Credit Card Payments Market Size, Industry Analysis Report Based on Card Type (General Purpose Credit Cards, Speciality and Other Credit Cards), Based on Application (Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Travel and Tourism), Based on Provider (Visa, Mastercard) & Region – Forecasts By 2030
- PUBLISHED ON
- 1970-01-01
- NO OF PAGES
- 265
- CATEGORY
- Banking & Finance
Credit Card Payment Market valued at US $157.77 Billion in 2022 is anticipated to reach a value of US $303.01 Billion in 2030, growing at a CAGR of 8.5%.
The rising demand for cash alternatives for emergency and down payment funds represents one of the key factors driving the market.
Moreover, there is an increase in the utilization of credit cards for purchasing televisions (TV), laptops, smartphones, travel packages, and jewellery.
This, along with the availability of affordable credit cards worldwide, is propelling the market growth of credit card payments.
In addition, technological advancements in block-chain for higher security of the database are positively influencing the market.
Besides this, several organizations are providing special credit cards to their employees for keeping records of travel, food, accommodation, and inventory, which is offering lucrative growth opportunities to end users and market investors.
A credit card is a piece of metal or plastic issued by a financial services company or banks, which allows cardholders to borrow funds to pay for goods and services with different types of merchants.
Furthermore, credit cards provided by the banks and other fine-tech institutions help customer purchase different types of services on credit without having to put up cash at the point of sale.
Instead, the charges accrue as a balance that must be paid off on a monthly billing cycle, giving the buyer more time to get the cash together.
Key Trends of Global Credit Card Payments Market:
Rise in Demand for Credit Cards Among the Developing Nations
Developing countries such as India, Hong Kong, and others have a huge working population and growth in adoption of digital payments systems among the working populations drive the growth of the credit card payments market. In addition, various countries are focusing on increasing the adoption of digital payments for their end users to reduce the spread of corona virus, which is driving the growth of the market.
Technological Advancement in Product Offering
Credit card has experienced a drastic change over decades, owing to the emergence of disruptive technologies. Credits card holders are facing frauds all 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.
Segmental Analysis of Global Credit Card Payment Market:
Based on Card Type
• General Purpose Credit Cards
• Speciality and Other Credit Cards
Based on Application
• Food and Groceries
• Health and Pharmacy
• Restaurants and Bars
• Consumer Electronics
• Media and Entertainment
• Travel and Tourism
• Others
Based on Provider
• Visa
• Mastercard
• Others
Geographical Analysis of Global Credit Card Payments Market:
The Global Credit Card Payments Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa.
North America has dominated the Global Credit Card Payment Market in 2021 and is likely to continue the same trend during the forecast period. This is attributed to number of determinants such as swift penetration of credit card in the region. Additionally, the region is largely relied on credit cards as nearly 47% of U.S. adults or around 120 million people have credit card debt in 2020, which enhances the growth of the market.
Competitive Landscape:
American Express Company, Bank of America Corporation, Barclays PLC, Capital One Financial Corporation (Signet Financial Corporation), Citigroup Inc., JPMorgan Chase & Co, Mastercard Inc., Synchrony, The PNC Financial Services Group Inc., United Services Automobile Association and Visa Inc.
Scope of the Report:
Global Credit Card Payments Market: Historical Years- 2018-2021
Global Credit Card Payments Market: Forecast Years- 2022-2030
Global Credit Card Payments Market USD value in 2022- $157.77 Billion
Global Credit Card Payments Market USD value in 2030- $303.01 Billion
Global Credit Card Payments CAGR- 8.5%
Segments Covered- Card type, Provider, Application and Region
Regions Covered-
• North America (US, Canada, Mexico)
• Europe (Germany, UK, Spain, Italy, France, Russia)
• Asia-Pacific (India, Japan, China, South Korea, Australia)
• Latin America (Argentina, Colombia, Brazil)
• Middle East and Africa (UAE, Saudi Arabia, South Africa)
Key Players: American Express Company, Bank of America Corporation, Barclays PLC, Capital One Financial Corporation (Signet Financial Corporation), Citigroup Inc., JPMorgan Chase & Co, Mastercard Inc., Synchrony, The PNC Financial Services Group Inc., United Services Automobile Association and Visa Inc.
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The Global Credit Card Payment Market valued at US $157.77 Billion in 2022 is anticipated to reach a value of US $303.01 Billion in 2030, growing at a CAGR of 8.5%.
What are the drivers shaping various markets?
The rising demand for cash alternatives for emergency and down payment funds represents one of the key factors driving the market. Moreover, there is an increase in the utilization of credit cards for purchasing televisions (TV), laptops, smartphones, travel packages, and jewellery.
Who are the key competitors of market Players?
Some of the major players operating within the market are American Express Company, Bank of America Corporation, Barclays PLC, Capital One Financial Corporation (Signet Financial Corporation), Citigroup Inc., JPMorgan Chase & Co, Mastercard Inc., Synchrony, The PNC Financial Services Group Inc., United Services Automobile Association and Visa Inc.
What are the top performing segments, and countries / regions of each of the markets?
The Global Credit Card Payments Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa. North America has dominated the Global Credit Card Payment Market in 2021 and is likely to continue the same trend during the forecast period. This is attributed to number of determinants such as swift penetration of credit card in the region.
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