Credit Card Payments Market Is Expected to Reach $263.47 Billion By 2028, Growing at A CAGR Of 8.5% | Top players Synchrony Financial, American Express Company, The PNC Financial Services Group

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."

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 :
https://www.alliedmarketresearch.com/request-sample/12201

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.

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.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠:
https://www.alliedmarketresearch.com/purchase-enquiry/A11836

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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:
https://www.alliedmarketresearch.com/request-for-customization/A11836

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

𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
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Stockbroking Market https://www.alliedmarketresearch.com/stockbroking-market-A15359

Financial Fraud Detection Software Market https://www.alliedmarketresearch.com/financial-fraud-detection-software-market-A12743

Private Equity Market https://www.alliedmarketresearch.com/private-equity-market-A06949

Cash Advance Services Market https://www.alliedmarketresearch.com/cash-advance-services-market-A10399

Cross-border Payments Market https://www.alliedmarketresearch.com/cross-border-payments-market-A288119

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