Dublin, June 30, 2021 (GLOBE NEWSWIRE) -- The "Credit Card Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global credit card market is expected to grow from $100.05 billion in 2020 to $103.06 billion in 2021 at a compound annual growth rate (CAGR) of 3%.
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., and Capital One Financial Corporation.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $107.69 billion in 2025 at a CAGR of 1.1%.
The credit card market consists of sales of credit card services by entities (organizations, sole traders, and partnerships) that are engaged in storing, processing, and transmitting payment 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. Only goods and services traded between entities or sold to end consumers are included.
The credit card market covered in this report is segmented by type into reward card, credit builder card, travel credit card, balance transfer card, others, by card type into base, signature, platinum, by a service provider into visa, mastercard, rupay, others.
The impact of COVID-19 on a new credit card is expected to hinder the growth of the credit card market. Consumers are dialing back on applying for credit cards and reducing balances as there are fewer chances to spend money due to 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 Equifax's Weekly U.S. National, Consumer Credit Trends published in July 2019, general-purpose bank credit card approvals average were around 1.2 million new cards per week until mid-March. The new accounts opened dropped to 672,000 by the week of March 29 and continued to decline to less than 500,000 new cards a week. Therefore, the impact of the COVID-19 recession restrains the growth of the credit card market.
The rising demand for credit card 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 TransUnion CIBIL Limited, an India-based credit information company, credit card debts and the number of accounts increased by 40.7% and 29.8% respectively with 44.5 million cards in circulation in 2019. Therefore, the rising demand for credit card drives the growth of the credit card market.
The 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 a prepaid credit card.
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.
Key Topics Covered:
1. Executive Summary
2. Credit Card Market Characteristics
3. Credit Card Market Trends And Strategies
4. Impact Of COVID-19 On Credit Card
5. Credit Card Market Size And Growth
5.1. Global Credit Card Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Credit Card Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Credit Card Market Segmentation
6.1. Global Credit Card Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Credit Builder Card
Travel Credit Card
Balance Transfer Card
6.2. Global Credit Card Market, Segmentation By Card Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Credit Card Market, Segmentation By Service Provider, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Credit Card Market Regional And Country Analysis
7.1. Global Credit Card Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Credit Card Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
The American Express Company
JPMorgan Chase & Co.
Mango Financial Inc.
BBVA Compass Bancshares Inc
Total System Services Inc
The PNC Financial Services Group Inc.
Capital One Financial Corporation
The Bank of America Corporation
HDFC Bank Ltd.
SBI Card and Payment Services Limited
ICICI Bank Limited
Axis Bank Limited
Bank of Baroda
For more information about this report visit https://www.researchandmarkets.com/r/nivw3c
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900