Credit Card Payment Market Report by Card Type (General Purpose Credit Cards, Specialty Credit Cards, and Others), Provider (Visa, Mastercard, and Others), Application (Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Travel and Tourism, and Others), and Region 2024-2032

Credit Card Payment Market Report by Card Type (General Purpose Credit Cards, Specialty Credit Cards, and Others), Provider (Visa, Mastercard, and Others), Application (Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Travel and Tourism, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A4922
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Credit Card Payment Market Size:

The global credit card payment market size reached US$ 644.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,200.6 Billion by 2032, exhibiting a growth rate (CAGR) of 7% during 2024-2032. The market is experiencing steady growth driven by the growing preferences for online shopping, rising focus on enhanced convenience and flexibility in payment methods, and advancements in payment processing technology to enable faster, secure, and convenient payments.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 644.4 Billion
Market Forecast in 2032
US$ 1,200.6 Billion
Market Growth Rate 2024-2032 7%

Credit Card Payment Market Analysis:

  • Market Growth and Size: The market is witnessing moderate growth, driven by the increasing demand for convenient payment options, along with rapid digitalization. 
  • Technological Advancements: Integration of contactless payments assists in enhancing user experiences. Moreover, biometric authentication methods benefit in improving the security of credit card transactions.
  • Industry Applications: Credit cards are widely used in various industries, including electronics, healthcare, and travel and tourism. These cards are also crucial in enabling cross-border transactions and international commerce.
  • Geographical Trends: North America leads the market on account of the rising focus on convenient and quick payment solutions. However, Asia Pacific is emerging as a fast-growing market due to increasing preferences for online shopping among individuals.
  • Competitive Landscape: Key players are improving their security measures by offering multi-factor authentication and investing in data encryption.
  • Challenges and Opportunities: While the market faces challenges, such as cybersecurity threats, it also encounters opportunities in improving security measures.
  • Future Outlook: The future of the credit card payment market looks promising, with the increasing focus on enhancing the experiences of individuals. In addition, technological advancements are expected to propel the market growth.
     

Global Credit Card Payment Market

Credit Card Payment Market Trends:

Rising focus on enhanced convenience and flexibility

The growing demand for credit card payments due to the rising focus on enhanced convenience and flexibility is offering a positive market outlook. In line with this, people are increasingly preferring secure payment methods, which are contributing to the growth of the market. Moreover, credit cards allow individuals to make purchases both online and in physical stores with ease. Besides this, credit cards assist in eliminating the need for carrying large amounts of cash and offering an added layer of security in case of theft or loss, making them an attractive option among individuals. Furthermore, these cards provide a line of credit, enabling users to manage their finances efficiently. Apart from this, the ability to pay off balances over time offers financial flexibility to users. Additionally, credit card companies are offering zero-liability fraud protection, enhancing the confidence of users. As a result, credit cards cater to the evolving needs and preferences of people.

Increasing preferences for online shopping

The escalating demand for credit cards on account of increasing preferences for online shopping among the masses across the globe is strengthening the growth of the market. In addition, credit cards are becoming on-the-go payment options for individuals with busy lifestyles. The convenience of entering card details or using saved information for online transactions assists in improving the experiences of individuals. Apart from this, e-commerce platforms are increasingly integrating seamless credit card payments into their checkout processes. Additionally, the rising focus on subscription-based services are making credit cards a preferred mode of payment for regular online purchases is bolstering the market growth. In line with this, credit cards are widely accepted by vast online retailers, making them a versatile payment option. This wide acceptance ensures that individuals can shop at various websites and platforms. Furthermore, various credit card companies are offering rewards, cashback, or loyalty programs, that attract people to use their cards for online purchases.

Technological advancements in payment processing

Advancements in payment processing technologies, such as contactless payments, mobile wallets, and near field communication (NFC) technology enable faster, secure, and more convenient credit card transactions. In line with this, the rising adoption of contactless payment options, as they offer enhanced speed and are easy to use, is propelling the growth of the market. Moreover, people can simply tap their cards or smartphones to complete transactions, reducing the need for physical contact with payment terminals. Additionally, the integration of biometric authentication methods, such as fingerprint recognition and facial recognition, benefits in enhancing the security of credit card transactions and reassuring individuals about the safety of their financial data. These technology-driven enhancements in payment methods aid in improving the experiences of users. In line with this, people are increasingly seeking advanced and secure payment options in their daily lives to prevent financial losses. Furthermore, the escalating demand for secure payment solutions due to the increasing cyber threats is contributing to the market growth.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Credit Card Payment Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on card type, provider, and application.

