A travel card is a type of credit card that has been designed with the needs of travelers in mind. A traditional credit card offers cash back or points that can be redeemed for gift cards, merchandise, or discounts. A travel credit card provides benefits that are specific to travel. Furthermore, travel credit cards come with perks such as complimentary lounge access, air mile earning, co-branded benefits with airlines and travel partners, as well as accelerated rewards on travel. These cards are ideal for frequent travelers, whether for business or vacation. Therefore, the increased demand for the growth of travel credit card market is expected to boost the growth of the market in the upcoming years.
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“The Global travel credit card market is segmented on the basis of Type, Provider, Application, Industry Vertical and region. Based on type, the market is divided into Co-Branded and Non Co-Branded. In terms of Provider, the market is categorized into Visa, Mastercard. On the basis of Application, the market is divided into Transaction, Communication and Security & Access control. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the globaltravel credit card industry include Bank of America Corporation, Capital One, Citigroup Inc., J.P.Morgan Chase & Co, Mastercard. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the globaltravel credit card market.”
COVID-19 Impact Analysis
Due to the implementation of lockdown by governments in the majority of countries, the COVID-19 has resulted in a decline in the market revenue of travel credit card payments. Customers have also minimized the usage of travel credit cards to reduce their spending limits as a result of the increase in lockdown and job losses.
Furthermore, the closure of malls and the tightening of travel restrictions around the world have resulted in a significant drop in traditional consumer spending. In addition, several banks and fintech companies have begun revising credit card limits and interest rates to mitigate the losses during the pandemic.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increased adoption of technology and the growing demand for travel credit cards among the developing economies are expected to drive the growth of the market. In addition, the rise in demand for the alternatives of cash propels the market growth. However, a rise in credit card fraud might hamper the growth of the market. On the contrary, the integration of technological advancements to minimize fraud & increase security can be perceived as an opportunity for the travel credit card market analysis in the forecast period.
The travel credit card market trends are as follows:
Increased Adoption of Technology:
Due to the emergence of disruptive technologies, travel credit cards have undergone a significant transformation over the years. Travel credit cardholders are victims of fraud all over the world, and so, the majority of companies are attempting to develop advanced analytical solutions to provide safe and simple transactions to their customers, to help prevent fraud. Furthermore, a few firms of online payment applications have announced the launch of travel credit cards to make it easier for new users to enter the travel credit market. Users of the new travel credit card will have access to a unique feature that will allow them to manage their transactions and have complete control over their card usage. As a result, the rise in the number of such developments around the world is providing lucrative opportunities for market expansion.
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Growing Demand of Travel Credit Cards Among the Developing Economies:
The growth of the travel credit card market forecast payment is fueled by the growing adoption of digital payment systems among the working population in developing countries. Furthermore, to reduce the spread of the COVID-19 virus, which is driving the market’s growth, various countries are focusing on increasing the adoption of digital payments for their end-users. The majority of the population in developing economies has increased their use of digital payment systems, such as contactless credit cards, online payments, and others, which is fueling the market’s growth. Furthermore, many businesses are rewarding their customers with valuable points, rewards, and cash back’s in order to expand their market share in developing countries, which will further promote the growth of the travel credit card market share payment market during the forecasted period.
Key Benefits of the Report:
This study presents the depiction of the travel credit card market Size along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
The current market is quantitatively analyzed to highlight the travel credit card market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed market analysis based on competitive intensity and how the competition will take shape in the coming years.
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