Credit Cards Market Projected to Grow at a USD 1.1 trillion with Top Players | American Express Company, Bank of America Corporation, JPMorgan Chase & Co, Barclays PLC, Mastercard Incorporated., and More

Global Credit Card Payments Market is projected to reach $1.1 trillion by 2031, growing at a CAGR of 9% to the Forecast 2031, The global credit card payments market experiences growth due to increased demand for cash alternatives and the widespread availability of affordable credit cards worldwide. Moreover, the rising popularity of credit cards in developing nations contributes positively to market expansion. However, the surge in credit card fraud globally is anticipated to impede market growth. Conversely, advancements in product offerings, such as utilizing blockchain technology for enhanced security, are expected to create lucrative opportunities for market expansion in the forecast period.

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Increasing Demand for Credit Cards: Developing nations like India, Hong Kong, and others boast substantial working populations, driving the expansion of the credit card payments market through increased adoption of digital payment systems among this demographic. Moreover, several countries are prioritizing the promotion of digital payments among their citizens, further stimulating market growth. As per a 2020 research report by MasterCard, approximately 42% of Indians reported a surge in the usage of digital payment methods, including contactless credit cards and online payments, contributing to the market's growth. Additionally, many companies incentivize their customers with beneficial points, rewards, and cashbacks to enhance their market presence in developing nations, thereby fueling growth in the credit card payments market.

Credit Card Payments Market Top Players:

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

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Credit Card Payments Market Segmentation:

By Product Type:

General purpose credit cards
Specialty and other credit cards

By Application:

Restaurants and Bars
Consumer Electronics
Food and Groceries
Travel and Tourism
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 findings:

92% of American adults had a debit card.
83% of American adults had a credit card.
There were more Visa credit cards in circulation than any other type of credit card.
Measured by outstanding balances, Chase had the largest credit card market share of any issuer in 2022: $154.3 billion, according to the Report.
Wells Fargo had the largest debit card market share of any issuer in 2022, when measured by purchase volume: $464 billion.

Table of Contents

Report Overview
Global Credit Cards Market Assesment by Types
Global Credit Cards Market Assesment by Application
Competitive Analysis
Competitive Landscape
Global Credit Cards Market Assessment by Regions
Credit Cards Regional Analysis
Global Credit Cards Consumption Assessment
Global Credit Cards Sales Assessment by Regions
Technology and Cost
Channel Analysis
Conclusion

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This release was published on openPR.