WASHINGTON, April 11, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Credit Card Payment Market finds that the expansion in demand for alternatives for cash and availability of economical credit cards worldwide will augment the growth of the Global Credit Card Payment Market size. In addition, increase in credit card demand among the emerging nation impacts positively on the growth of the Credit Card Payment Market.
The total Global Credit Card Payment Market is estimated to reach USD 732.8 Billion by 2028.
The Global Market valued at a revenue of USD 477.5 Billion in the year 2021, and expected to grow at a Compound Annual Growth Rate (CAGR) of 7.4%, states Vantage Market Research, in a report, titled “Credit Card Payment Market Size, Share & Trends Analysis Report by Card Type (General Purpose Credit Cards, Specialty Credit Cards, Others), by Provider (Visa, Mastercard, Others), by Application (Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Driver: Increase in Demand for Credit Cards from Emerging Nations
Developing nations such as Hong Kong, India, and others have a large working population and development in adoption of virtual payments systems among the population which is working augments the growth of the Credit Card Payment Market. Furthermore, several nations are focusing on expanding the adoption of virtual payments for the end use customer to decrease the spread of COVID19, which is augmenting the growth of the Credit Card Payment Market.
For instance, according to a research report published by Mastercard in 2020, 42% of Indians have increased the use of digital payment systems, which mainly include contactless credit cards, online payments, and others, which fuel the growth of the market. Furthermore, many organizations are introducing rewards, beneficial points, and cashbacks to their customers for expanding their share in the market in emerging nations, which is fuelling the growth of the Credit Card Payment Market.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Credit Card Payment market is predicted to grow at a CAGR of roughly 7.4% during the forecast period.
- The Credit Card Payment market was estimated to be worth roughly USD 477.5 Billion in 2021 and is expected to reach USD 732.8 Billion by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Credit Card Payment market.
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Segmentation of the Global Credit Card Payment Market –
By Card Type -(Revenue- USD Million, 2016-2028)
- General Purpose Credit Cards
- Specialty Credit Cards
By Provider -(Revenue- USD Million, 2016-2028)
By Application -(Revenue- USD Million, 2016-2028)
- Food and Groceries
- Health and Pharmacy
- Restaurants and Bars
- Consumer Electronics
- Media and Entertainment
- Travel and Tourism
By Region- (Revenue- USD Million, 2016-2028)
- The UK
- Rest of Europe
- South Korea
- South East Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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Opportunity: Advancement in Technology with respect to Product Offering
Credit card has seen a drastic change over the years, mainly due to the rise of disruptive technologies. Credits card buyers are facing frauds and majority of the enterprises are trying to evolve advance analytical solutions in order to provide easy and safe transactions to its consumers globally. For instance, in October 2020, Paytm a global provider of online payment application announced that it is coming up with credit cards to make it easier for new users to join the credit market. The new credit card will provide users a special feature that would allow users to manage their transactions and have full control over the card usage.
Thus, development in number of such developments worldwide is providing beneficial opportunity for the growth of the Credit Card Payment Market. Furthermore, issuers of cards are investing in NFC technology, it allows credit card firms to offer payment at one tap which is also contactless. It is an effective tool compared to online banking fraud as it takes help of tokenization, which without sharing the merchant’s actual credit card data completes the transaction, which is likely to provide beneficial opportunity for the Credit Card Payment Market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Credit Card Payment Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
North America to Dominate the Global Credit Card Payment Market
North America has dominated the Global Credit Card Payment Market in 2021 and is likely to continue the same trend during the forecast period. This is attributed to number of determinants such as swift penetration of credit card in the region. Additionally, the region is largely relied on credit cards as nearly 47% of U.S. adults or around 120 million people have credit card debt in 2020, which enhances the growth of the market.
Asia Pacific is expected to grow at a fastest CAGR during the forecast period. This is owing to increase in credit card reward points provided by enterprises and loyalty programs to expand their market share and increasing trend with respect to credit cards among the young people of developed countries, which include Germany, UK, and other.
List of Prominent Players in the Credit Card Payment Market:
- American Express Company
- Bank of America Corporation
- Barclays PLC
- Capital One Financial Corporation (Signet Financial Corporation)
- Citigroup Inc.
- JPMorgan Chase & Co
- Mastercard Inc.
- The PNC Financial Services Group Inc.
- United Services Automobile Association
- Visa Inc.
Browse market data Tables and Figures spread through 167 Pages and in-depth TOC on “Credit Card Payment Market Size, Share & Trends Analysis Report by Card Type (General Purpose Credit Cards, Specialty Credit Cards, Others), by Provider (Visa, Mastercard, Others), by Application (Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/credit-card-payment-market-442249
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Credit Card Payment Market?
- How will the Credit Card Payment Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Credit Card Payment Market?
- What is the Credit Card Payment market drivers and restrictions?
- What will be the CAGR and size of the Credit Card Payment Market throughout the forecast period?
May, 2019: Visa has completed the acquisition of UK-based Earth port, providing an entree for the card scheme into the $80 trillion account-to-account payments market.
March, 2021: Mastercard completes acquisition of Nets’ account-to-account payment business. This acquisition brings top talent and innovative technology, enhancing our existing multi-rail propositions to enable greater access, choice and flexibility in how people want to pay and get paid.
This market titled “Credit Card Payment Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size Provided for Years||2016-2028|
|Segments Covered||• Card Type
• General Purpose Credit Cards
• Specialty Credit Cards
• Food and Groceries
• Health and Pharmacy
• Restaurants and Bars
• Consumer Electronics
• Media and Entertainment
• Travel and Tourism
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
|Region & Counties Covered|| • North America
• Rest Of Europe
• Asia Pacific
• South Korea
• South East Asia
• Rest Of Asia Pacific
• Latin America
• Rest Of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest Of Middle East & Africa
|Companies Covered|| • American Express Company
• Bank of America Corporation
• Barclays PLC
• Capital One Financial Corporation (Signet Financial Corporation)
• Citigroup Inc.
• JPMorgan Chase & Co
• Mastercard Inc.
• The PNC Financial Services Group Inc.
• United Services Automobile Association
• Visa Inc.
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis,
PEST analysis, value chain analysis, regulatory landscape, technology landscape,
patent analysis, market attractiveness analysis by segments and North America,
company market share analysis, and COVID-19 impact analysis
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