Credit Card Market Top Key Players – Visa, MasterCard, American Express, Chase, Capital one, BOA, Citi, Wells Fargo, Discover, Barclays

Credit card Market is a very useful and convenient payment tool that eliminates the need to carry cash with you all the time. Since their invention, the use of credit cards has grown from year to year. It's a great way to shop online, and many places also accept it. The downside is the possibility of over-spending, but if used wisely, it can be a great alternative to cash. The pandemic seems to have hit the industry hard as 2020 was a loss year for most credit card companies.

• In 2017, the global card market was valued at over $ 250 billion. The largest region in the card market in 2017 was North America, which accounted for approximately 60% of the world market. In 2017, the United States was the largest country in the market, accounting for almost 55% of the market.

• In April 2019, Americans had $ 1.0645 trillion in debt, most of which is credit card balances, according to the Federal Reserve.

• According to TransUnion statistics, the average credit card debt per borrower in the United States has also increased to $ 5,554 in the first quarter of 2019 in recent years.

• Credit card crime rates track the percentage of Americans who are late paying bills and as such are often a harbinger or growing credit card debt. Credit card crime rates rose steadily during the Great Recession and then declined gradually. Now they are gaining momentum again.

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Visa:

• Payment volume, cross-border volume and growth in processed transactions improved during the quarter and were in different stages of recovery. COVID19 had an impact on all drivers of business growth since March and the trend was improving at the end of September.

• More than 185 billion payment transactions and nearly $ 9 trillion have been processed using Visa credentials.

• Globally, their active e-commerce credentials, excluding travel, have risen by 14% since January, reflecting the continued shift of consumers to online shopping.

• In October 2020, Visa introduced Tap to Phone technology, which enables the use of Android phones to receive NFC payments. Tap to Call can help millions of small and micro businesses quickly access the digital economy, prevent lost sales, and improve cash flow in difficult times.

Mastercard:

• In the third quarter of 2020, their net revenues were $ 3.8 billion, an Decrease of 14% from both reported and neutral rates, reflecting the impact of COVID19 and including 1 percentage point of acquisition gain.

• As of September 30, 2020, the company's customers have issued 2.7 billion cards under the Mastercard and Maestro brands.

• Chase, Air Canada and Mastercard are partnering to introduce a credit card in the United States in 2021. The multi-year deal will bring US customers rich rewards and the flexibility offered by the newly modernized Aeroplan loyalty program.

COMPANIES PROFILED
• Visa
• MasterCard
• American Express
• Chase
• Capital one
• BOA
• Citi
• Wells Fargo
• Discover
• Barclays

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