The payment card industry has seen significant and steady growth over the past few years, driven by strong growth in Asia and Latin America. With cards the dominant payment method globally, issuers are implementing advanced fraud management systems and adopting EMV to combat increases in online and offline fraud. Greater smartphone usage and customers’ need for cheap non-cash payment solutions are driving the emergence of mobile wallets, which in turn are forcing card issuers to compete with new players, requiring a new focus on customer loyalty through co-branded cards or rewards programmes.