PUBLISHER: IMARC | PRODUCT CODE: 1287531
PUBLISHER: IMARC | PRODUCT CODE: 1287531
The global credit card payment market size reached US$ 521.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 827.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.78% during 2023-2028.
A credit card is a payment tool issued by financial institutions that offer a credit limit to cardholders for making purchases without the use of cash at the point of sale. It is a flexible mode of payment, which provides cardholders with more time to pay accrued charges to card issuers. It also helps increase the purchasing power of individuals, create a credit score for loans and mortgages, and provide cashback, miles points, and zero foreign transaction fees. Besides this, as it offers protection against fraudulent activities, the number of payments made via credit card is increasing across the globe.
The rising demand for cash alternatives for emergency and down payment funds represents one of the key factors driving the market. Moreover, there is an increase in the utilization of credit cards for purchasing televisions (TV), laptops, smartphones, travel packages, and jewelry. This, along with the availability of affordable credit cards worldwide, is propelling the market growth of credit card payments. In addition, technological advancements in blockchain for higher security of the database are positively influencing the market. Besides this, several organizations are providing special credit cards to their employees for keeping records of travel, food, accommodation, and inventory, which is offering lucrative growth opportunities to end users and market investors. Additionally, credit cards are highly used in food, grocery, healthcare, hospitality, electronics, media and entertainment, travel and tourism industries around the world. Furthermore, major players are extensively investing in research and development (R&D) activities to offer enhanced digital prepaid card services to customers, which is projected to bolster the growth of the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global credit card payment market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on card type, provider and application.
General Purpose Credit Cards
Specialty Credit Cards
Others
Visa
Mastercard
Others
Food and Groceries
Health and Pharmacy
Restaurants and Bars
Consumer Electronics
Media and Entertainment
Travel and Tourism
Others
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
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., Synchrony, The PNC Financial Services Group Inc., United Services Automobile Association and Visa Inc.