Global Credit Card Market Size, Share, Growth Analysis, By Card Type(General Purpose Credit Cards, Specialty), By Application(Food & Groceries, Health & Pharmacy), By Provider(Visa, Master cards) - Industry Forecast 2024-2031

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

Global Credit Card Market News

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.

Global Credit Card Market Report Snapshots

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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).

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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Global Credit Card Market Size, Share, Growth Analysis, By Card Type(General Purpose Credit Cards, Specialty), By Application(Food & Groceries, Health & Pharmacy), By Provider(Visa, Master cards) - Industry Forecast 2024-2031

Global Credit Card Market News

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