Surge in demand for alternatives ways for cash payment and presence of affordable credit cards worldwide drive the growth of the global credit card payments market.
Allied Market Research published a report, titled, “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.” According to the report, the global credit card payments market generated $138.43 billion in 2020, and is estimated to garner $263.47 billion by 2028, witnessing a CAGR of 8.5% from 2021 to 2028.
A credit card is a piece of metal or plastic issued by a financial services company or banks, which allows cardholders to borrow funds to pay for goods and services with different types of merchants. Furthermore, credit cards provided by the banks and other fintech institutions help customer purchase different types of services on credit without having to put up cash at the point of sale. Instead, the charges accrue as a balance that must be paid off on a monthly billing cycle, giving the buyer more time to get the cash together.
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Segment Overview
The global credit card payments market is segmented on the basis of card type, application, provider, and region. In terms of card type, the market is divided into general purpose credit cards and specialty & other credit cards. Depending on application, it is fragmented into food & groceries, health & pharmacy, restaurants & bars, consumer electronics, media & entertainment, travel & tourism and others. On the basis of enterprise size, it is classified into Visa, MasterCard, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competitive Analysis
The key players profiled in the Credit Card Payments Market 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 payments industry.
Top Impacting Factors
Rise in Demand for Credit Cards Among the Developing Nations
Technological Advancement in Product Offering
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global credit card payments market forecast along with the current trends and future estimations to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on the global credit card payments market trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.
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Key Market Segments
By Card Type
- General Purpose Credit Cards
- Specialty & Other Credit Cards
By Application
- Food & Groceries
- Health & Pharmacy
- Restaurants & Bars
- Consumer Electronics
- Media & Entertainment
- Travel & Tourism
- Others
By Provider
- Visa
- Mastercard
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Singapore
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- American Express
- Bank of America Corporation
- Barclays PLC
- Capital One
- Citigroup Inc.
- JPMorgan Chase & Co
- MasterCard
- Synchrony
- The PNC Financial Services Group, Inc.
- USAA
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Related Links:
Digital Gift Cards Market : https://www.alliedmarketresearch.com/digital-gift-cards-market-A09990
Credit Card Payment Market : https://www.alliedmarketresearch.com/credit-card-payments-market-A11836
EMV Smart Cards Market : https://www.alliedmarketresearch.com/emv-smart-cards-market-A14987
Virtual Cards Market : https://www.alliedmarketresearch.com/virtual-cards-market-A17176
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