2 | €44.0 | €45.6 | 3.68% | 16.04% | 3.02% |
| Ireland | €45.2 | €45.0 | €46.0 | €43.3 | €47.2 | 9.16% | -1.30% | -0.26% |
| Italy | €56.9 | €51.6 | €51.5 | €48.9 | €46.0 | -5.87% | -22.53% | -4.98% |
| Latvia | €16.5 | €18.7 | €19.7 | €19.4 | €19.5 | 0.21% | 15.05% | 2.84% |
| Lithuania | €20.2 | €23.3 | €25.2 | €24.5 | €24.6 | 0.52% | 23.54% | 4.32% |
| Luxembourg | €55.0 | €57.3 | €52.9 | €51.0 | €50.3 | -1.54% | -14.15% | -3.01% |
| Malta | €63.4 | €56.5 | €74.7 | €67.9 | €63.5 | -6.50% | 0.68% | 0.14% |
| Netherlands | €28.1 | €28.4 | €29.5 | €29.3 | €29.8 | 1.87% | 2.64% | 0.52% |
| Norway | €34.2 | €36.8 | €37.5 | €33.8 | €33.5 | -0.96% | -12.05% | -2.53% |
| Poland | €15.1 | €14.8 | €15.2 | €16.0 | €17.9 | 11.78% | 18.80% | 3.51% |
| Portugal | €49.4 | €49.0 | €49.8 | €51.4 | €48.2 | -6.16% | 2.51% | 0.50% |
| Romania | €26.1 | €25.9 | €27.3 | €26.9 | €27.7 | 2.97% | 1.62% | 0.32% |
| Serbia | €16.7 | €17.3 | €18.9 | €19.4 | €19.7 | 1.95% | 18.00% | 3.37% |
| Slovakia | €25.8 | €26.8 | €37.4 | €26.9 | €26.6 | -1.24% | 10.36% | 1.99% |
| Slovenia | €32.9 | €34.2 | €34.9 | €34.6 | €34.3 | -0.94% | 8.58% | 1.66% |
| Spain | €35.3 | €33.5 | €33.8 | €32.6 | €31.7 | -2.91% | -16.00% | -3.43% |
| Sweden | €28.9 | €31.1 | €30.3 | €28.6 | €28.8 | 0.90% | -2.83% | -0.57% |
| Switzerland | €53.7 | €52.9 | €55.7 | €55.8 | €55.8 | 0.00% | -1.50% | -0.30% |
| Turkey | €21.3 | €19.2 | €18.1 | €21.5 | €24.5 | 13.77% | -7.40% | -1.53% |
| UK | €43.7 | €41.8 | €40.4 | €38.9 | €33.9 | -12.85% | -18.76% | -4.07% |
| Euro area | €41.1 | €40.1 | €40.1 | €40.6 | €39.7 | -2.25% | -6.35% | -1.30% |
| EU27 | €36.7 | €36.1 | €36.1 | €39.5 | €36.4 | -7.77% | -9.27% | -1.93% |
| Note: euro area and EU averages exclude Iceland, Norway, Serbia, Switzerland and Turkey. EU includes Croatia from 2014. | ||||||||
| Source: ECB, BIS, national central banks and interbank companies. | ||||||||
Four card business paradigms continued unchanged in 2024:
- The smaller the ATV per card payment, there are more low value payments on cards.
- The higher the ATV per card payment, there is higher market potential for increasing payments on cards.
- Contactless low value purchase payments on cards contribute to lower ATV per card payments.
- Contactless low value payments are a significant driver of card payments by number.
Note on France
There has historically been a data comparability issue in relation to French card statistics because French cards often combine multiple functions, and earlier ECB figures for France appear to have included a broader range of card functions than in many other markets. In particular, the ECB totals for France included cards with e-money functionality and also reflected three-party cards, including cards issued by American Express, Diners Club, consumer finance companies and certain retailer card programmes.
As a result, CB card figures do not represent the full French card market. For this reason, the figures published by Groupement des Cartes Bancaires (GCB) and by the Observatoire de la Sécurité des Moyens de Paiement (OSMP) are compared with ECB figures in Table 4.5.5 in order to provide a more complete and more consistent picture of the French market.
Until end-2013, the payment card figures reported by the ECB for France were higher than the corresponding CB card figures. This appears to have reflected double counting and/or overlap between card functions, especially where e-money functionality was included. In addition, the historically limited breakdown of French card categories made it difficult to distinguish clearly between debit cards, credit cards and delayed debit cards in a way that was fully comparable with other European markets.
To improve comparability across the region, the debit card figures for France shown up to 2013 in Table 4.2.1 effectively include all French payment cards, while French credit and delayed debit card numbers were omitted from Tables 4.3.1, 4.3.2 and 4.3.3. The same limitation also affected payment transaction and expenditure data, where only total card figures were historically available for France, as reflected in Tables 4.4.2 and 4.4.3.
From 2014 onwards, however, Banque de France has provided a clearer split between French debit card figures and French credit card figures. As a result, in the 2025–26 edition of the Yearbook, French debit cards and French credit/delayed debit cards are now reported separately and more accurately in Chapters 4.2 Debit Cards and 4.3 Credit Cards. There is no impact from this revised treatment on the separate reporting in Chapter 4.4 Total Cards.
For the number of French private or three-party cards, the OSMP reports 3.00 million for 2024. Please also refer to the section Credit Cards and Consumer Finance in the France profile.
| 4.5.5: Number of Cards Issued in France | ||||||||
|---|---|---|---|---|---|---|---|---|
| (Millions) | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| Cards with cash function | 78.1 | 73.6 | 92.6 | 102.3 | 109.2 | 6.82% | 44.76% | 7.68% |
| Cards with payment function | 87.1 | 90.0 | 93.7 | 103.2 | 109.9 | 6.48% | 30.05% | 5.40% |
| -with debit function | 54.1 | 60.8 | 70.5 | 82.1 | 88.8 | 8.20% | 68.31% | 10.97% |
| -with delayed debit function | 11.7 | 17.1 | 15.3 | 15.1 | 15.3 | 0.96% | 4.43% | 0.87% |
| -with credit function | 8.6 | 12.1 | 15.4 | 15.2 | 14.0 | -7.61% | 78.80% | 12.32% |
| Cards with an e-money function | 4.1 | 4.3 | 4.4 | 4.1 | 3.2 | -22.62% | -11.86% | -2.49% |
| Total functions on French cards (ECB) | 100.5 | 101.6 | 104.4 | 111.4 | 117.4 | 5.38% | 20.09% | 3.73% |
| Card functions per capita (ECB) | 1.49 | 1.50 | 1.53 | 1.64 | 1.73 | 5.38% | 19.01% | 3.54% |
| French 4-party cards (OSMP) (m) | 89.0 | 93.7 | 93.7 | 102.4 | 109.9 | 7.34% | 29.12% | 5.24% |
| - thereof "CB" cards (m) | 72.7 | 73.9 | 76.1 | 76.9 | 76.7 | -0.26% | 7.88% | 1.53% |
| French 3-party cards (OSMP) (m) | 5.6 | 3.7 | 3.0 | 3.0 | 3.0 | 0.00% | -66.29% | -19.55% |
| Total cards in circulation (OSMP) (m) | 94.6 | 97.4 | 96.7 | 105.4 | 112.9 | 7.13% | 20.09% | 3.73% |
| - thereof "CB" cards (in %) | 76.8% | 75.8% | 78.7% | 73.0% | 67.9% | -6.90% | -10.17% | -2.12% |
| Cards in circulation per capita (OSMP) | 1.40 | 1.44 | 1.42 | 1.55 | 1.66 | 7.13% | 19.01% | 3.54% |
| Payment cards per capita - EU27 total | 1.65 | 1.72 | 1.85 | 1.81 | 1.81 | 0.00% | 15.58% | 2.94% |
| Note: total ECB number of cards is irrespective of the number of functions on the card and may include double counting of cards. | ||||||||
| Note: from 2021, cards with combined functions were broken down into one single card type: debit, deferred debit or credit card. | ||||||||
| Note: from 2021, OSMP reported only total cards in circulation. The total number of French 3-party cards for 2021 are estimated. | ||||||||
| Source: ECB, Banque de France, GCB. | ||||||||
4.6 Card Payments in Context of Cashless Payments
Tables 4.6.1 and 4.6.2 present data for payments on cards from the EU and other European countries showing the proportion of card payments compared with other cashless payments – direct debits, credit transfers and cheques. The figures are for 2024 and show cashless payments by number in millions (4.6.1.) and as percentages (4.6.2).
