Credit Card Payments Market to Reach $263.47 Bn, Globally, by 2028 at 8.5% CAGR: Allied Market Research

USA - English

• USA - English

PORTLAND, Ore., July 20, 2021 /PRNewswire/ -- 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.

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Prime Determinants of Growth

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. However, rise in credit card fraudulent activities across the globe hinders the market growth. On the contrary, technological advancements in offerings such as blockchain to raise levels of security and demand from developing nations present opportunities in the coming years.

Covid-19 Scenario

• Owing to job losses and reduction in salaries during the Covid-19 pandemic, consumer spending has been reduced, which in turn, impacted the credit card payments market.
• Moreover, restrictions on local, interstate, and international travel, closure of various bars & restaurants, and restricted access to essential and non-essential goods during the lockdown across the globe impacted the payments through credit cards.
• Many banks and fintech firms have been revising their credit card limits and interest rates to recover from losses incurred during the pandemic and improve the overall situation.

The General-Purpose Credit Cards Segment to Continue Its Leadership Status During the Forecast Period

Based on card type, the general-purpose credit cards segment held the largest share in 2020, accounting for nearly 90% of the global credit card payments market, and is projected to continue its leadership status during the forecast period. This is due to instant discounts or credits provided each month or year on certain purchases to users. However, the specialty & other credit cards segment is expected to manifest the largest CAGR of 11.9% from 2021 to 2028, owing to bonus points given on the usage, which can be utilized for other purchases.

The Visa Segment to Maintain Its Dominance in Terms of Revenue During The Forecast Period

Based on provider, the Visa segment accounted for the highest market share in 2020, holding more than half of the global credit card payments market, and is estimated to maintain its dominance in terms of revenue during the forecast period. This is attributed to easy and secure ways of payment and various benefits to their customers such as Visa's Zero Liability Policy in which customers will not be held responsible for fraudulent activities. However, the MasterCard segment is expected to portray the fastest CAGR of 9.0% from 2021 to 2028.

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North America to Maintain Its Lead Position By 2028

Based on region, North America contributed to the highest market share in 2020, accounting for more than half of the global credit card payments market, and is expected to maintain its lead position by 2028. This is due to high adoption of credit cards with around 50% of total transactions and emergence of technologies such as EMV and contactless cards. However, Europe is projected to portray the highest CAGR of 10.8% during the forecast period, owing to technological advancements in computing power and storage that improved speed, precision, and data analysis capabilities.

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

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