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 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.

Global Credit Card Market Report Snapshots

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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 Insights

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