A credit card is a payment card issued to cardholders to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt. Credit cards provide high security features for transferring payment from one account to another, which increases the demand for credit cards among its users. Furthermore, credit cards have numerous benefits to customers, which include providing instant loan as well as increasing safety of the transaction and offering different credit scores and cashback based on user’s transactions.
Rise in demand for cash alternatives and availability of affordable credit cards across the globe boost the growth of the global credit card market. In addition, the rise in demand for credit cards among the youths of developing nations positively impacts the growth of the market. However, factors such as increase in credit card frauds across the globe are expected to hamper market growth. On the contrary, technological advancements in product offering like using blockchain for increased security is anticipated to offer remunerative opportunities for the expansion of the market during the forecast period.
The global credit card payments market is segmented on the basis of card type, application, brand, and region. In terms of card type, the market is divided into general purpose credit cards and specialty & other credit cards. Depending on application, it is fragmented into food & groceries, health & pharmacy, restaurants & bars, consumer electronics, media & entertainment, travel & tourism and others. On the basis of brand, it is classified into Visa, MasterCard, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the Credit Card Payments Market analysis are American Express, Bank of America Corporation, Barclays PLC, Capital One, Citigroup Inc., JPMorgan Chase & Co, MasterCard, Synchrony, The PNC Financial Services Group, Inc., and USAA. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Rise in demand for cash alternatives and availability of affordable credit cards across the globe boost the growth of the global credit card market. In addition, the rise in demand for credit cards among the youths of developing nations positively impacts the growth of the market. However, factors such as increase in credit card frauds across the globe are expected to hamper market growth. On the contrary, technological advancements in product offering like using blockchain for increased security is anticipated to offer remunerative opportunities for the expansion of the market during the forecast period.
The global credit card payments market is segmented on the basis of card type, application, brand, and region. In terms of card type, the market is divided into general purpose credit cards and specialty & other credit cards. Depending on application, it is fragmented into food & groceries, health & pharmacy, restaurants & bars, consumer electronics, media & entertainment, travel & tourism and others. On the basis of brand, it is classified into Visa, MasterCard, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the Credit Card Payments Market analysis are American Express, Bank of America Corporation, Barclays PLC, Capital One, Citigroup Inc., JPMorgan Chase & Co, MasterCard, Synchrony, The PNC Financial Services Group, Inc., and USAA. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global credit card payments market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on global credit card payments market trends is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2023 to 2032 is provided to determine the market potential.
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- Product Life Cycles
- Market share analysis of players by products/segments
- New Product Development/ Product Matrix of Key Players
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- Market share analysis of players at global/region/country level
- SWOT Analysis
- Volume Market Size and Forecast
Key Market Segments
By Product Type
- General purpose credit cards
- Specialty and other credit cards
By Application
- Food and Groceries
- Health and Pharmacy
- Restaurants and Bars
- Consumer Electronics
- Media and Entertainment
- Travel and Tourism
- Others
By Brand
- Visa
- MasterCard
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- American Express Company
- Barclays PLC
- Citigroup Inc.
- JPMorgan Chase & Co
- USAA
- Capital One
- Bank of America Corporation
- Synchrony Financial
- The PNC Financial Services Group, Inc.
- Mastercard Incorporated.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CREDIT CARD PAYMENTS MARKET, BY PRODUCT TYPE
CHAPTER 5: CREDIT CARD PAYMENTS MARKET, BY APPLICATION
CHAPTER 6: CREDIT CARD PAYMENTS MARKET, BY BRAND
CHAPTER 7: CREDIT CARD PAYMENTS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the credit card payments market was valued at $524.93 billion in 2022, and is estimated to reach $1.20 trillion by 2032, growing at a CAGR of 8.8% from 2023 to 2032.A credit card is a payment tool issued by financial institutions that offer a credit limit to cardholders for making purchases without the use of cash at the point of sale. It is a flexible mode of payment, which provides cardholders with more time to pay accrued charges to card issuers. It also helps increase the purchasing power of individuals, create a credit score for loans and mortgages, and provide cashback, miles points, and zero foreign transaction fees. Besides this, as it offers protection against fraudulent activities, the number of payments made via credit card is increasing across the globe.
Key factors driving the growth of the Rise in demand for credit cards in the developing nations, and rise in demand for cash alternatives and availability of affordable credit cards. There is an increase in the demand for credit cards as it is easy to carry and is also a good alternative for cash. In the wake of COVID-19 pandemic majority of the people are trying to avoid cash and have been increasing the use of contactless credit cards. Furthermore, companies are trying to increase the awareness of credit cards for daily purchases. For instance, MasterCard initiated tap-and-go at subway stations and Fareback Friday, which allows the card holder to tap their contactless card at any participating New York City subway. Moreover, the increase in popularity of digital-first credit cards at the point of sale for those with poor or fair credit like Apple card. The Apple cardholders receive their rewards by using the mobile version of the card versus the physical titanium card.
The market also offers growth opportunities to the key players in the market. Credit card has experienced a drastic change over decades, owing to the emergence of disruptive technologies. Credit card holders are facing frauds across the globe and majority of the companies are trying to innovate advance analytical solutions to provide safe and easy transactions to its customers. For instance, in October 2020, Paytm a global provider of online payment application announced that it is coming up with credit cards to make it easier for new users to join the credit market. The new credit card will provide users a special feature that would allow users to manage their transactions and have full control over the card usage. Thus, increase in number of such developments across the globe provides lucrative opportunity for the growth of the market. Furthermore, card issuers are investing in NFC technology, which allows credit card companies to offer contactless payment at one tap. It is an effective tool against online banking fraud as it uses tokenization, which completes the transaction without sharing the merchant’s actual credit card information, which is anticipated to provide lucrative opportunity for the credit card payments market.
The credit card payments market is segmented on the basis of product type, application, brand, and region. On the basis of product type, the market is categorized into general purpose credit cards, and specialty and other credit cards. On the basis of application, the market is fragmented into food and groceries, health and pharmacy, restaurants and bars, consumer electronics, media and entertainment, travel and tourism, and others. On the basis of the brand, the market is classified into visa, master card, and others. Region wise, it is analyzed across North America (the U.S., Canada), Europe (the UK, Germany, France, Spain, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
The key players profiled in the study include American Express, Bank of America Corporation, Barclays PLC, Capital One, Citigroup Inc., JPMorgan Chase & Co, MasterCard, Synchrony, the PNC Financial Services Group, Inc., and USAA. The players in the market have been actively engaged in the adoption various strategies such as acquisition, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in March 2021, Capital One partnered with Bass Pro Shops, Cabela's. The partnership will deliver industry-leading digital capabilities and award-winning products and experiences to millions of Bass Pro Shops' and Cabela's customers.
Key Market Insights
By product type, the general purpose credit cards segment was the highest revenue contributor to the market, and is estimated to reach $948.59 billion by 2032, with a CAGR of 8.2%. However, the specialty and other credit cards segment is estimated to be the fastest-growing segment with a CAGR of 11.7% during the forecast period.By brand, the visa segment dominated the global market and is estimated to reach $539.92 billion by 2032, with a CAGR of 7.0%. However, the master card segment is expected to be the fastest-growing segment with a CAGR 10.9% during the credit card payments market forecast.
Companies Mentioned
- American Express Company
- Barclays PLC
- Citigroup Inc.
- JPMorgan Chase & Co
- USAA
- Capital One
- Bank of America Corporation
- Synchrony Financial
- The PNC Financial Services Group, Inc.
- Mastercard Incorporated.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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