Credit card

Credit card payment market analysis, business development,

Credit card payment market

The global credit card payments market, valued at US$157.77 billion in 2022, is expected to reach a value of US$303.01 billion in 2030, growing at a CAGR of 8.5%.

About 185 million Americans have at least one credit card and 2.8 billion credit cards are in use worldwide. With a credit card, you can borrow money from a financial institution, usually a bank; in exchange, the cardholder agrees to repay the borrowed funds plus interest in accordance with the terms. Plus, by allowing them to buy the inventory, supplies, or equipment they need, it can help businesses establish a strong credit history, making it easier for them to get approved for loans. based on their credit score.

A growing population, higher disposable income, and growing use of credit cards in developing countries are all contributing to the expansion of the market. There are currently 1.06 billion credit cards in use in the United States, although issues such as an increase in credit card fraud worldwide are expected to curb market expansion. On the other hand, during the forecast period, technical developments in product offerings, such as the use of blockchain for greater security, are expected to provide profitable potential for market expansion.

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The industry is growing due to enticing incentives to use credit cards, greater acceptance of credit cards, increase in co-branded card options, rising purchasing power of generation Y and Generation Z, and a gradual transition from cash transactions. Accelerated digital transactions have also increased the market for credit cards. According to industry group ASSOCHAM, India’s digital payments market is expected to more than double to $135.2 billion by 2023 from $64.8 billion this year, paving the way for the expansion of the digital payments industry. credit card.

Impact of Covid-19 on the credit card payment market:
The pandemic is having profound effects on all spheres of civilization. The impact on the credit card industry has been relatively mild compared to other sectors, and customers are increasingly aware of the benefits of on-demand liquidity. However, the sector’s profitability has dropped drastically. A major source of revenue for credit card issuers, foreign exchange fees have been impacted by the drop in international travel.

Similarly, rising bad debt levels are a direct result of borrower concerns. Since the lockdown, people have switched from using credit cards to debit cards, pausing larger purchases in favor of using debit cards to pay for necessities like groceries and electricity as well as other necessities.

Reserve Bank of India data shows that in June 2020, credit card spending was 42,818 crore, which was less than the value of point-of-sale (PoS) debit card transactions, which were of Rs 47,255 crores (RBI). For a long time, only the sale of basic necessities was authorized. Market growth is expected to accelerate as lockdown measures ease and travel and retail activities increase.

Key Trends in the Global Credit Card Payments Market:

Rise in demand for credit cards among developing countries

Developing countries such as India, Hong Kong and others have huge working population and the growth in adoption of digital payment systems among working populations is driving the growth of credit card payment market. Furthermore, various countries are focusing on increasing the adoption of digital payments for their end users to reduce the spread of corona virus which is driving the growth of the market.

Global Credit Card Payments Market Segment Analysis:

Based on card type
• General Purpose Credit Cards
• Specialized credit cards and others

Based on demand
• Food and groceries
• Health and Pharmacy
• Restaurants and Bars
• Consumer electronics
• Media and entertainment
• Travel and tourism
• Others

Vendor Based
• Visa
• Mastercard
• Others

Competitive Landscape:
American Express, Bank of America Corporation, Barclays PLC, Capital One Financial Corporation (Signet Financial Corporation), Citigroup Inc., JPMorgan Chase & Co, Mastercard Inc., Synchrony, The PNC Financial Services Group Inc., United Services Automobile Association and Visa Inc.

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