Global Credit Card Payment Market Overview:
According to the latest report by IMARC Group, titled “Credit Card Payment Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global credit card payment market reached a value of US$ 477.63 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 762.16 Billion by 2027, exhibiting a CAGR of 7.80% during 2022-2027.
A credit card is a payment tool issued by financial institutions with a pre-set credit limit that allows cardholders to make purchases without using cash at the point of sale. It helps increase the purchasing power of individuals by allowing individuals to pay the charges accrued as a balance on a monthly billing cycle. It also creates a credit score for loans and mortgages, provides cashback, miles points and zero foreign transaction fees, and offers protection against fraudulent activities. As a result, there has been a significant increase in the number of credit card payments across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Credit Card Payment Market Trends:
The market is primarily driven by the escalating demand for cash alternatives for making payments In addition, the widespread availability of affordable credit cards represents another major growth-inducing factor. Besides this, individuals use credit cards to purchase laptops, televisions (TV), smartphones, travel packages, and jewelry. This, coupled with various advancements in blockchain technology that offer higher security, is positively influencing the market growth.
Moreover, the growing popularity of special credit cards offered by enterprises to their employees for keeping records of travel, food, accommodation, and inventory is creating a positive market outlook across the globe. Furthermore, the increasing research and development (R&D) activities to offer enhanced digital prepaid card services have encouraged individuals to opt for credit card payments.
Furthermore, rapid urbanization in developing economies and the rising product adoption in food, grocery, healthcare, hospitality, electronics, media and entertainment, travel, and tourism industries are some of the other factors augmenting the market growth.
Global Credit Card Payment Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- American Express Company
- Bank of America Corporation
- Barclays PLC
- Capital One Financial Corporation (Signet Financial Corporation)
- Citigroup Inc
- JPMorgan Chase & Co
- Mastercard Inc.
- The PNC Financial Services Group Inc
- United Services Automobile Association
- Visa Inc.
Breakup by Card Type:
- General Purpose Credit Cards
- Specialty Credit Cards
Breakup by Provider:
Breakup by Application:
- Food and Groceries
- Health and Pharmacy
- Restaurants and Bars
- Consumer Electronics
- Media and Entertainment
- Travel and Tourism
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2015-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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