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Credit Card Issuance Services Market 2024 - By Analysis, Industry Trends, Growth And Forecast To 2033
Credit Card Issuance Services Market
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According to The Business Research Company's, The credit card issuance services market size has grown strongly in recent years. It will grow from $478.09 billion in 2023 to $522.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to consumer spending patterns, financial inclusion initiatives, economic growth, loyalty programs, regulatory changes.
The credit card issuance services market size is expected to see strong growth in the next few years. It will grow to $717.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to contactless payment adoption, data security concerns, emergence of cryptocurrencies, rise of embedded finance, customization and personalization. Major trends in the forecast period include biometric authentication, integration with financial wellness services, real-time payment processing, blockchain for security, ai and predictive analytics.
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Market Drivers and Trends:
The rise in credit card demand is expected to propel the growth of the credit card issuance services market going forward. A credit card refers to a credit product banks offer that enables users to take out loans up to a pre-approved credit limit. Credit card issuers play an essential role in processing card transactions, paying back previously approved purchases, and handling chargeback requests. For instance, in February 2023, according to the Federal Reserve Bank of New York, a US-based federal bank responsible for the second district of the Federal Reserve System, in the fourth quarter of 2022, credit card balances increased by $61 billion to $986 billion in the USA, exceeding the pre-pandemic peak of $927 billion. Therefore, the rise in credit card demand is driving the growth of the credit card issuance service market.
Technological advancements are a key trend gaining popularity in the credit card issuance service market. Major companies operating in the credit card issuance service market are developing new technologies to sustain their position in the market. For instance, in February 2021, Marqeta Inc., a US-based modern card issuing platform, launched a new API-driven credit card issuing platform, providing innovators with the opportunity to launch next-generation credit card programs and enable customers to customize credit card goods in a fraction of the time with more adjustable restrictions and features. Depending on unique criteria, companies will have a modern credit record system that can alter account settings like rewards, APR (annual percentage rate), and credit lines in real-time. Marqeta's card-issuing platform and Deserve's digital card expertise will contribute to further innovation in the credit sector and improve consumer card experiences. Deserve Inc. is a US-based mobile-first credit card platform.
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Major Key Players of the Market:
JPMorgan Chase & Co., Bank of America Corporation, Citigroup Inc., American Express Company, HSBC Holdings plc., Toronto-Dominion Bank Group, Goldman Sachs Group Inc., Capital One Financial Corporation, Barclays Bank PLC, Visa Inc., U.S. Bancorp, Standard Chartered PLC, PNC Financial Corp., Mastercard Inc., Fiserv Inc., Synchrony Financial, Fidelity National Information Services Inc., Stripe Inc., Wells Fargo & Co., Fifth Third Bank NA, Navy Federal Credit Union, Huntington Bancshares Incorporated, Santander Bank N.A., Giesecke+Devrient GmbH, Synovus Financial Corp., Penfed Federal Credit Union, Marqeta Inc., Entrust Corporation, Comenity Bank, Nium Pte. Ltd.
Credit Card Issuance Services Market 2024 Key Insights:
• The credit card issuance services market size is expected to see strong growth in the next few years. It will grow to $717.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Surging Credit Card Demand Fuels Expansion Growth Trends In The Credit Card Issuance Services Market
• Technological Advancements Reshaping The Landscape Of Credit Card Issuance Services
• North America was the largest region in the credit card issuance services market in 2023
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