| 4.6.1: Cashless Payments in 2024 (millions) | ||||||
|---|---|---|---|---|---|---|
| Cards | DD | CT | Cheques | Other | Total | |
| Austria | 1,891.3 | 541.0 | 799.4 | - | 11.5 | 3,491.9 |
| Belgium | 3,971.2 | 550.5 | 2,090.3 | 0.5 | 292.2 | 6,904.7 |
| Bulgaria | 570.0 | 7.4 | 288.6 | - | 24.7 | 890.6 |
| Croatia | 743.8 | 16.6 | 401.7 | 0.0 | 50.0 | 1,151.1 |
| Cyprus | 230.5 | 12.7 | 49.5 | 5.4 | 0.9 | 306.6 |
| Czechia | 2,980.9 | 78.1 | 1,591.0 | - | - | 4,813.5 |
| Denmark | 2,747.1 | na | 1,280.9 | - | 0.8 | 3,834.6 |
| Estonia | 490.7 | - | 272.1 | - | 40.2 | 803.0 |
| Finland | 2,454.5 | - | 1,319.1 | - | - | 3,584.7 |
| France | 20,954.6 | 4,788.3 | 5,972.1 | 786.8 | 32.6 | 33,634.0 |
| Germany | 13,114.1 | 9,893.6 | 7,589.2 | 2.0 | 25.6 | 32,120.5 |
| Greece | 2,283.8 | 33.6 | 690.0 | 3.3 | 9.8 | 3,200.7 |
| Hungary | 1,972.9 | 74.3 | 476.7 | - | 36.3 | 2,687.6 |
| Ireland | 3,015.2 | 184.7 | 945.7 | 13.2 | 4.3 | 4,825.8 |
| Italy | 8,260.0 | 1,363.2 | 2,248.5 | 60.2 | 322.5 | 14,094.6 |
| Latvia | 556.7 | - | 317.0 | - | - | 902.9 |
| Lithuania | 3,114.2 | 5.6 | 633.0 | - | 290.5 | 4,043.3 |
| Luxembourg | 449.6 | 34.7 | 128.3 | - | - | 612.5 |
| Malta | 119.2 | 5.5 | 21.0 | 2.0 | 0.9 | 245.8 |
| Netherlands | 6,590.7 | 2,366.3 | 4,306.5 | - | - | 13,297.9 |
| Norway | 3,155.5 | 116.0 | 885.9 | - | - | 4,178.5 |
| Poland | 10,459.8 | 39.0 | 5,562.2 | - | - | 16,514.0 |
| Portugal | 2,987.3 | 321.6 | 397.4 | 10.0 | 39.1 | 3,689.8 |
| Romania | 2,460.8 | - | 719.3 | - | - | 3,213.2 |
| Slovakia | 1,119.2 | 33.8 | 519.3 | - | 4.2 | 1,672.3 |
| Slovenia | 395.9 | 38.8 | 183.7 | - | - | 653.5 |
| Spain | 11,976.7 | 2,257.2 | 2,935.2 | 18.9 | 280.6 | 16,157.1 |
| Sweden | 4,096.7 | 570.4 | 2,576.3 | - | - | 7,243.4 |
| Switzerland | 2,662.1 | 65.2 | 1,899.2 | - | - | 4,626.4 |
| Turkey | 18,047.84 | na | 5,701.75 | 15.63 | - | 23,765.2 |
| UK | 31,112.0 | 4,940.0 | 8,470.4 | 91.0 | - | 44,613.4 |
| Euro area | 83,975.1 | 23,167.5 | 25,066.6 | 1,239.3 | 989.5 | 134,438.0 |
| EU27 | 118,757.6 | 23,216.7 | 44,314.0 | 902.3 | 1,466.8 | 188,657.4 |
| Table total | 173,735.0 | 28,337.9 | 61,271.2 | 1,009.0 | 1,466.8 | 265,819.8 |
| Note: DD = direct debits; CT = credit transfers; other = other payment services. | ||||||
| Note: table total = EU27 + UK, Norway, Switzerland and Turkey. | ||||||
| Note: figures of less than 0.04 are included as 0.0 due to rounding; – (dash) = zero. | ||||||
| Note: e-money payments are included in card transactions. | ||||||
| Source: ECB, BIS and national central banks. | ||||||
| 4.6.2: Cashless Payments in 2024 (in %) | ||||
|---|---|---|---|---|
| (%) | Cards | DD | CT | Cheques |
| Austria | 54.6 | 15.5 | 22.9 | 0.0 |
| Belgium | 58.2 | 8.0 | 30.3 | 0.0 |
| Bulgaria | 66.8 | 0.8 | 32.4 | - |
| Croatia | 61.4 | 1.4 | 33.1 | - |
| Cyprus | 73.8 | 3.9 | 15.1 | 1.7 |
| Czechia | 62.1 | 1.6 | 33.1 | - |
| Denmark | 68.2 | - | 31.8 | - |
| Estonia | 61.1 | - | 33.9 | - |
| Finland | 64.8 | - | 34.8 | - |
| France | 62.3 | 14.2 | 17.8 | 2.3 |
| Germany | 40.9 | 30.8 | 23.6 | 0.0 |
| Greece | 72.3 | 1.1 | 21.6 | 0.1 |
| Hungary | 73.4 | 2.8 | 17.7 | - |
| Ireland | 71.1 | 3.8 | 19.6 | 0.3 |
| Italy | 68.9 | 8.8 | 14.5 | 0.4 |
| Latvia | 61.7 | - | 35.1 | - |
| Lithuania | 77.0 | 0.1 | 15.7 | - |
| Luxembourg | 73.4 | 5.7 | 20.9 | 0.0 |
| Malta | 48.5 | 2.2 | 8.6 | 0.8 |
| Netherlands | 49.6 | 18.3 | 32.4 | - |
| Norway | 76.0 | 2.8 | 21.2 | - |
| Poland | 63.3 | 0.2 | 33.7 | 0.0 |
| Portugal | 72.8 | 7.6 | 9.4 | 0.2 |
| Romania | 76.6 | 0.5 | 22.4 | 0.0 |
| Slovakia | 66.9 | 2.0 | 31.1 | - |
| Slovenia | 60.6 | 5.9 | 28.1 | - |
| Spain | 66.5 | 12.5 | 16.3 | 0.1 |
| Sweden | 59.3 | 7.8 | 32.9 | - |
| Switzerland | 57.5 | 1.4 | 41.1 | 0.0 |
| Turkey | 75.9 | na | 24.0 | 0.1 |
| UK | 69.7 | 11.1 | 18.4 | 0.2 |
| Euro area | 61.8 | 15.8 | 21.7 | 0.7 |
| EU27 | 65.08 | 11.85 | 22.61 | 0.46 |
| Note: DD = direct debits; CT = credit transfers; cards include e-money transactions; figures as published by the ECB in July 2022. | ||||
| Note: Luxembourg's card data is reported here excluding foreign e-money purchases reported by foreign EMIs. | ||||
| Note: the calculated average of totals is not based on volumes. | ||||
| Note: figures of less than 0.04 are included as 0.0 due to rounding; – (dash) = zero. | ||||
| Source: ECB, BIS and national central banks. | ||||
According to Table 4.6.1, in 2024, card payments per country in terms of market share in cashless payments showed a wide range from Germany (40.9%, excluding ELV direct debits) and Bulgaria (66.8%) up to Turkey (75.9%), Norway (76.6%), and Romania (76.6%). On average over the EU27 countries, the market share of card payments accounted for 62.64% of all cashless payments.
