Credit Card Payments Market to Reach $1,204.48 Billion, Globally, by 2032 at 8.8% CAGR: Allied Market Research

The growth of the global credit card market is driven by a rise in demand for cash alternatives, availability of affordable credit cards across the globe, and the rise in demand for credit cards among the youths of developing nations. 

WILMINGTON, Del., Oct. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Credit card payments Market by Product Type (General purpose credit cards, and Specialty and other credit cards), Application (Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Travel and Tourism, and Others), and Brand (Visa, MasterCard, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the credit card payments market was valued at $524.93 billion in 2022 and is estimated to reach $1,204.48 billion by 2032, exhibiting a CAGR of 8.8% from 2023 to 2032.

Download Research Report Sample & TOC:   https://www.alliedmarketresearch.com/request-sample/12201

Prime determinants of growth 

Rise in demand for cash alternatives and availability of affordable credit cards across the globe boost the growth of the global credit card market. In addition, the rise in demand for credit cards among the youths of developing nations positively impacts the growth of the market. However, factors such as the increase in credit card frauds across the globe are expected to hamper market growth. On the contrary, technological advancements in product offering like using blockchain for increased security is anticipated to offer remunerative opportunities for the expansion of the market during the forecast period.

Report coverage & details: 

The specialty and other credit cards segment to maintain its leadership status throughout the forecast period. 

Based on the product type, the general-purpose credit cards segment held the highest market share in 2022, accounting for more than four-fifths of the global credit card payments market revenue, as it offers an array of exclusive rewards and perks owing to which many credit card users are adopting premium cards. However, the specialty and other credit cards segment is projected to manifest the highest CAGR of 11.7% from 2023 to 2032, owing to higher credit or spending limits provided by the banks for these credit cards as compared to others.

Request Customization: https://www.alliedmarketresearch.com/request-for-customization/12201

The travel and tourism segment to maintain its leadership status throughout the forecast period 

Based on the application, the food and groceries segment held the highest market share in 2022, accounting for nearly one-fourth of the global credit card payments market revenue. This is attributed to several benefits provided by credit card payments 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 and tourism segment are projected to manifest the highest CAGR of 13.0% from 2023 to 2032, owing to rise in adoption of credit card payment technologies such as NFC and RFID among travel and other tourism industries.

The master card segment to maintain its lead position during the forecast period 

Based on brand, the visa segment accounted for the largest share in 2022, contributing to more than half of the global credit card payments market revenue, as it provides various benefits to their customers like Visa's Zero Liability Policy, the cardholder will not be held responsible for unauthorized transactions made with their visa card. However, the master card segment is expected to portray the largest CAGR of 10.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, provides data, analytical, and cybersecurity services to merchants, individuals, and others which enhances the growth of the market.

Asia-Pacific maintain its dominance by 2032 

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around half of the global credit card payments market revenue, owing to the presence of prominent merchant banking service providers such as the U.S. Capital Advisors LLC; Bank of America Corporation; and JPMorgan Chase & Co across the region is anticipated to fuel the market's growth. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.8% from 2023 to 2032 and is likely to dominate the market during the forecast period. The growth can be attributed to favorable demographics, rise in income levels, and growth in regional businesses.

Leading Market 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.,

The report provides a detailed analysis of these key players of the global credit card payments market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario

Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/12201

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the credit card payments market analysis from 2023 to 2032 to identify the prevailing credit card payments market opportunities.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the credit card payments market segmentation assists to determine the prevailing credit card payments market opportunity.
• Major countries in each region are mapped according to their revenue contribution to the global credit card payments market forecast.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global credit card payments market trends, credit card payments market outlook, key players, credit card payments market segments, application areas, and market growth strategies.

Credit Card Payments Market Report Highlights

By Product Type

• General purpose credit cards
• Specialty and other credit cards

By Application

• Food and Groceries
• Health and Pharmacy
• Restaurants and Bars
• Consumer Electronics
• Media and Entertainment
• Travel and Tourism
• Others

By Brand

• Visa
• MasterCard
• Others

By Region

• North America (U.S., Canada)
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East, Africa)

Key Market PlayersJPMorgan Chase & Co, Bank of America Corporation, Citigroup Inc., The PNC Financial Services Group, Inc., Mastercard Incorporated., USAA, Barclays PLC, American Express Company, Capital One, Synchrony Financial

Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):

Fuel Cards Market by Type (Branded, Universal, Merchant Fuel Cards), by Application (Fuel Refill, Parking, Vehicle Service, Toll Charge, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Contactless Smart Cards Market  by Type (Memory, MPU Microprocessor), by Functionality (Transaction, Security and Access control), by Industry Vertical (BFSI, Retail, Healthcare, Hospitality, Transportation and Logistics, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Digital Gift Card Market by Channel (Brick and Mortor, Digital), by Transaction Type (B2B, B2C), by Card Type (Closed Loop, Open Loop), by Application Area (Consumer Goods, Health and Wellness, Restaurants and Bars, Travel and Tourism, Media and Entertainment, Others), by End Users (Retail Establishments, Corporate Institutions): Global Opportunity Analysis and Industry Forecast, 2023-2032

Gift Cards Market by Card Type (Closed-loop Card, Open-loop Card), by End User (Retail Establishment, Corporate Institutions): Global Opportunity Analysis and Industry Forecast, 2023-2032

Outdoor Payment Terminal (OPT) Market by Type (Contact Payment, Contactless Payment), by Application (Refuel, Carwash, Malls, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

Fingerprint Payment Market by Component (Hardware, Software, Services), by Type of Fingerprint Scanners (Optical Fingerprint Scanner, Capacitive Fingerprint Scanner, Ultrasonic Fingerprint Scanner, Thermal Fingerprint Scanner), by End User (Retail, Government, Transportation, Healthcare, Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Real-Time Payments Market by Component (Solution, Services), by Deployment Mode (On-premises, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), by Industry Vertical (BFSI, IT and Telecommunications, Retail and e-commerce, Government, Energy and Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031

About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected] 

Allied Market Research Blog: https://blog.alliedmarketresearch.com
BFSI Blog

Logo - https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg 

SOURCE Allied Market Research