The latest report by IMARC Group, titled “Credit Card Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global credit card payment market size reached US$ 477.63 Billion in 2021. 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.
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$ 762.16Billion by 2027, expanding at a CAGR of 7.80% during the forecast period (2022-2027).
- 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 (Signet Financial Corporation), Citigroup Inc., JPMorgan Chase & Co, Mastercard Inc., Synchrony bank, The PNC Financial Services Group Inc., United Services Automobile Association and Visa Inc.
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