Allied Market Research
Loading...
0

Credit Card Payments Market Expected to Reach $263.47 Billion By 2028

 

Report Code : A11836

quote The specialty & other credit card segment is expected to experience significant growth in the coming years, owing to various features provided by the special card which include high spending limits than that of other credit cards and rapid adoption of various special such as business credit cards among various organizations for keeping track of their employee spending quote

Pramod Borasi
Research Analyst at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 


According to a recent report published by Allied Market Research, titled, “Credit Card Payments Market by Card Type, Brand, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global credit card payments market size was valued at $138.43 billion in 2020, and is projected to reach $263.47 billion by 2028, growing at a CAGR of 8.5% from 2021 to 2028. 

A credit card is a card issued by a financial institution, typically a bank, and it enables the cardholder to borrow funds from that institution. Cardholders agree to pay the money back with interest, according to the institution's terms. A credit card can help business build a better credit history for purchase of equipment, supplies, or inventory that are needed for the business, which helps businesses to easily get loan based on their credit score. Furthermore, the key factor that drives the credit card payments market trends includes rise in demand for cash alternatives and availability of affordable credit cards across the globe.

In addition, rise in demand for credit card among the developing nations positively impacts the growth of the market. However, factors such as increase in credit card frauds across the globe is expected to hamper the credit card payments market growth. On the contrary, technological advancements in product offering like using blockchain for increased security is expected to offer remunerative opportunities for the expansion of the market during the forecast period.

On the basis of application, the food & groceries segment dominated the credit card payments market in 2020, and is projected to maintain its dominance during the forecast period. This is attributed to several benefits provided by credit card payments industry such as shorter queues for transaction, improved customer satisfaction, ability to capture data on customer buying behavior, and surge in adoption of credit card payments in the retail sector. However, the travel & tourism segment is expected to grow at the fastest CAGR during the forecast period, owing to rise in adoption of credit card payment technologies such as NFC and RFID among travel and other tourism industries.

Region wise, the credit card payments market was dominated by North America, and is expected to retain its position during the forecast period. This is attributed to early adoption of advance technology among the end user and rise in government initiatives for increasing the adoption of credit card payments in the U.S. and Canada. However, Europe is expected to witness significant growth rate during the forecast period, owing to rise in awareness regarding credit cards among the youth of developing nations and rapid adoption of electronic payments across the European countries. 

COVID-19 Impact Analysis

The outbreak of COVID-19 is anticipated to have a negative impact on the growth of the credit card payments market. This is attributed to growing lockdown across the globe and loss of job as well as reduction in spending among the end users. However, due to the lockdown, the issuance of new credit card has halted as many end users are reducing their spending and are adopting debit cards for purchase of smaller items.

Furthermore, many credit card issuers have started using GPS technology to validate the location of transaction and protect from fraud. For instance, Visa introduced new mobile application, which allows the company to have access of the location of the credit card user using their smartphones. The main aim of this application is to ensure that the user is physically present at the site where transaction is taking place. Thus, number of such development across the globe drives the growth of the market during the pandemic.

Key Findings of the Study

  • By card type, the general purpose credit card segment accounted for the largest credit card payments market share in 2020. 
  •  Region wise, North America generated highest revenue in 2020.

The key players profiled in the credit card payments market analysis are 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the credit card industry.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Credit Card Payments Market By Card Type (General Purpose Credit Cards and Specialty & Other Credit Cards), Application (Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Travel & Tourism and Others), and Provider (Visa, MasterCard, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 3,514 niche industries and company profiles on more than 12,953 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Credit Card Payments Market"
Purchase Enquiry