Global Credit Card Market

Credit Card Market Size, Share, Growth Analysis, By Card Type(General Purpose Credit Cards, Specialty, Other Credit Cards), By Application(Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics), By Provider(Visa, Master cards, Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG40G2004 | Region: Global | Published Date: July, 2024
Pages: 157 |Tables: 94 |Figures: 76

Credit Card Market Insights

Global Credit Card Market size was valued at USD 489.4 billion in 2021 and is poised to grow from USD 521.8 billion in 2022 to USD 961.2 billion by 2030, growing at a CAGR of 7.78% in the forecast period (2023-2030).

A credit card is a piece of metal or plastic that is provided by a bank or financial services provider that enables cardholders to borrow money in order to make purchases from various sorts of businesses. Also, the credit cards offered by banks and other fintech companies enable customers to buy various services on credit without having to pay in cash at the moment of sale. Instead, a debt that must be paid off on a monthly billing cycle is accrued for the costs, giving the buyer more time to gather the necessary funds.

The demand for convenient alternatives to cash is increasing, and there are more affordable credit cards available everywhere, which is boosting the size of the worldwide credit card payments market. Also, the increasing demand for credit cards in developing countries has a favorable effect on the market expansion. The expansion of the credit card payments market, however, is anticipated to be hampered by factors like the global uptick in credit card fraud. On the other hand, throughout the forecast period, technical advances in product offerings, such as the use of blockchain for greater security, are anticipated to offer lucrative potential for the expansion of the market.

US Credit Card Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 489.4 billion

Largest Segment

General Purpose Credit cards

Fastest Growth

General Purpose Credit cards

Growth Rate

7.78% CAGR

Global Credit Card Market ($ Bn)
Country Share for North America Region (%)

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Credit Card Market Segmental Analysis

Global credit card market is segmented on the basis of card type, provider, application, and region. By card type, the Credit Card Market is segmented into General Purpose Credit Cards and Specialty and Other Credit Cards. By provider, the Credit Card Market is segmented into Visa, MasterCard, and Others. By application the Credit Card Market is segmented into Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Travel & Tourism and Others. By region, the Credit Card Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Credit Card Market Analysis by Card Type

The general purpose card segment dominated the global credit card market and is anticipated to maintain its dominance throughout the forecast period. This growth is attributable owing to the variety of special rewards and benefits that general purpose credit cards provide, owing to whih many credit card users are switching to premium cards.

However, due to larger credit or spending limitations granted by the banks for these credit cards as opposed to others, the specialty & other credit cards market is anticipated to experience the highest growth. Also, a number of businesses are giving their staff members unique credit cards so they can track how much they spend on things like supplies or inventory purchases, travel, and other obligations, which is driving market growth.

Global Credit Card Market By Type, 2023 (%)

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Credit Card Market Regional Insights

North America region dominated the credit card in 2021 and is expected to maintain its dominance throughout the forecast period. The market is growing as a result of the number of factors, including the region's economy's rapid credit card adoption. Also, Americans rely heavily on credit cards since in 2020, nearly 47% of American adults, or around 120 million people, will have credit card debt, which will spur industry expansion.

However, Europe is anticipated to experience significant growth over the forecast period as a result of rising loyalty programs, credit card reward points offered by companies to increase their market share, and a growing trend among young people in developed countries like the UK, Germany, and other to use credit cards. Also, because individuals in this region prefer to pay with cash, many credit card companies are offering various promotions to boost their market share and income potential, which is generating profitable chances for the local market.

Global Credit Card Market By Region, 2024-2031
  • Largest
  • Fastest

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Credit Card Market Dynamics

Credit Card Market Drivers

Rising demand for credit cards arising from developing economies is expected to drive market growth

  • The growing use of digital payment methods by the working populations in developing nations like India, Hong Kong, and others is what is driving the expansion of the credit card payments business. Also, a number of nations are concentrating on boosting the use of digital payments for their end users to stop the corona virus's transmission, which is fueling the market growth.

Credit Card Market Restraints

Credit card data breaching may hinder market growth

  • Hackers and identity thieves also access private information via dishonest means. They might gain access to a person's physical credit card in small-scale data breaches and use it to make purchases. As an alternative, they might deploy a credit card skimmer, a piece of hardware that records credit card data when users swipe their cards at a machine.
  • The implementation of unethical methods like phishing, SQL injections (the placement of malicious code on a web app), or fraudulent online applications or text messages by criminals to gain credit card information results in widespread credit card breaches. These strategies enable criminal’s access to the websites or applications of their targets, giving them the possibility of simultaneously accessing a large amount of information.

