Press release
Credit Card Global Market to Soar to $111.65 Billion Globally By 2028, with an Astonishing 1.5% CAGR | Citigroup Inc., Barclays PLC, Visa Inc., U.S. Bancorp, Mango Financial Inc.
Credit Card Market
As per the report, the credit card market size has grown marginally in recent years. It will grow from $103.72 billion in 2023 to $105.39 billion in 2024 at a compound annual growth rate (CAGR) of 1.6%. The credit card market size is expected to see marginal growth in the next few years. It will grow to $111.65 billion in 2028 at a compound annual growth rate (CAGR) of 1.5%.
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Rising Demand For Credit Cards Propels Growth In The Credit Card Market
The rising demand for credit cards is expected to fuel the growth of the credit card market in the forecast period. The rise in demand for consumer credit and the benefits offered by credit cards encourage individuals to use credit cards. According to the Equifax Quarterly Consumer Credit Demand Index June 2022, the demand for credit cards in Australia increased by 6% as compared to June 2021. Overall consumer credit demand grew by 10.2% as compared to June 2021. Therefore, the rising demand for credit cards drives the growth of the credit card market.
Digital Prepaid Cards And The Changing Landscape Of The Credit Card Market
Growing technological innovation is a key trend gaining popularity in the credit card market. Major corporations are concentrating on offering digital prepaid card services in emerging economies to attract a large consumer base for prepaid credit cards. For instance, in 2021, Federal Bank, India's leading Private Sector Bank formed collaboration with OneCard, an online payment system, launched a mobile -first Credit Card that aims to provide a seamless digital experience to the young, tech-savvy population across the country. Federal Bank will use OneCard to target young people in the workforce who are between the ages of 23 and 35, namely millennials and Gen Z. This generation of digital natives has a lot of spare cash and is willing to try out new apps.
The credit card market covered in this report is segmented -
1) By Type: Reward Card, Credit Builder Card, Travel Credit Card, Balance Transfer Card, Other Types
2) By Card Type: Base, Signature, Platinum
3) By Service Provider: Visa, Matercard, Rupay, Other Service Providers
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Major companies operating in the credit card market report are SBI Card and Payment Services Limited, JPMorgan Chase & Co., Bank of America Corporation, Citigroup Inc., Wells Fargo & Company, American Express Company, Capital One Financial Corporation, TD Bank N.A., Barclays plc, Visa Inc., U.S. Bancorp, Truist Financial Corporation, The PNC Financial Services Group Inc., Mastercard Incorporated, HDFC Bank Ltd., ICICI Bank Limited, Synchrony Financial, Discover Financial Services, SunTrust Banks Inc., Axis Bank Limited, Navy Federal Credit Union, BBVA Compass Bancshares Inc., Bank of Baroda, Pentagon Federal Credit Union, Total System Services Inc., Mango Financial Inc., First National Bank of Omaha, Credit One Bank, Merrick Bank Corporation, Comenity Capital Bank, First Premier Bank, Applied Bank, Fiserv Inc., Global Payments Inc., Square Inc., PayPal Holdings Inc.
Contents of the report:
1. Executive Summary
2. Credit Card Market Report Structure
3. Credit Card Market Trends And Strategies
4. Credit Card Market - Macro Economic Scenario
5. Credit Card Market Size And Growth
…..
27. Credit Card Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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