The modern card issuing platforms market is set to more than double, growing from $1.8billion in 2025 to $4.2billion by 2030, according to new research from global tech strategists Juniper Research. The explosive growth of 133 per cent is primarily driven by traditional financial institutions (FIs) increasing investment to keep pace with innovation from fintech disruptors.
The core growth factor is the rise of Card-as-a-Service (CaaS), which enables leading non-traditional players, such as Monzo, Uber, and Coinbase, to seamlessly integrate card issuance into their existing ecosystems. The market is also being propelled by favourable regulatory support for Open Banking and the adoption of digital-first solutions like tokenisation and push provisioning across key global regions.
Data layer unlocks competitive advantage
The research identifies a key competitive shift: market leaders are increasingly turning to data-driven strategies to build smarter, more personalised card offerings and strengthen client engagement.
Research Analyst Jawad Jahan explained that unlocking the data layer marks a new frontier for vendors. “By harnessing richer data to deliver smarter, personalised financial experiences, vendors can strengthen loyalty, boost retention, and grow interchange revenue,” Jahan stated. He added that success in the increasingly competitive market will hinge on shifting to API-based card issuing to meet these new data demands.
The Leaderboard
Juniper Research’s Competitor Leaderboard evaluated 22 leading modern card issuing vendors across factors including platform innovation, variety of services, and key partnerships.
The top-ranked market-leading vendors for 2025 were identified as:
- Thales
- IDEMIA
- FIS Global
- G+D
- Marqeta
The analysis, which covers over 18,500 data points across 61 countries, indicates that the demand for these platforms will continue to grow as established FIs seek efficient, API-driven solutions to modernise their operations without costly and complex core system overhauls.
