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Credit Card Payment Market Analysis, Business Development, Size, Share, Trends, Future Growth, Forecast to 2030

09-20-2022 08:18 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: We Market Research

Credit Card Payments Market

Credit Card Payments Market

The Global Credit Card Payment Market valued at US $157.77 Billion in 2022 is anticipated to reach a value of US $303.01 Billion in 2030, growing at a CAGR of 8.5%.

Around 185 million Americans own at least one credit card, and there are 2.8 billion credit cards in use globally. With a credit card, one can borrow money from a financial institution, typically a bank; in exchange, the cardholder agrees to pay back the borrowed funds together with interest in accordance with the terms. Additionally, by enabling them to buy the inventory, supplies, or equipment they need, it can assist businesses in building a strong credit history, making it simpler for them to get approved for loans based on their credit score.

A growing population, higher disposable income, and rising credit card use in developing nations all contribute to the market's expansion. There are currently 1.06 billion credit cards in use in the United States, although issues like an increase in credit card fraud globally are anticipated to restrain the market's expansion. On the other hand, during the forecast period, technical developments in product offerings, such as the use of blockchain for greater security, are anticipated to offer profitable potential for market expansion.

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The industry is expanding due to alluring incentives for using credit cards, greater credit card acceptance, an increase in co-branded card options, the growing purchasing power of millennials and Gen Z, and a gradual transition away from cash transactions. Accelerated digital transactions have also increased the market for credit cards. According to industry group ASSOCHAM, the market for digital payments in India is anticipated to more than double to USD 135.2 billion by 2023 from USD 64.8 billion this year, opening the way for the expansion of the credit card payment sector.

Impact Of Covid-19 On Credit Card Payment Market:
The pandemic has profound effects on every sphere of civilization. The impact on the credit card industry has been relatively light in comparison to other sectors, and clients are increasingly aware of the benefits of on-demand liquidity. The profitability of the sector has, however, drastically declined. A major source of income for credit card issuers, foreign exchange fees have been impacted by the decline in international travel.

Similar to this, rising levels of bad debt are a direct effect of borrowers' worries. Since the lockout, people have switched from using credit cards to debit cards, pausing larger purchases in favour of using debit cards to pay for necessities like groceries and electricity as well as other necessities.

Data from the Reserve Bank of India show that in June 2020, credit card spending was 42,818 crores, which was less than the value of debit card Point of Sale (PoS) transactions, which were Rs 47,255 crores (RBI). For a long time, only the sale of necessities was allowed. The market growth is anticipated to accelerate as the lockdowns relaxed and travel and retail activity increased.

Key Trends of Global Credit Card Payments Market:

Rise in Demand for Credit Cards Among the Developing Nations

Developing countries such as India, Hong Kong, and others have a huge working population and growth in adoption of digital payments systems among the working populations drive the growth of the credit card payments market. In addition, 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.

Segmental Analysis of Global Credit Card Payment Market:

Based on Card Type
• General Purpose Credit Cards
• Speciality and Other Credit Cards

Based on Application
• Food and Groceries
• Health and Pharmacy
• Restaurants and Bars
• Consumer Electronics
• Media and Entertainment
• Travel and Tourism
• Others

Based on Provider
• 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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Frequently Asked Questions
What is the growth rate projection for Global Credit Card Payments Market over the forecast period 2022-2030?
Which regional segment accounts for the largest revenue in the Global Credit Card Payments Market?
What are the key trends of Global Credit Card Payments Market?
How many segments have been Global Credit Card Payments Market?
What are the prime strategies of the leading market players in Global Credit Card Payments Market?

Contact Us:
We Market Research
Phone: +1(650)-666-4592
Email: sales@wemarketresearch.com
Web: https://wemarketresearch.com/

About We Market Research:
WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.

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