Breakup by Card Type:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • General Purpose Credit Cards
  • Specialty Credit Cards
  • Others
     

General purpose credit cards account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the card type. This includes general purpose credit cards, specialty credit cards, and others. According to the report, general purpose credit cards represented the largest segment.

General purpose credit cards are versatile cards that can be used in a wide range of transactions. They are widely accepted by various companies and are not tied to a specific merchant or industry. In addition, they offer standard credit card features, such as revolving credit lines, interest rates, and payment options. Apart from this, the rising adoption of general-purpose credit cards due to their widespread acceptance and usability for everyday transactions is supporting the growth of the market.

Specialty credit cards are designed for specific purposes or tailored as per the needs or preferences of individuals. They often come with unique benefits, rewards, or specialized services related to a particular industry or interest. In line with this, specialty credit cards can include co-branded cards with airlines, retailers, or hotel chains, and cards designed for specific demographics like students or business owners.

Breakup by Provider:

  • Visa
  • Mastercard
  • Others
     

Visa holds the largest market share

A detailed breakup and analysis of the market based on the provider have also been provided in the report. This includes Visa, Mastercard, and others. According to the report, Visa accounted for the largest market share.

Visa provides a wide range of credit and debit card products and services. It operates a vast network that connects financial institutions, merchants, and individuals, enabling secure and convenient payments. It is actively involved in financial inclusion initiatives, aiming to provide access to financial services to underserved populations. Visa cards are accepted by numerous merchants across the globe. In addition, the rising demand for Visa due to its acceptance and reliability is bolstering the market growth.

Mastercard offers a variety of credit and debit card solutions and is recognized for its robust network and security features. In line with this, it operates a vast network that connects financial institutions, merchants, and people, enabling secure and efficient payment processing. Moreover, it focuses on promoting financial inclusion and providing underserved populations with access to financial services.

Breakup by Application:

  • Food and Groceries
  • Health and Pharmacy
  • Restaurants and Bars
  • Consumer Electronics
  • Media and Entertainment
  • Travel and Tourism
  • Others
     

The report has provided a detailed breakup and analysis of the market based on the application. This includes food and groceries, health and pharmacy, restaurants and bars, consumer electronics, media and entertainment, travel and tourism, and others.

In food and groceries, credit cards are widely used for purchasing food items, in grocery stores and at restaurants. They offer enhanced convenience, security, and usually provide rewards or cashback on dining-related expenses. People are increasingly utilizing credit cards for food and groceries as are essential expenditures for individuals.

In health and pharmacy, credit cards are used for various purposes, including paying for medical bills, prescription medications, and health insurance premiums. In addition, the growing adoption of credit cards in health and pharmacy-related transactions due to the rising number of online healthcare services is offering a positive market outlook.

Restaurants and bars often involve credit card payments. Credit cards provide a convenient and secure way to settle bills in these establishments. Besides this, the rising number of restaurants and bars around the world is bolstering the growth of the market. Furthermore, people are increasingly utilizing credit cards in these establishments, as these cards offer various discounts and cashbacks.

Credit cards are commonly used to purchase consumer electronics, including smartphones, laptops, and home appliances, either online or in retail stores. In line with this, the increasing adoption of smart home devices among the masses across the globe is impelling the market growth.

Credit cards are widely utilized in media and entertainment applications for purchasing tickets for concerts, movies, streaming services, and other forms of entertainment. They offer a convenient way to access various entertainment options. In addition, people are increasingly focusing on digital content, which is propelling the market growth.

Furthermore, credit cards play a vital role in the travel and tourism industry, facilitating bookings for flights, hotels, car rentals, and tourist activities. Moreover, the growing demand for credit cards due to the increasing air travel among individuals worldwide is positively influencing the market.

Breakup by Region:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

North America leads the market, accounting for the largest credit card payment market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share due to the rising focus on convenient and quick payment solutions among the masses. In line with this, technological advancements in payment processing, including the widespread adoption of contactless payments and mobile wallet solutions are propelling the growth of the market. These innovations also assist in enhancing the convenience and security of credit card payments.

Asia Pacific stands as another key region in the market, driven by the increasing adoption of smartphones among the masses. In addition, rising preferences for online shopping, as it provides enhanced convenience, is supporting the growth of the market. Besides this, the escalating demand for credit cards for secure and convenient transactions is propelling the market growth.