4.7 Leading Card Issuers in Europe
The individual country profiles of this Yearbook include information and details regarding the largest card issuers by individual country.
Most European banks consider card issuing as core bank business. They run their own issuer operations in-house or use the services of third-party issuer processors. Historically, the issuing business in Europe was started on a domestic level. From 2009, European card issuers compete in their home markets and cross-border on a European level.
Addressing the specific needs of personal banking and business banking, the card portfolio is composed of consumer cards, business cards and corporate cards. Dedicated card products are offered in combination with bank account packages for the individual client segments: families, millennials, students, affluent clients, small business clients, corporate clients, and even basic account clients.
European card products like consumer cards, commercial cards and purchasing cards range from classic cards to gold cards and platinum cards. Additional card features are offered to attract cardholders, e.g. bonus points, PIN selection at ATMs, cashback 1%-3%, card control by card use notification and geo blocking. Also, individual picture cards and collector cards are issued on demand.
The European banks issue contactless credit cards, delayed debit cards (charge cards), debit cards, prepaid cards, and virtual cards for online use only. They now issue debit cards branded Debit Mastercard or VISA Debit, and delayed debit cards and credit cards branded Mastercard or VISA. In European countries with a domestic cards scheme, the domestic cards in circulation are co-badged with one of the international card brands for international use.
Contactless plastic cards, virtual cards for internet use, and mobile HCE NFC card payments are the new normal in Europe. In addition, innovative banks may offer multiple contactless card form factors with card account control with mobile app: NFC stickers, mini-cards, key fobs, bracelets, digital watches, and other wearables.
By end-2024, the leading European card issuers, with more than 20 million cards in circulation, were composed of four UK banks (Lloyds Banking Group, Barclays Bank, RBS/NatWest, HSBC), two Italian banks (Banco Posta, UniCredit Group), three Turkish banks (Yapi Kredi Bankasi, Garanti Bank, T. Is Bank), three Russian banks (Sberbank, Alfa Bank, and VTB Bank), two French banks (Crédit Agricole Group, BPCE Group), and two Spanish banks (Banco Santander, Caixabank).
Russian Sberbank is the largest European card issuer ranked by total cards in circulation. Also, in total card payments value, Sberbank now ranks ahead of Lloyds Banking Group, RBS/NatWest, and Barclays, which remained market leaders.
| 4.7.1: Leading Card Issuers in Europe by Number of Cards | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Rank | (million cards) | 2020 | 2021 | 2022 | 2023 | 2024 | GR 23/24 | GR 5Y | CAGR 5Y |
| 1 (1) | Sberbank (RUS) | 153.83 | 164.69 | 261.93 | 182.15 | 189.60 | 4.09% | 30.19% | 5.42% |
| 2 (2) | Alfa Bank (RUS) | 26.18 | 42.91 | 54.00 | 72.88 | 72.88 | 0.00% | 178.18% | 22.71% |
| 3 (2) | Lloyds Banking Group (UK) | 51.90 | 52.19 | 53.13 | 54.05 | 44.61 | -17.48% | -15.85% | -3.39% |
| 4 (4) | VTB Bank (RUS) | 29.20 | 34.11 | 46.59 | 40.27 | 40.68 | 1.00% | 43.58% | 7.50% |
| 5 (4) | Santander Group (E, UK, PL) | 39.21 | 39.96 | 38.08 | 38.81 | 39.84 | 2.67% | 2.98% | 0.59% |
| 6 (7) | Yapi Kredi Bankasi (TR) | 24.92 | 27.52 | 32.37 | 36.39 | 40.27 | 10.66% | 70.52% | 11.26% |
| 7 (8) | Caixabank (E) | 18.50 | 30.23 | 31.99 | 33.41 | 23.21 | -30.53% | 20.93% | 3.87% |
| 8 (10) | Garanti Bank (TR) | 24.77 | 27.24 | 27.64 | 32.53 | 32.86 | 1.00% | 44.43% | 7.63% |
| 9 (16) | T. Is Bank (TR) | 19.96 | 21.38 | 21.37 | 31.83 | 34.34 | 7.89% | 81.33% | 12.64% |
| 10 (9) | Barclays Bank (UK) | 27.45 | 27.52 | 27.92 | 28.36 | 33.52 | 18.19% | 17.79% | 3.33% |
| 11 (11) | Banco Posta (I) | 28.99 | 26.51 | 24.10 | 27.54 | 29.53 | 7.25% | 1.44% | 0.29% |
| 12 (15) | Crédit Agricole Group (F) | 20.80 | 21.37 | 22.05 | 23.78 | 24.03 | 1.06% | 17.07% | 3.20% |
| 14 (17) | NatWest Group (UK) | 20.41 | 21.03 | 21.24 | 21.58 | 21.59 | 0.01% | 2.26% | 0.45% |
| 15 (19) | BPCE Group (F) | 19.09 | 20.37 | 20.66 | 20.90 | 21.29 | 1.87% | 18.17% | 3.40% |
| 16 (18) | UniCredit Group (I) | 22.63 | 21.43 | 20.88 | 20.35 | 21.24 | 4.39% | -1.02% | -0.20% |
| 17 (14) | Tinkoff Bank (RUS) | 24.82 | 24.84 | 22.19 | 19.97 | 34.87 | 74.61% | 148.87% | 20.00% |
| 19 (23) | HSBC (UK) | 16.19 | 20.99 | 18.57 | 18.96 | 19.89 | 4.90% | 14.73% | 2.79% |
| 20 (22) | ING Group (NL) | 20.93 | 19.78 | 18.86 | 18.87 | 18.97 | 0.52% | -11.69% | -2.46% |
| Note: consumer cards and comercial cards with a card brand of the card schemes Mastercard, VISA, AmExp, Diners, JCB. | |||||||||
| Note: domestic-only cards are not included in this table. | |||||||||
| Source: Individual Annual Reports. PCM research. | |||||||||
Challenges for Card Issuers
Historically, European banks issued debit cards branded with a domestic card scheme co-badged with an international card brand and credit/delayed debit cards branded Mastercard or VISA.
