Credit Card Payments Market is Booming Worldwide Growth Prospects, Incredible Demand and Business Strategies by 2032

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.

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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

Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the credit card payments market analysis from 2023 to 2032 to identify the prevailing credit card payments market opportunities.
Market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the credit card payments market segmentation assists to determine the prevailing credit card payments market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global credit card payments market forecast.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global credit card payments market trends, credit card payments market outlook, key players, credit card payments market segments, application areas, and market growth strategies.

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Adoption of credit cards has increased over the years, owing to its various advantages such as enhanced security as compared with debit card, faster payment processing options, EMI facility, and others. In addition, rapid adoption of credit card among the end users for buying things on EMIs and increase in purchasing of different expensive goods is enhancing the growth of the market. Furthermore, it provides extended warranties and purchase protection for the end users, which also propels the growth of the market. In addition, many cards offer return protection, rental car insurance, and travel insurance, which drives the growth of the credit card payments market. Moreover, surge in adoption of NFC payment and eWallets across the globe is expected to drive growth of the market.

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