Europe maintains a strong presence in the market, with the increasing focus on cashless payment solutions among people. Apart from this, the introduction of co-branded credit cards to attract a larger consumer base is impelling the growth of the market. Furthermore, the rising demand for credit cards due to the thriving financial sector is supporting the market growth in the region.

Latin America exhibits growing potential in the credit card payment market on account of the increasing adoption of contactless payments, mobile wallets, and other digital payment solutions. In addition, stringent data privacy regulations are propelling the growth of the market. 

The Middle East and Africa region show a developing market for credit card payment, primarily driven by the rising utilization of smartphones among the masses. In line with this, the growing demand for secure and efficient payment systems is offering a positive market outlook in the region.

Leading Key Players in the Credit Card Payment Industry:

Key players are focusing on advancing payment processing solutions and improving security features, such as Europay, Mastercard and Visa (EMV) chip technology and tokenization, to provide enhanced user experience. In line with this, many credit card providers are seeking to expand their global footprint by engaging in partnerships with banks and financial institutions in different countries. This helps in increasing card acceptance and attracting a broader consumer base worldwide. Moreover, companies are introducing new credit card products with unique features, such as rewards programs, cashback incentives, and exclusive partnerships with retailers or airlines. Furthermore, companies are improving their security measures by offering multi-factor authentication and investing in data encryption.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • American Express Company
  • Bank of America Corporation
  • Barclays PLC
  • Capital One Financial Corporation
  • Citigroup Inc.
  • JPMorgan Chase & Co
  • Mastercard Inc.
  • Synchrony
  • The PNC Financial Services Group Inc.
  • United Services Automobile Association
  • Visa Inc.
     

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Latest News:

  • April 21, 2021: American Express Company launch the American Express Cashback Credit Card. The new card provides card members the opportunity to earn uncapped cashback on every purchase and bill payments. Card members can also make the most of Plan It™ Instalments, a feature that offers the flexibility to pay off credit card balances in equal monthly instalments, with 0% p.a. interest and a fixed monthly fee.
  • December, 2023: Mastercard Inc. partnered with Samsung Electronics on a newly launched Mastercard program, which is known as Wallet Express. The service provides banks and card issuers with a quick and cost-effective means of expanding their digital wallet offerings. The partnership allows issuers to integrate Samsung Wallet into their services, providing users with a versatile range of payment options.
  • May, 2023: Citigroup Inc. plans to debut a new credit card, known as Citi Pay Credit. It is suitable for individuals seeking to make larger purchases. In addition, it will allow merchants to offer promotional financing to individuals.

Credit Card Payment Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Card Type
  • Provider
  • Application
    Region
Card Types Covered General Purpose Credit Cards, Specialty Credit Cards, Others 
Providers Covered Visa, Mastercard, Others
Applications Covered Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Travel and Tourism, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered American Express Company, Bank of America Corporation, Barclays PLC, Capital One Financial Corporation, Citigroup Inc., JPMorgan Chase & Co, Mastercard Inc., Synchrony, The PNC Financial Services Group Inc., United Services Automobile Association, Visa Inc., etc.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the credit card payment market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the global credit card payment market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the credit card payment industry and its attractiveness.
  • The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global credit card payment market was valued at US$ 644.4 Billion in 2023.

We expect the global credit card payment market to exhibit a CAGR of 7% during 2024-2032.

The rising number of fraudulent activities, along with the growing adoption of credit card payments by individuals, as they provide cashback, miles points, and zero foreign transaction fees, is primarily driving the global credit card payment market.

The sudden outbreak of the COVID-19 pandemic has led to the increasing consumer inclination towards credit card payment over conventional method, including cash, for conducting financial transactions with minimal human interaction to mitigate the risk of the coronavirus infection.

Based on the card type, the global credit card payment market has been segregated into general purpose credit cards, specialty credit cards, and others. Among these, general purpose credit cards currently hold the largest market share.

Based on the provider, the global credit card payment market can be bifurcated into Visa, Mastercard, and others. Currently, Visa exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global credit card payment market include American Express Company, Bank of America Corporation, Barclays PLC, Capital One 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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Credit Card Payment Market Report by Card Type (General Purpose Credit Cards, Specialty Credit Cards, and Others), Provider (Visa, Mastercard, and Others), Application (Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Travel and Tourism, and Others), and Region 2024-2032
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