However, the traditional domestic card issuing business changed significantly with the EMV migration, the innovation of online card payments and digital card payment technologies, and with new card security standards (3D-Secure 2.0+, tokenisation security) and new legal authentication requirements (RTS SCA).
In addition, the unique legal framework for European payment services (PSD/PSD2) and the Interchange Fee Regulation (IFR) of the European Commission challenges all card issuing banks. Further, competition from foreign payment service providers issuing cards cross-border and offering card-less payment services directly from bank accounts are other challenges with impact on card issuing business.
Thus, the so far successful domestic card issuing business is no longer best practice for banks in Europe. The challenge for card issuers is to transform their traditional card business into the digital payment world.
In a first step, the European banks consolidated their individual card portfolios. They enriched card services and enabled their clients to pay for online purchases with their card, and to pay contactless at retail outlets. In a second step, European banks offer contactless card form factors and enable mobile card payments in-store and in-app.
The European banks now issue contactless credit cards, delayed debit cards (charge cards), debit cards, prepaid cards, and virtual cards for online use only. Their renewed card portfolio includes debit cards branded Debit Mastercard or VISA Debit, and delayed debit cards and credit cards branded Mastercard or VISA. In countries with a domestic cards scheme, the local banks continue issuing domestic cards co-badged with one of the international card brands for international use.
Contactless plastic cards, virtual cards for internet use, and mobile HCE NFC card payments are the new normal in European card portfolios. In addition, innovative banks may offer multiple contactless card form factors with card account control with mobile app: NFC stickers, mini-cards, key fobs, bracelets, digital watches, and other wearables.
From 2014, leading card issuing banks cooperate with Apple (Apple Pay), Google (Google Pay) or Samsung (Samsung Pay), enabling interested cardholders to make mobile HCE NFC payments on their cards using tokenisation security combined with host card emulation technology (HCE) with the card credentials stored ‘in the cloud’.
From 2016 and in parallel to cards, innovative card issuing banks began to open up their online banking payment services for consumer to business payments directly from bank accounts. They have started to offer card-less payment services to their individual clients: IBAN-based payments directly from bank accounts (SCT, SDD), advanced payment wallets, digital card wallets, prepaid products, and immediate payments.
In October 2019, American Express, Discover, Mastercard and VISA announced the roll-out of an interoperable one-click checkout button at e-commerce sites, Click-To-Pay. Based on the new EMV Secure Remote Commerce (SRC) industry standard, the networks are preparing to introduce the new Click-To-Pay button with the initial focus on converting existing MasterPass and VISA Checkout merchants to Click-To-Pay.
At end-2025, the European card-issuing banks face two significant challenges: transformation of their card business into a digital card payment business, and competition from the emerging Open Banking payment ecosystem.
Outlook – By end-2025, the European card issuers face the following notable challenges:
- Impact of eIDAS 2.0 on card authentication flows, KYC onboarding, and mobile app integration
- Launch of Debit Mastercard cards and VISA Debit cards, replacing Maestro cards and V PAY cards
- Launch of digital card payment products for omnichannel checkouts, including in-store and in-app
- New card features such as variable recuring payments (VRP) and buy-now pay-later (BNPL)
- Rollout of online/mobile bank payment services combined with mobile apps and FinTech partners
- Continued consolidation/renewal of card portfolios and card products following the IFR regulation
- Implementation of new security standards: 3D-Secure 2.3, Tokenisation, Secure Remote Commerce
- Strong Customer Authentication (RTS SCA), risk-based authentication (RBA), biometric authentication
- Competition from digital payment service providers such as PISPs, AISPs, other cross-border PSPs
- Impact of PSD2 and its Open Banking mandate on secure access to card accounts
- Compliance with the General Data Protection Regulation, GDPR and the PSD2, including RTS SCA
- Take new role as account serving PSP (ASPSP) and grant access to accounts (XS2A) to TPPs
4.8 Background – Cards and EMV Migration
The European countries followed different priorities during their EMV migration. Most countries set the priority to EMV migration of ATMs and cards first, followed by POS terminals, while Malta set its priority to EMV migration of POS and cards first followed by ATMs.
Historically, only Bulgaria, Greece, Hungary, Italy, Malta, Poland, Portugal, Romania, and Spain had been a bit behind the EMV migration end-date schedule.
The European EMV migration is de-facto complete in the EU27 countries and in the UK, Iceland, Lichtenstein, Norway, and Switzerland.
According to EMVCo figures, 90.51% of total cards, 99.81% of card transactions, 100% of ATMs, and 100% of POS terminals in the Europe Zone 1 (EEA33 countries, Turkey, and Israel) were EMV migrated by end-2024.
| 4.8.1: EMV Deployment and Adoption in Europe | |||||
|---|---|---|---|---|---|
| (in millions) | Year | EMV Cards | Adoption | EMV Card Transactions | EMV Terminals |
| 2019 | 1,040.0 | 85.9% | 98.50% | 100.0% | |
| 2020 | 1,073.0 | 86.5% | 99.56% | 100.0% | |
| 2021 | 1,192.0 | 90.5% | 99.58% | 100.0% | |
| 2022 | 1,300.0 | 90.6% | 99.75% | 100.0% | |
| 2023 | 1,372.0 | 90.3% | 99.78% | 100.0% | |
| 2024 | 1,450.0 | 90.5% | 99.81% | 100.0% | |
| 2019 | 318.0 | 80.7% | 96.97% | 100.0% | |
| 2020 | 335.0 | 84.1% | 96.97% | 100.0% | |
| 2021 | 379.0 | 86.3% | 97.54% | 100.0% | |
| 2022 | 159.0 | 73.1% | 95.18% | 100.0% | |
| 2023 | 186.0 | 74.5% | 96.37% | 100.0% | |
| 2024 | 219.0 | 77.6% | 98.12% | 100.0% | |
| Source: EMVCo | |||||
Global EMV adoption figures released by the global EMV body, EMVCo, showed that as of end-2012, over 44.9% of all payment cards and nearly 85.7% of the 23.8 million terminals globally in circulation were EMV compliant.
Globally, there were 14.7 billion EMV cards at end-2024, up from 1.62 billion EMV cards in 2012. They accounted for 71.98% of total cards in circulation, and 96.2% of total transactions.
4.9 Card Fraud in Europe
Card fraud is one of the most fascinating aspects of the payments industry, not least because it is relentless and mutating. EMV implementation and 3D-Secure, combined with Strong Customer Authentication (SCA), have done much to reduce domestic losses from lost and stolen cards in Europe. However, the war against fraud losses and the changing face of fraud continues to be a threat for the payments industry, including Europe.
The global card fraud challenges are Card-Not-Present fraud (CNP), cross-border fraud and counterfeiting on non-EMV cards. CNP fraud accounted for 80% of the total value of card fraud losses in 2020. From 2017, a new payment fraud category is fraud losses on contactless card payments.
