The growth of the global credit card market is driven by a rise in demand for cash alternatives, availability of affordable credit cards across the globe, and the rise in demand for credit cards among the youths of developing nations.
WILMINGTON, Del., Oct. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Credit card payments Market by Product Type (General purpose credit cards, and Specialty and other credit cards), Application (Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Travel and Tourism, and Others), and Brand (Visa, MasterCard, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the credit card payments market was valued at $524.93 billion in 2022 and is estimated to reach $1,204.48 billion by 2032, exhibiting a CAGR of 8.8% from 2023 to 2032.
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Prime determinants of growth
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 the 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.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $ 524.93 billion |
Market Size in 2032 | $ 1,204.48 billion |
CAGR | 8.8 % |
No. of Pages in Report | 286 |
Segments covered | Product Type, Application, Brand, and Region. |
Drivers | Rise in demand for credit cards in the developing nations. Rise in demand for cash alternatives and availability of affordable credit cards |
Opportunities | Technological advancement in product offering |
Restraints | Increase in credit card frauds across the globe |
The specialty and other credit cards segment to maintain its leadership status throughout the forecast period.
Based on the product type, the general-purpose credit cards segment held the highest market share in 2022, accounting for more than four-fifths of the global credit card payments market revenue, as it offers an array of exclusive rewards and perks owing to which many credit card users are adopting premium cards. However, the specialty and other credit cards segment is projected to manifest the highest CAGR of 11.7% from 2023 to 2032, owing to higher credit or spending limits provided by the banks for these credit cards as compared to others.
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The travel and tourism segment to maintain its leadership status throughout the forecast period
Based on the application, the food and groceries segment held the highest market share in 2022, accounting for nearly one-fourth of the global credit card payments market revenue. This is attributed to several benefits provided by credit card payments such as shorter queues for transaction, improved customer satisfaction, ability to capture data on customer buying behavior, and surge in adoption of credit card payments in the retail sector. However, the travel and tourism segment are projected to manifest the highest CAGR of 13.0% from 2023 to 2032, owing to rise in adoption of credit card payment technologies such as NFC and RFID among travel and other tourism industries.
The master card segment to maintain its lead position during the forecast period
Based on brand, the visa segment accounted for the largest share in 2022, contributing to more than half of the global credit card payments market revenue, as it provides various benefits to their customers like Visa's Zero Liability Policy, the cardholder will not be held responsible for unauthorized transactions made with their visa card. However, the master card segment is expected to portray the largest CAGR of 10.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, provides data, analytical, and cybersecurity services to merchants, individuals, and others which enhances the growth of the market.
Asia-Pacific maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around half of the global credit card payments market revenue, owing to the presence of prominent merchant banking service providers such as the U.S. Capital Advisors LLC; Bank of America Corporation; and JPMorgan Chase & Co across the region is anticipated to fuel the market's growth. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.8% from 2023 to 2032 and is likely to dominate the market during the forecast period. The growth can be attributed to favorable demographics, rise in income levels, and growth in regional businesses.
Leading Market Players: -
- American Express,
- Bank of America Corporation,
- Barclays PLC,
- Capital One,
- Citigroup Inc.,
- JPMorgan Chase & Co,
- MasterCard,
- Synchrony,
- The PNC Financial Services Group, Inc.,
- USAA.,
The report provides a detailed analysis of these key players of the global credit card payments market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the credit card payments market analysis from 2023 to 2032 to identify the prevailing credit card payments market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the credit card payments market segmentation assists to determine the prevailing credit card payments market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global credit card payments market forecast.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global credit card payments market trends, credit card payments market outlook, key players, credit card payments market segments, application areas, and market growth strategies.
Credit Card Payments Market Report Highlights
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 PlayersJPMorgan Chase & Co, Bank of America Corporation, Citigroup Inc., The PNC Financial Services Group, Inc., Mastercard Incorporated., USAA, Barclays PLC, American Express Company, Capital One, Synchrony Financial
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