The Global Credit Card Payments Market Size is valued at 162.58 billion in 2023 and is predicted to reach 327.68 billion by the year 2031 at a 9.35% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increasing popularity of contactless payments and mobile wallets presents an opportunity for credit card issuers and processors to enhance their offerings.
- Advances in payment technologies, including contactless payments, tokenization, biometric authentication, and blockchain, drive innovation in the credit card payments space.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Some of the significant concerns restraining industry growth are cybersecurity threats, data breaches, and fraudulent activities, which can erode consumer trust and hinder the widespread adoption of credit card payments.
The use of a credit card sized in place of cash or checks to pay for products and services is known as credit card payment. Customers can use a credit card to make transactions without instantly disclosing their bank account information. Customers who wish to avoid carrying large amounts of cash and have to wait days to receive their monies favor this payment method.
Furthermore, because more and more businesses are using electronic banking, the market for credit card payment systems has been growing significantly over the past few years. Due to growing demand from e-commerce enterprises and other organizations implementing this means of payment to enhance their consumer base, this trend is anticipated to continue over the projection period.
Additionally, the market for credit card payments is growing due to the numerous businesses offering significant points, rewards, and cashback to their customers in developing nations to enhance their market share. However, high prices connected with these alternatives and a consumer's need for knowledge about the advantages of utilizing credit cards limit market growth throughout the projection period.
Recent Developments:
- In March 2022-Fintech unicorn Razor pay revealed that it had paid an undisclosed sum to acquire IZealiant Technologies, a top startup that offers banks payment technology solutions. The acquisition of Azealia will assist Razor pay's division of banking solutions to grow and enable it to develop cutting-edge payment banking technology for associate banks.
- In September 2021-Wizi was purchased by M2P, an Indian provider of digital infrastructure, for a $5 million transaction fee. With this merger, the businesses will oversee the credit card industry and benefit their clients. An Indian company called Wizz offers credit cards.
Competitive Landscape:
Some of the the Credit Card Payments market players are:
- American Express
- Bank of America Corporation
- Barclays PLC
- Capital One
- Citigroup Inc.
- JPMorgan Chase & Co
- MasterCard
- Synchrony
- The PNC Financial Services Group, Inc.
- United Services Automobile Association
- Visa Inc.
Market Segmentation:
The credit card payments market is segmented based on card type, application and provider. By card type, the market is categorized into general-purpose credit cards, specialty credit cards, and others. Based on the provider, the market is segmented as visa, master card, and others. Based on application, the credit card payments market is bifurcated into food and groceries, health and pharmacy, restaurants and bars, consumer electronics, media and entertainment, travel and tourism, and others.
Based On The Provider, The Visa Segment Is A Major Contributor To The Credit Card Payments Market
The visa category is expected to hold a major share of the global credit card payments market in 2021. An increase in foreign travelers and a decrease in airport latency issues drive the demand for visas. E-visas save travelers and airport security personnel time, allowing them to concentrate more on suspect passengers. The visa market is also expanding because of the advantages they offer, including high security, flexibility in use, and privacy protection, as well as a rise in the number of people traveling internationally.
The General-Purpose Card Segment Witnessed Growth At A Rapid Rate
The general purpose card type segment is projected to grow rapidly in the global credit card payments market. , general purpose credit cards are anticipated to keep their dominance in the next years due to the numerous distinct incentives and benefits they offer, which encourage many credit card users to convert to premium cards. The all-purpose cards can be deposited into online accounts and used as debit cards at shops.
The North American Credit Card Payments Market Holds A Significant Regional Revenue Share
The North America Credit Card Payments market is expected to record the highest market share in revenue soon. The most popular destination for both business and leisure visitors is the United States. The spread of the regional e-visa market has been facilitated by the issuance of the electronic system for travel authorization (ESTA) by the United States, the electronic travel authorization (ETA) by Canada, and the worldwide e-visa by Mexico.
The United States holds the greatest market share in the North American e-visa market. In addition, Asia Pacific is anticipated to expand at a rapid rate in the global credit card payments market. Increased expansion chances are created by favorable economic circumstances and the proliferation of mobile wallets in various retail uses, which spurs the growth of the Asia Pacific market. During the forecast period, the administration of Japan's endeavors to convert banking services into a digital platform is anticipated to propel the growth of the electronic payments market.
Credit Card Payments Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 162.58 Bn |
|
Revenue forecast in 2031 |
USD 327.68 Bn |
|
Growth rate CAGR |
CAGR of 9.35% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 20234to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Card Type, Application And Provider |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
American Express, Bank of America Corporation, Barclays PLC, Capital One, Citigroup Inc., JPMorgan Chase & Co, MasterCard, Synchrony, The PNC Financial Services Group, Inc., and USAA. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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