International card fraud continues to be smaller in scale than domestic card abuse but is proportionately far more common. And of course, fraudulent cross-border transactions on cards continue to grow on all purchase channels.
Losses from card fraud on the internet and cross-border fraud on domestic cards have grown significantly. Following EMV implementation, card fraud has moved increasingly to countries where POS terminals or online shops have not yet been migrated to EMV and SCA, respectively, and to cross-border fraud with compromised cards.
The breakdown of card fraud losses by method of compromise already indicates the importance of distinguishing between domestic and cross-border fraud losses. The method of compromise covers how fraudsters obtain payment cards or card details. Notable methods of compromise in a complex payment world are CNP fraud based on theft of card credentials and card lost and stolen fraud, followed by growing ID fraud and by cross-counterfeit fraud.
The main method of compromise responsible for losses in many European countries is now the theft of card credentials. A high proportion of these card fraud losses are caused by the growth in e-commerce, and still the lack of use of Strong Customer Authentication methods such as 3D-Secure 2.0.
In a post data-breach world, identity information, payment credentials, account credentials and responses to security questions are widely available for purchase in bulk. Complete fraud exploits and zero-day attacks are also easily available on the black market for outright purchase or as a hosted / fully managed service.
In the digital payments world and having the changing face of fraud in mind, there are significant challenges for card issuing banks, payment service providers and their supporting processors.
According to the ECB and the European Payments Council (EPC), four significant card fraud trends in SEPA continued to be identified:
- Counterfeit fraud is decreasing due to the implementation of EMV chip cards
- Compromised cards and subsequent created fraud outside of chip countries
- Card Not Present (CNP) fraud continued to increase significantly
- Organised crime activities are targeting weak point sectors, processing infrastructure, and environments
Undoubtedly, the implementation of chip cards continues to contribute to significantly declining card fraud loss rates in Europe. Following EMV implementation, card fraud moves increasing to countries where POS terminals have not yet been migrated to EMV and, also, to cross-border fraud with compromised cards.
Only a few European countries like the UK and France are reporting full details about card fraud losses (see UK profile and France profile). In October 2021, the European Central Bank published its ‘Seventh Report on Card Fraud’ and provided insight on European level based on 2019 figures. The report analyses fraud developments related to card payment schemes (CPSs) in SEPA and, in total, covers almost the entire cards market.
The structural highlights documented below are taken from the seventh ECB fraud report (see below).
According to the ECB, the total level of card fraud losses amounted to €1.87 billion in 2019. This corresponds to a growth of 3.4% on 2018.
In 2019, 80% of the value of card fraud losses resulted from card-not-present (CNP) payments via post, telephone or on the internet, about 15% at point-of-sale (POS) terminals, and 5% at automated teller machines (ATMs).
Card fraud losses in relative terms as a share in the value of transactions fell from 0.045% in 2007 to 0.036% in 2011. However, card fraud losses grew again from their low in 2011 to 0.041% in 2016 and back to 0.036% in 2019.
| 4.9.1: Value of Card Fraud Losses in Europe | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2015 | 2016 | 2017 | 2018 | 2019 | GR 18/19 | GR 5Y | CAGR 5Y | |
| ECB: Total card fraud losses with SEPA acquired worlwide (€bn) | 1.808 | 1.800 | 1.608 | 1.809 | 1.870 | 3.4% | 12.9% | 2.5% |
| - thereof CNP fraud losses (€bn) | 1.292 | 1.314 | 1.222 | 1.429 | 1.496 | 4.7% | 45.1% | 7.7% |
| Value of card fraud losses as a share of the value of transactions | 0.042% | 0.041% | 0.035% | 0.037% | 0.036% | -2.7% | -5.3% | -1.1% |
| - thereof ATM Fraud in% | 9% | 8% | 8% | 6% | 5% | -16.7% | -58.3% | -16.1% |
| - thereof CNP Fraud in % | 71% | 73% | 76% | 79% | 80% | 1.3% | 15.9% | 3.0% |
| - thereof POS Fraud in % | 20% | 19% | 16% | 15% | 15% | 0.0% | -21.1% | -4.6% |
| Volume of card fraud losses as a share of the number of transactions | 0.020% | 0.023% | 0.021% | 0.023% | 0.024% | 4.3% | 20.0% | 3.7% |
| - thereof ATM Fraud in% | 5% | 3% | 3% | 2% | 2% | 0.0% | -71.4% | -22.2% |
| - thereof CNP Fraud in % | 76% | 77% | 76% | 79% | 90% | 13.9% | 20.0% | 3.7% |
| - thereof POS Fraud in % | 19% | 20% | 21% | 19% | 18% | -5.3% | 0.0% | 0.0% |
| Note: In 2021, ECB reported card fraud figures for 2015-2019. | ||||||||
| Source: ECB: all reporting card payment schemes (CPSs). | ||||||||
Note: According to ECB, the €1.87 billion figure in 2019 reflects the losses of all reporting CPSs, whereas growth rates in this section are calculated based on the data of those CPSs that have provided data for the two years to be compared. Thus, the growth rates are not influenced by variations in data provision.
According to FICO, in 2020, many European countries had lower fraud losses than in 2019. Following a frustrating increase in 2018 — caused primarily by an explosion of data compromise ‘bust out’ events — much of Europe has once again turned the tide on fraudsters, achieving a combined 2% overall reduction.
In 2022, FICO reported that the ‘return to normal’ from the pandemic in 2021 was uneven across the continent due to variances in vaccine rollout, resurgence of Covid infections, and policies regarding retail, travel, and tourism. Only four countries improved their card fraud performance in 2021, which is a great achievement within the context of such economic uncertainty. The majority of countries have either remained stable or experienced increases in losses. The most notable of these are Portugal and the Netherlands, both with incremental losses exceeding +15%.
The United Kingdom and the Nordic region continue to lead Europe both in terms of digital transformation and fraud loss reduction, with Denmark and Sweden achieving the highest percentage decreases in losses. The UK reduced card fraud losses by an impressive £49.2 million.
Payment fraud on digital channels emerged as the primary fraud threat within many countries, overtaking card fraud losses. We expect that Central and Eastern Europe could see similar trends in the coming years as more payment providers and real-time payment platforms are introduced across the region.
Alongside card fraud, the most significant growing threat across Europe continues to be digital fraud and specifically, social engineering. In addition, money laundering via mule accounts remains a challenge for banks to overcome. The growth of real-time payments across Europe facilitated by schemes such as SCTINST mean that criminals can take advantage of instant payments and move illicit funds quickly through accounts and out of reach of law enforcement. As the use of such schemes becomes ubiquitous across Europe, banks must take the appropriate measures to prevent further increases in this type of fraud.
Background Information from the ECB’s Seventh Report on Card Fraud
In its seventh report on card fraud, the ECB gave the following summary, which is cited here:
This seventh oversight report on card fraud analyses developments in fraud related to card payment schemes (CPSs) in the Single Euro Payments Area (SEPA) and covers almost the entire card market. It provides an overview of developments in card payment fraud between 2015 and 2019.
