Credit Card Payments Market: Top Players MASTERCARD, BARCLAYS, PLC, SYNCHRONY, USAA, BANK OF AMERICA, CAPITAL ONE | 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.

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.

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.

Key Benefits For Stakeholders

The study provides an in-depth analysis of the global credit card payments market forecast along with the current trends and future estimations to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on the global credit card payments market trends is provided in the report.
Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.

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Key Market Segments

By Card Type

General Purpose Credit Cards
Specialty & Other Credit Cards

By Application
Food & Groceries
Health & Pharmacy
Restaurants & Bars
Consumer Electronics
Media & Entertainment
Travel & Tourism
Others

By Provider
Visa
Mastercard
Others

By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Netherlands
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Singapore
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

Key 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

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