Modern card issuing platforms set for rapid expansion as banks race to compete

The modern card issuing landscape is entering a period of accelerated growth, with new forecasts from Juniper Research projecting the market will more than double in size between 2025 and 2030.

Revenues are expected to rise from $1.8 billion to over $4.2 billion, as traditional financial institutions step up investment to match the agility and product sophistication of digital-first challengers.

Banks Turn to Card-as-a-Service

Modern card issuing set for rapid expansion

One of the most powerful drivers of this expansion is the growing adoption of Card-as-a-Service (CaaS) models.

These infrastructure platforms allow companies such as Monzo, Uber and Coinbase to embed card issuance directly into their products without building the complex issuing architecture typically required.

For fintechs, CaaS removes barriers to scale; for banks, it provides a blueprint for accelerating time-to-market while modernising outdated systems.

This shift reflects broader structural changes across the payments sector, where embedded finance is reshaping expectations around convenience, configurability and speed.

Banks keen to remain competitive are increasingly leveraging the same provider ecosystems that enabled disruptors to flourish in the first place.

Open Banking and Tokenisation Fuel Regional Growth

Juniper’s analysis also highlights the role of regulatory change in opening new markets.

Open Banking frameworks in Europe, the UK and parts of Asia are creating favourable conditions for digital-first issuance, while innovations such as tokenisation and push provisioning are becoming standard capabilities across consumer and commercial card programmes.

As wallets, super-apps and mobile-first shopping environments become more deeply embedded in everyday commerce, issuers that fail to keep pace risk losing relevance.

Modern platforms offer the adaptability required to integrate with these new channels, making them central to long-term growth strategies.

Data Intelligence Emerges as the Competitive Frontier

Perhaps the most significant insight from the report is the growing emphasis on data.

Leading vendors are increasingly using real-time analytics to personalise cardholder experiences, refine risk models, and optimise interchange performance. This data-driven approach is now a key differentiator in an expanding and competitive market.

Jawad Jahan, Research Analyst at Juniper Research, noted that unlocking the data layer represents a “new frontier” for the sector.

The shift to API-led issuance, he said, will be essential for meeting rising expectations around personalisation and digital engagement.

Thales, IDEMIA and Marqeta Among Leaders

Juniper’s Competitor Leaderboard ranks Thales, IDEMIA, FIS Global, G+D and Marqeta as the top vendors going into 2025.

These companies are recognised for their innovation, breadth of services and strategic partnerships—attributes that position them well as demand for modern issuing accelerates worldwide.

With more than 18,500 datapoints analysed across 61 markets, the research underscores a clear conclusion: modern card issuing is no longer an optional upgrade.

For banks, fintechs and ecosystem partners alike, it is rapidly becoming the engine room of future payments innovation.

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