The total value of fraudulent transactions conducted using cards issued within SEPA and acquired worldwide amounted to €1.87 billion in 2019. When it comes to cards issued in the euro area only, the total value of fraudulent card transactions acquired worldwide amounted to €1.03 billion in 2019.
Fraud as a share of the total value of transactions decreased in 2019, as fraud in absolute terms increased at a slower pace than overall card payments. The total value of overall card transactions using cards issued within SEPA and acquired worldwide increased by 6.5% compared with 2018, whereas corresponding fraud grew by 3.4%. Consequently, fraud as a share of the total value of transactions decreased by 0.001 percentage points to 0.036% in 2019. Over the five-year period between 2015 and 2019, the lowest fraud share was observed in 2017 (0.035%), which was the lowest figure recorded since the start of data collection in 2007.
A share of 0.036% means that on average 3.6 cents were lost to fraud for each €100-worth of transactions using cards issued within SEPA in 2019. For cards issued in the euro area, the value of fraud as a share of total card transactions in 2019 remained below the share for SEPA as whole at 0.032%, albeit up slightly from 0.031% in 2018.
In respect of the composition of card fraud in 2019, 80% of the value of card fraud resulted from card-not-present (CNP) payments (i.e. payments via the internet, mail or phone), 15% from transactions at point-of-sale (POS) terminals, such as face-to-face payments at retailers or restaurants, and 5% from transactions at ATMs. CNP fraud accounted for €1.50 billion in fraud losses in 2019 (an increase of 4.3% compared with 2018). Card-present fraud committed at POS terminals went up by 2.2% in 2019 compared with 2018, while fraud committed at ATMs decreased by 6.1%. This decrease in card-present fraud could be a result of an increasing adoption rate of chip-and-PIN transactions at ATMs also outside of Europe.
For the purposes of the ECB fraud report, the reporting entity must differentiate between cards with the following functions: debit and delayed debit or credit. The share of delayed debit card and credit card fraud in overall transactions (0.088%) remained larger than that of debit card fraud (0.016%) in 2019.
From a geographical perspective, domestic transactions accounted for 89% of all card transactions but only 35% of fraudulent transactions. Cross-border transactions within SEPA represented 9% of all transactions but 51% of fraudulent transactions. Finally, although only 2% of all transactions were acquired outside SEPA, they accounted for 14% of all fraud. The euro area experienced slightly lower fraud levels from an issuing and acquiring perspective than the whole SEPA area.
Card Fraud Types – With respect to the composition of card fraud in 2019, 80% of the value of card fraud resulted from card-not-present (CNP) payments (i.e. payments via the internet, post, or telephone), 15% from transactions at point-of-sale (POS) terminals and 5% from transactions at automated teller machines (ATMs).
With €1.87 billion in fraud losses in 2019, CNP fraud was not only the largest category of fraud in absolute value, it also recorded an increase (of 4.3%) compared with the previous year. Data on regular, i.e. non-fraudulent, CNP transactions, which are only partially available, suggest that there was also considerable growth in CNP transactions on the whole. Based on this partial information, it can be concluded that CNP fraud grew at a lower rate than CNP transactions.
In absolute terms, the combined value of ATM and POS fraud (as a sum representing the total of card-present fraud) decreased by 0.03% in 2019 compared with the previous year. The value of ATM fraud alone decreased by 6.1% in 2019 compared with 2018 while that of POS fraud slightly increased by 2.2%.
The decrease in the value of ATM fraud in 2019 was driven by considerably lower losses from lost-and-stolen and counterfeit card fraud. However, these categories were the first and the second most significant types of ATM fraud in 2019, respectively, continuing the trend observed since 2015.
At POS terminals, increases in card-not-received (+47.9%) and counterfeit card fraud (+10.4%) appear to be the main cause for the overall increase in the total value of card-present fraud in 2019. At the same time, lost-and-stolen card fraud declined slightly in absolute terms compared with previous years, but still accounted for half of the total value of card-present-fraud at POS terminals. In contrast to ATM fraud, other types of fraud (e.g. account takeovers or compromised application fraud, where fraudsters apply for a card in someone else’s name or request a replacement card by falsely reporting theft or loss, for instance) continued to play a more significant role, being responsible for around 17% of total card-present fraud at POS in terms of value in 2019.
Over the five-year period from 2015 to 2019, the value of counterfeit card fraud at ATMs and POS terminals combined decreased by 56.8% in absolute terms, while lost-and-stolen fraud decreased by 11.3% for the two channels. Lost-and-stolen fraud remains the most prominent category of card-present fraud, accounting for 55% of all card-present fraud in terms of value in 2019.
Fraud by Card Type – In 2019, the total share of fraud in the overall value of transactions decreased compared with 2018 for delayed debit and credit cards to 0.088%, while remaining stable for debit cards at 0.016%. In general, delayed debit and credit card fraud accounted for 58% of the total value of payment card fraud in 2019.
For delayed debit cards and credit cards:
- fraud decreased in 2019 for all channels (i.e. CNP, ATMs and POS terminals) in both absolute and relative terms (as a percentage of total delayed debit card and credit card transactions), with the overall fraud share for delayed debit and credit card transactions reaching a five-year low.
For debit cards:
- CNP and POS fraud increased in 2019 in absolute terms compared with 2018, but decreased for ATMs; in relative terms, the shares of CNP, POS and ATM fraud in the total value of debit card transactions remained stable in 2019 compared with the previous year.
Cross-border Fraud – In 2019, the vast majority of counterfeit card fraud in 2019 involved cross-border transactions. A considerable part of these transactions related to cross-border payments acquired outside SEPA. More specifically, 87% of ATM counterfeit card fraud and 34% of POS counterfeit card fraud related to transactions of this type.
This share, however, continues to decline. The value of overall counterfeit card fraud for transactions acquired outside SEPA decreased further in 2019 (-23.5% compared with 2018), thanks to the continued roll-out of the EMV security standard on a global level. Over the five-year period from 2015 to 2019, counterfeit card fraud for transactions acquired outside SEPA decreased by 77.2%.
At the same time, counterfeit card fraud involving domestic and cross-border transactions within SEPA increased by 16.9% and 42.4% respectively in 2019. The latter accounted for 50% of all counterfeit card fraud at POS terminals in 2019.
Card Fraud by Country – The share of fraud in card transactions varied considerably across EU Member States in 2019. From an issuing perspective, the rates of fraud in France, Spain and the United Kingdom were the highest while rates in Romania, Hungary and Poland were the lowest.
The euro area experienced lower fraud rates than the SEPA area from an issuing perspective. However, from an acquiring perspective, the euro area experienced slightly higher fraud rates than the SEPA area in 2019.
Fraud rates for SEPA (and the euro area) continue to remain generally lower from an issuing perspective than from an acquiring perspective. This indicates that cards issued inside SEPA experienced lower fraud rates for transactions acquired outside SEPA than cards issued outside SEPA for transactions acquired inside SEPA, which could be a source of reassurance to European cardholders when shopping abroad.
Compared with five years earlier, fraud as a share of the total value of transactions from an issuing perspective is lower in 2019 for both the euro area (-3.6%) and SEPA as a whole (-13.2%). This is mainly the result of the fraud prevention and detection measures developed by the industry, along with European regulatory efforts to strengthen the security of card payments.
