Credit card

Credit card payments market to reach US$762.16 billion by 2027 driven by growing demand for cash alternatives – Queen Anne and Mangolia News

According to the latest report from the IMARC group, entitled “Credit Card Payments Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, the global credit card payment market reached a value of US$477.63 billion in 2021. Looking ahead, IMARC Group expects the market to reach a worth US$762.16 billion by 2027, exhibiting a CAGR of 7.80% over the period 2022-2027. A credit card is a payment tool issued by financial institutions with a pre-established credit limit that allows cardholders to make purchases without using cash at the point of sale. It helps increase the purchasing power of individuals by allowing them to pay accrued charges as a balance over a monthly billing cycle. It also creates a credit score for loans and mortgages, offers cash back, miles points and no foreign transaction fees, and offers protection against fraudulent activity. As a result, there has been a significant increase in the number of credit card payments across the world.

We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

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Global credit card payments market trends:

The market is mainly driven by the growing demand for cash alternatives to make payments. In addition, the widespread availability of affordable credit cards represents another major growth factor. In addition to this, individuals use credit cards to buy laptops, televisions (TV), smartphones, travel packages and jewelry. This coupled with various advancements in blockchain technology that provide greater security is positively influencing the growth of the global market.. Additionally, the growing popularity of special credit cards offered by companies to their employees to keep records of travel, food, lodging, and inventory is creating a positive market outlook across the globe. Additionally, increasing research and development (R&D) activities aimed at offering improved digital prepaid card services have encouraged individuals to opt for credit card payments. Additionally, rapid urbanization in developing economies and increasing adoption of products in food, grocery, healthcare, hospitality, electronics, media and entertainment, travel and tourism are some of the other factors increasing the market growth.

Analysis and segmentation of the global credit card payments market 2022-2027:

Competitive landscape with key players:

The competitive landscape of the industry has also been reviewed, along with the profiles of key players, namely:

  • American Express Company
  • Bank of America Corporation
  • Barclays PLC
  • Capital One Financial Corporation (Signet Financial Corporation)
  • Citigroup Inc.
  • JPMorgan Chase & Co
  • Mastercard Inc.
  • Synchrony
  • PNC Financial Services Group Inc
  • United Services Automobile Association
  • visa inc.

Breakdown by card type:

  • General Purpose Credit Cards
  • Specialized credit cards
  • Others

Breakdown by supplier:

Breakdown by application:

  • Food and groceries
  • Health and Pharmacy
  • Restaurants and bars
  • Consumer electronics
  • Media and Entertainment
  • travel and tourism
  • Others

Breakdown by region:

  • North America (USA, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia-Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)

Main highlights of the report:

  • Market Performance (2015-2021)
  • Market Outlook (2022-2027)
  • Porter’s Five Forces Analysis
  • Market drivers and success factors
  • SWOT analysis
  • Value chain
  • Complete mapping of the competitive landscape

To note: If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.

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