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Credit Card Global Market Report 2023
Major players in the credit card market are Citibank, American Express Company, Mastercard Incorporated, Visa Inc., JPMorgan Chase & Co., Mango Financial Inc., BBVA Compass Bancshares Inc, Total System Services Inc, The PNC Financial Services Group Inc.
New York, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Credit Card Global Market Report 2023" - https://www.reportlinker.com/p06280264/?utm_source=GNW
, and Capital One Financial Corporation.
The global credit card market is expected to grow from $99.08 billion in 2021 to $101.98 billion in 2022 at a compound annual growth rate (CAGR) of 2.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The credit card market is expected to grow to $106.67 billion in 2026 at a CAGR of 1.1%.
The credit card market consists of revenues earned by entities that are engaged in storing, processing and transmitting credit card data.Credit cards are payment cards issued by banks and financial institutions that can be used to borrow funds.
Credit cards are mostly used for short-term financing of consumer goods and services.The credit limit is preset depending on the borrower’s credit rating and credit cardholders are charged interest each month by the credit card provider.
Revenue generated from the cards market include all processing and service fees levied by banks and financial institutions for processing card-based payments.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
A credit card is a class of payment cards issued by a bank or financial services company that allows cardholders to make purchases while having the option of repaying the amount later.
Asia Pacific was the largest region in the credit card market in 2022.Western Europe was the second largest region in the credit card market.
The regions covered in the credit card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of credit cards are reward cards, credit builder cards, travel credit cards, balance transfer cards, and other types.The reward card refers to the card that issues certain rewards for the credit card holder based on the reward points and even offers some special offers that can be claimed based on the points.
The various card types are base, signature, and platinum. The different service providers involved are Visa, Mastercard, Rupay, and other service providers.
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.
The impact of COVID-19 on a new credit card is expected to hinder the growth of the credit card market.Consumers are dialling back on applying for credit cards and reducing balances as there are fewer chances to spend money due to the economic recession.
Also, digitally focused businesses such as Apple, which announced the satisfactory acceptance of its Apple Card, noticed lower spending across the board. According to data from Federal Reserve Bank of New York, the credit card balances were reduced by $76 billion (8.3%) in the second quarter of 2020 and new credit card applications were down by 40%. Therefore, the impact of the COVID-19 recession restrains the growth 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 example, in June 2020, in collaboration with the Mastercard alliance, Grab Holdings, Inc., a multinational ride-hailing company based in Singapore, launched a new card to facilitate cashless payments in the Philippines. With the card linked to Grab’s prepaid wallet, which includes 53 million global merchants that accept Mastercard, users can pay for anything online.
In September 2021, M2P, a company that provides digital infrastructure based in India, acquired Wizi for a deal amount of $5 million.With this acquisition, the companies manage the credit card sector and provide the customers with benefits.
Wizz is a company that provides credit cards based in India. On August 1, 2010, this entry was published.
The countries covered in the credit card market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The credit card research report is one of a series of new reports that provides credit card statistics, including credit card industry global market size, regional shares, competitors with credit card share, detailed credit card segments, market trends and opportunities, and any further data you may need to thrive in the credit card industry. This credit card research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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