Overall, fraud shares decreased over this 5-year period in the majority of EU Member States. In 8 of them, fraud shares in 2019 are higher than in 2015, albeit often in line with similar increases in card usage and e-commerce transactions. For most of these countries, however, this stems from comparatively very low fraud shares in 2015, with latest figures still remaining relatively low.
In general, higher shares of cross-border transactions are observed for smaller countries. Over the five-year period, the picture has not changed significantly, and a much higher percentage of card transactions take place at the domestic level than across borders. However, the proportion of cross-border transactions has been increasing steadily over the past five years for the great majority of EU countries.
From an issuing point of view, CNP fraud was the main channel for card fraud in all countries. The countries with the highest proportion of CNP fraud with over 95% of CNP fraud in all fraudulent transactions were Greece, Lithuania, Latvia, and Romania.
Compared with the start of data collection, the variation in the fraudulent use of each channel for cards issued in different EU countries from an issuing point of view has decreased:
- CNP fraud accounted for between 64% and 98% in 2019, with a median share of 88%
- POS fraud accounted for between 1% and 27%, with a median share of 8%
- ATM fraud accounted for between 0% and 13%, with a median share of 5%
From an acquiring point of view, the variation in the transaction channel used to commit fraud in different EU countries has decreased compared with previous years:
- ATM fraud accounted for between 0% and 30%, with a median share of 3%
- CNP fraud accounted for between 50% and 91%, with a median share of 79%
- POS fraud accounted for between 9% and 49%, with a median share of 18%
In general, variations in the fraudulent use of POS terminals and CNP channels were more pronounced from an acquiring perspective than from an issuing perspective. For ATM fraud, variation is similar from both perspectives.
There were large variations in card use and fraud levels across EU countries.
Most of the significant card markets, which are characterised by high transaction values and volumes per inhabitant and with a high level of use of cards for online purchases (e.g. Luxembourg, the United Kingdom, Ireland and Denmark) experienced higher fraud rates. Fraud in these markets was predominantly CNP fraud and mostly occurred in cross-border transactions.
In countries where card use was rather low (e.g. Poland, Romania and Hungary), fraud shares were typically also low. In addition to the low card usage, another reason noted to have contributed to low fraud levels in these countries was increased usage of contactless chip cards and contactless chip readers at POS terminals and ATMs, which helped to decrease card-present fraud. Moreover, the mass implementation of the 3D Secure protocol for all cards and e-commerce merchants, starting in 2013, helped to decrease CNP fraud in domestic e-commerce transactions.
The ECB concluded that the lower rate of card-present fraud in 2019 compared with 2018 was mainly a result of a decrease in counterfeit and lost-and-stolen card fraud and, from a geographical point of view, decreases in fraudulent cross-border transactions acquired outside SEPA.
A further reduction in CNP fraud rates in the EU is expected due to the implementation of the Regulatory Technical Standards for strong customer authentication and common and secure open standards of communication under PSD2 by all issuers, acquirers and merchants.
Nevertheless, should cardholders fall victim to fraud, they would only be liable for the limited amount of €50 (or, depending on the PSD2 national implementation, even less in some Member States such as the Netherlands where a zero-liability policy is pursued), while the rest of the defrauded amount would need to be refunded by their issuing bank in accordance with PSD2 provisions (unless the cardholder is proven to have acted fraudulently or with gross negligence).
Other details on card fraud by individual country can be found in the individual country profiles of the Yearbooks.
Based on the joint report from ECB and EBA published in December 2025, the structural patterns identified in the seventh fraud report of the ECB remain broadly valid, although subsequent developments indicate a continued evolution in both the scale and nature of card fraud across SEPA.
Overall, card fraud remains low as a share of total transaction values, reflecting ongoing improvements in fraud prevention, authentication, and regulatory measures. The long-term trend of fraud growing more slowly than transaction volumes has generally persisted, supported by increased adoption of strong customer authentication under PSD2 and continued technological advancements in payment security.
However, the composition of fraud remains heavily skewed towards card-not-present (CNP) transactions, particularly e-commerce. As highlighted in the earlier ECB analysis, CNP fraud accounted for around 80% of total fraud value in 2019, and this dominance has continued in subsequent years, driven by the sustained growth of online payments. By contrast, card-present fraud (POS and ATM) has continued to decline or stabilise, reflecting the effectiveness of chip-and-PIN technology, contactless security features, and the global roll-out of EMV standards.
From a geographical perspective, the disproportionate role of cross-border transactions in fraud persists. While domestic transactions account for most payment volumes, cross-border transactions, particularly those involving merchants or acquirers outside SEPA, continue to generate a significantly higher share of fraud. This reflects differing security standards globally and the continued exploitation of weaker links in international payment chains.
Differences by card type also remain evident. Credit and delayed debit cards continue to exhibit higher fraud rates than debit cards, largely due to their greater use in e-commerce and cross-border transactions. Nevertheless, fraud rates across all card types remain low in relative terms.
At country level, variations in fraud rates continue to reflect differences in card usage, e-commerce penetration, and security adoption. Markets with high levels of digital and cross-border activity tend to experience higher fraud rates, while countries with lower card usage or widespread deployment of secure technologies (e.g. contactless chip cards and 3D Secure) tend to report lower levels of fraud.
Overall, the key conclusions of the ECB’s earlier report remain valid:
- CNP fraud is the dominant and growing channel
- Card-present fraud continues to decline structurally
- Cross-border transactions remain a key vulnerability
- Fraud rates remain low relative to total transaction volumes
Continued regulatory and industry efforts, particularly around authentication, monitoring, and international cooperation, are expected to further contain fraud risks, although the ongoing expansion of digital payments means that fraud in absolute terms is likely to remain on an upward trajectory.
Addendum – Recent Cards History in Europe
Contactless Cards – Historic Background
Successful field tests with contactless card technology were first carried out in the public transport sector (e.g. Octopus Card in Hong Kong, Oyster Card in London). Based on promising results, Mastercard, VISA and American Express launched their own contactless payment technologies PayPass; payWave and expressPAY, respectively. They were followed by other international schemes and a few years later by the European domestic card schemes. The objective of the contactless payment initiatives of the card schemes was to replace cash payments by card payments.
Contactless cards with payment function and PIN authentication are issued based on secure EMV technology. Originally, contactless payments on cards were focussed on low value payments without PIN and without receipt below a so-called contactless limit. Contactless payments of amounts above the contactless limit require PIN authentication. Different contactless limits by brand and by country can be found in Europe.
From 2003, more and more contactless payment functions have been added to all type of cards pushed by so-called ‘war-on-cash’ campaigns. Starting in 2009, contactless functions branded PayPass or payWave were added to all new and most renewed Mastercard and VISA cards in the European countries, respectively.