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Credit Card Market Competitive Landscape

Competition in the credit card market is intense due to the presence of prominent players as they adopting a number of initiatives, including new product launches, strategic partnerships, and geographic expansion, among others, to increase their client base and strengthen their position in the market. In order to lower the cost of such cards, the companies that produce credit cards are also working to upgrade the safety and technology. Some of the prominent players in the credit card market includes:

Credit Card Market Top Player’s Company Profiles

  • American Express
  • Bank of America
  • Barclays
  • Capital One
  • Chase
  • Citibank
  • Discover
  • HSBC
  • ICICI Bank
  • JPMorgan
  • Mastercard
  • MUFG
  • Santander
  • SBI Cards
  • State Farm
  • U.S. Bancorp
  • Visa
  • Wells Fargo
  • Westpac
  • Worldpay

Credit Card Market Recent Developments

  • In 2023, to give merchants more flexible payment options and improve customers' shopping experiences, AsiaPay, a top provider of digital payment solutions in the Asia Pacific, has introduced Visa Instalments in Hong Kong and will expand the program to Southeast Asia. The introduction of value-added service products, such as installment for consumers, is setting a new trend in credit card shopping. These products not only significantly reduce the pressure on consumers' short-term capital, satisfy their desire to purchase, and improve quality of life, but they also benefit businesses by increasing transaction volume, transaction flow, and the conversion rate of commodity purchases.
  • In 2020, Zuora, Inc. partnered up with SB Payment Service Corp., a Softbank Group company. The collaboration focused on making it possible for Japanese companies operating in an expanding range of industries to process credit card payments safely and conveniently on a subscription basis.

Credit Card Key Market Trends

  • The post-pandemic credit card market has seen a significant transformation and is continuously changing as a result of the development of e-commerce, the adoption of contactless payments, and changes in the value proposition.
  • For the next four years, card-based transactions are anticipated to expand by 16% annually. Also, according to RBI Payments Vision 2025, there will be 250 lakh touchpoints for card acceptance, which would increase the number of transactions in India.

Credit Card Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global credit card market analysis, every industry is undergoing a digital transition, and the credit card sector is no exception. The established participants in the ecosystem are updating their products to more cutting-edge platforms as a result of their awareness of the shifting times and demands. With the assistance of technology partners, these players are enhancing their current technology infrastructure and procedures in a number of areas, including customer on boarding, underwriting, and card processing, including virtual cards and rapid issue.

Report Metric Details
Market size value in 2023 USD 489.4 billion
Market size value in 2031 USD 961.2 billion
Growth Rate 7.78%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Card Type
    • General Purpose Credit Cards, Specialty, Other Credit Cards
  • Application
    • Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Travel & Tourism, Others
  • Provider
    • Visa, Master cards, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • American Express
  • Bank of America
  • Barclays
  • Capital One
  • Chase
  • Citibank
  • Discover
  • HSBC
  • ICICI Bank
  • JPMorgan
  • Mastercard
  • MUFG
  • Santander
  • SBI Cards
  • State Farm
  • U.S. Bancorp
  • Visa
  • Wells Fargo
  • Westpac
  • Worldpay
Customization scope

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  • Segments by type, application, etc
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  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Credit Card Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Credit Card Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Credit Card Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Credit Card Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Credit Card Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Credit Card Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Credit Card Market size was valued at USD 489.4 billion in 2021 and is poised to grow from USD 521.8 billion in 2022 to USD 961.2 billion by 2030, growing at a CAGR of 7.78% in the forecast period (2023-2030).

Competition in the credit card market is intense due to the presence of prominent players as they adopting a number of initiatives, including new product launches, strategic partnerships, and geographic expansion, among others, to increase their client base and strengthen their position in the market. In order to lower the cost of such cards, the companies that produce credit cards are also working to upgrade the safety and technology. Some of the prominent players in the credit card market includes: 'American Express', 'Bank of America', 'Barclays', 'Capital One', 'Chase', 'Citibank', 'Discover', 'HSBC', 'ICICI Bank', 'JPMorgan', 'Mastercard', 'MUFG', 'Santander', 'SBI Cards', 'State Farm', 'U.S. Bancorp', 'Visa', 'Wells Fargo', 'Westpac', 'Worldpay'

The growing use of digital payment methods by the working populations in developing nations like India, Hong Kong, and others is what is driving the expansion of the credit card payments business. Also, a number of nations are concentrating on boosting the use of digital payments for their end users to stop the corona virus's transmission, which is fueling the market growth.

The post-pandemic credit card market has seen a significant transformation and is continuously changing as a result of the development of e-commerce, the adoption of contactless payments, and changes in the value proposition.

North America region dominated the credit card in 2021 and is expected to maintain its dominance throughout the forecast period. The market is growing as a result of the number of factors, including the region's economy's rapid credit card adoption. Also, Americans rely heavily on credit cards since in 2020, nearly 47% of American adults, or around 120 million people, will have credit card debt, which will spur industry expansion.

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