In terms of revenue, the Global Credit Card Payment Market is expected to reach USD 732.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.10% from 2022 to 2028. This Global Credit Card Payment Market is expected to continue its upward trajectory due to the increasing adoption of online shopping across various industries. In addition, the rising popularity of smartphones and tablets has led to an increased usage of mobile wallets, thereby boosting the demand for credit cards. Furthermore, the emergence of innovative technologies like NFC (near field communication) has helped in reducing transaction costs and improving security. The growing popularity of contactless cards has led to increased demand for these types of cards among consumers. This is attributed to their convenience and ease of use. In addition, the increasing penetration of smartphones and tablets is driving the growth of the global credit card market.
Key Highlights from the Report:
- The general-purpose credit card is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR) in the forecast period. The market growth is attributed to benefits like it offers valuable points, incentives, and cash backs to their clients, prompting many credit card users to switch to premium cards which are propelling the market growth.
- North America is the largest regional segment accounting for 32.9% in 2021. China and Japan are the largest consumers of Credit Card Payment in the region. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.
Some of key players in the Credit Card Payment Market include - 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, Visa Inc..
General-purpose credit cards are expected to remain dominant for the next few years because they offer a wide range of exclusive incentives and perks that prompt many credit card users to change to premium cards. The general-purpose cards can be used as credit cards in stores and for making online payments. However, because of larger credit or spending limits granted by banks for these types of credit cards than for others (such as the general-purpose credit card), the specialty & other credit cards segment is expected to grow the fastest. Moreover, numerous companies are issuing customized credit cards for their employees in order to keep track of their spending on travel, stock and supply purchases, and other expenses, which is boosting the industry's growth.
North America is expected to emerge as a potential market for Credit Card Payment due to the high penetration rate of credit cards in this region. According to World Bank data, the penetration rate of credit cards has been increasing at a rapid pace in North America. In addition, the US government has been promoting the use of credit cards for online transactions. Thus, the presence of such countries in the region is further propelling the market growth in the region over the forecast period.