- 2003 – PayPass function added to Mastercard cards branded Mastercard or Maestro
- 2005 – payWave function added to VISA cards branded VISA, VISA Debit or Electron
- 2006 – expressPay function added to American Express cards
- 2007 – J/Speedy function added to international JCB cards
- 2008 – from 2008, contactless function added to French CB cards
- 2010 – D-PAS function added to Discover cards and Diners cards
- 2010 – QuickPass – Contactless function added to UnionPay cards of China UnionPay
- 2012 – e-purse girogo function added to German girocard debit cards issued by German savings banks
- 2013 – e-purse Quick and PayPass functions added to the same Austrian Maestro debit cards
- 2014-15 – domestic payment schemes in Europe add contactless function to their debit cards
- Bancontact (B), girocard (D), Dankort (DK), PagoBancomat (I), 4B (E), ServiRed (E), Euro6000 (E) …
- 2016 – Russia launched its first domestic card scheme – MIR, based on contactless MIR cards
- 2016 – Turkey launched its first domestic card scheme – TROY, based on contactless TROY cards
- 2018 – (September) Mastercard Europe reports that over 50% of its cards in circulation are contactless enabled
- 2019 – Mastercard, VISA, and the card manufacturers revealed that more than 70% of all cards shipped in Europe in 2019 were contactless
Contactless payment cards issuance hit 1.5 billion units in 2018, accounting for over 50% of all payment card shipments delivered globally.
Breaking the 50% barrier marked a significant milestone in contactless card migration, and market momentum continued most notably in the US, India, South-East Asia, and Latin America.
The momentum in contactless migration continues thanks to the contactless migration mandates put in place in Latin America and South-East Asia. With short deadlines, set by VISA and Mastercard, coming into effect in October 2018 for POS terminals and April 2019 for new card issuance, respectively, these two regions are believed to be the next significant growth areas for contactless payments.
From 2014, contactless mobile HCE NFC payments were offered with the card credentials stored ‘in the cloud’. HCE NFC payment services combined with a mobile banking app have replaced most of the SIM SE NFC solutions implemented in the period from 2009 to 2012.
In addition, various contactless card form factors are offered to European cardholders: NFC stickers, mini-cards, NFC wearables like bracelets, key fobs, and digital watches.
All these opportunities helped to push contactless card payments to become the new normal.
Background of PayPass – As at end-2014, Mastercard reported globally more than 230 million cards issued with added PayPass function and more than 3.0 million PayPass enabled POS terminals in 68 countries worldwide. PayPass cards were issued in 38 European countries (2 new countries in 2014) and were accepted at 2.5 million POS terminals.
The number of contactless transactions on Mastercard and Maestro cards in Europe passed the one billion marks for the first time in 2015, an increase of 150% on the previous year. According to Mastercard, Mastercard or Maestro contactless cards or devices were used at over four million merchant locations worldwide.
Mastercard data of 2015 revealed the number of cards, mobile phones or other devices tapping soared by 121%, and the total Mastercard and Maestro spend on contactless transactions was up by 183% from 2014. Merchants also followed suit, showing a 72% increase in the number of contactless merchant locations from 2014.
In Europe, there were over 10 countries with more than 5 million contactless cards or devices branded Mastercard in circulation for each of these countries. Contactless Mastercard cards were accepted in 74 countries around the world, including Estonia and Iceland, which were recently been added to Europe’s contactless map.
Frontrunners in Europe include the Czech Republic where 77% of in-store transactions processed by Mastercard were contactless in 2015, and Poland, where tap and pay became the most popular option among shoppers at 55%, 40% in Hungary and 38% in Slovakia.
From 2016, contactless functions on Mastercard branded cards became mainstream. In late 2019, Mastercard said that contactless cards were now driving face-to-face transactions across the continent. The significant growth rates of contactless card use continued in 2017-20 (see individual country profiles).
Background of payWave – By mid-2015, VISA Europe reported that 171 million VISA contactless cards issued by 240 banks were used at 2.6 million contactless POS terminals across Europe. In total, there were 1.1 billion contactless payments on VISA cards with a payments value of €12.6 billion.
In March 2015, the leading European market for VISA was the UK with 52.6 million transactions, followed by Poland (49.7 million) and the Czech Republic (13.9 million).
By mid-2016, VISA Europe said that across Europe, there were more than 130 million contactless VISA cards issued in Europe and accepted at more than 3 million contactless terminals. More than €16.1 billion was spent on contactless VISA cards in the 12 months to June 2015 – a 335% increase on the previous year – this equated to more than 1.4 billion transactions in a year.
In late October 2019, VISA Europe said that contactless cards were now driving face-to-face transactions across the continent: it estimated that 8 in 10 cards across European countries, on average, were now enabled for contactless transactions. Given the popularity of contactless cards for mass transit solutions, it anticipated further growth in contactless both in Europe and across the world for 2020.
From 2016, contactless functions on VISA branded cards became mainstream. The significant growth rates of contactless card use continued in 2017-20 (see individual country profiles).
Contactless Frontrunner UK – The UK is one of the most contactless-ready countries in the world. According to the UK Finance figures, in 2015, UK shoppers using 81.5 million contactless-enabled cards made more than 1 billion contactless purchases on credit and debit cards, and UK shoppers used the technology for almost 13% of all card transactions in December 2015, leading to spending up by 233% over the year, to £7.75 billion. The average value of contactless payment was up too: from £6.60 in January 2015 to £8.15 in January 2016.
During 2024, the number of contactless payments made in the UK increased by 3% to 18.9 billion payments (39% of all UK payments), driven by the continued roll-out of card acceptance devices especially among smaller businesses, consumers increasingly preferring contactless payments over chip and pin, and continuing growth in popularity of mobile contactless payment services such as Apple Pay and Google Pay. At the end of 2024, there were 153 million contactless cards in circulation, with 89% of cards in circulation in the UK having contactless functionality (see the UK country profile).
Background of contactless card form factors – Many contactless card form factors have been field tested in Europe: NFC stickers, mini-cards, key fobs, card credentials embedded in a microSD card attached to iPhones, bracelets, digital watches, and other wearables. Additionally, there were more than 200 mobile contactless payment pilots in Europe.
From 2009, the mobile network operators continued to push their mobile SIM SE NFC payment ecosystem where the card credentials were stored in a secure element on the SIM card of Android smartphones.
From 2014, leading issuer banks, Apple (Apple Pay), Google (Google Pay), and Samsung (Samsung Pay) launched mobile HCE NFC payment services using tokenisation security combined and host card emulation technology (HCE) with the card credentials stored ‘in the cloud’.
From 2016, Mastercard piloted contactless HCE NFC MasterPass in-store payments. It was expected that VISA intended to enable contactless VISA Checkout payments in-store, too.
Contactless Outlook – Contactless plastic cards, virtual cards for internet use, and mobile HCE NFC card payments are mainstream in Europe. This includes mobile card payments with Apple Pay, Google Pay (G Pay), and Samsung Pay. In addition, various contactless card form factors are offered to cardholders: NFC stickers, mini-cards, key fobs, digital watches, bracelets, and other wearables.
They are the new normal in Europe and contactless card payments show significant traction since 2017.
Contactless payments for purchases below a predefined limit are without PIN and without transaction receipt. Contactless payments of amounts above the contactless limit require PIN authentication.
In March 2020, in response to the COVID-19 pandemic, the PIN-less contactless limit was doubled in 19 European countries to encourage more non-cash transactions (e.g. from €20 or €25 to €50 in many euro countries, from £30 to £45 in the UK, from CHF 40 to CHF 80 in Switzerland). In the case of successive contactless payments without a PIN code, the cumulative limit is increased to €100.
Details about contactless cards and payments by country are provided in the individual country profiles.