Global Credit Card Payment Market to Reach US$ 1,200.6 Billion by 2032, Influenced by Escalating Demand for Cash Alternatives

April 01, 2022 | Technology & Media

The latest report by IMARC Group, titled “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,” finds that the global credit card payment market size reached US$ 644.4 Billion in 2023. 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.

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. Looking forward, IMARC Group expects the market to reach US$ 1,200.6 Billion by 2032, expanding at a CAGR of 7% during the forecast period (2024-2032).

Market Summary:

  • Based on the card type, the market has been classified into general-purpose, specialty, and other credit cards. 
  • On the basis of the provider, the market has been segregated into Visa, Mastercard, and others. 
  • Based on the application, the market has been categorized into food and groceries, health and pharmacy, restaurants and bars, consumer electronics, media and entertainment, travel and tourism, and others. 
  • Region-wise, the market has been divided into 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 Middle East and Africa. 
  • The competitive landscape of the market has also been examined, with some of the key players being 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Card Type, Provider, Application, Region
Region 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 and Visa Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
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)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:


USA: +1-631-791-1145
Follow us on twitter : @imarcglobal

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Credit Card Payment Market to Reach US$ 1,200.6 Billion by 2032, Influenced by Escalating Demand for Cash Alternatives
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-714-6104


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More