Press release
Credit Card Payment Market Size to Reach US$ 827.6 Billion by 2028, at a Growth Rate of (CAGR) 7.78%
Credit Card Payment Market Report 2023
Report Highlights
How big is the credit card payment market?
• Market Size in 2022: US$ 521.8 Billion
• Market Forecast in 2028: US$ 827.6 Billion
• Growth rate (2023 to 2028): CAGR of 7.78%
• Base Year of the Analysis: 2022
• Forecast Period: 2023-2028
What are credit card payments?
Credit card payment is a method of digital payment where the cardholder uses a credit card to pay for goods or services. A credit card is given by a financial institution that allows the cardholder to borrow money to make purchases. The cardholder can then pay back the borrowed amount over time, usually with interest. It offers several advantages over other payment methods. It is fast, convenient, and widely accepted by most merchants. Additionally, credit cards offer fraud protection and other benefits, such as rewards programs and purchase protection.
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What are the growth prospects and trends in the credit card payment industry?
The global market is majorly driven by the rise of e-commerce and online shopping. In line with this, the increasing usage of mobile devices for online shopping and payment is significantly contributing to the market. Furthermore, credit card payments offer high security and protection against fraud and other forms of financial crime, thereby accelerating its demand. Apart from this, the globalization of business is growing the demand for credit card payment services that allow for cross-border transactions. Moreover, the emergence of contactless payment technology is catalyzing the growth of credit card payments by offering a faster and more convenient payment method. Besides, the rapid utilization of credit cards for everyday purchases and the growth of small businesses are propelling the market. Additionally, rapid technological advancements are offering numerous opportunities for the market, with innovations such as mobile wallets, wearables, and biometric
authentication driving demand and growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Card Type:
• General Purpose Credit Cards
• Specialty Credit Cards
• Others
Breakup by Provider:
• Visa
• Mastercard
• Others
Breakup by Application:
• Food and Groceries
• Health and Pharmacy
• Restaurants and Bars
• Consumer Electronics
• Media and Entertainment
• Travel and Tourism
• Others
Market Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
• American Express Company
• 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
• Visa Inc.
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