Westford USA, March 23, 2023 (GLOBE NEWSWIRE) -- The credit card market in North America is expected to maintain its dominant position despite tough European competition. The growth is primarily driven by the increasing demand for cash alternatives for emergency and down payment funds. As a result, many major corporations focus on offering digital prepaid card services in emerging economies to attract a large consumer base for prepaid credit cards. Consumers increasingly turn to digital prepaid cards as a safe and reliable way to manage their finances. In addition, technological advancements in blockchain have led to higher security measures for the database, positively influencing the market. Furthermore, major players in the industry are investing heavily in research and development (R&D) activities to offer customers enhanced digital prepaid card services.
According to SkyQuest's global research, between 2020 and 2022, the number of payment cards in circulation increased by over two and a half billion, highlighting the growing popularity and widespread use of payment cards. In addition, the research found that Visa continues to be a leading player in the credit card market, with roughly 195 billion purchase transactions made using Visa in 2020 alone. This represents an increase of 1.5 percent compared to the previous year. Overall, the growth of the market and the increasing popularity of payment cards worldwide highlight the need for businesses and financial institutions to continue to adapt and innovate to meet consumers' changing needs.
Browse in-depth TOC on the "Credit Card Market"
- Pages - 157
- Tables - 94
- Figures - 66
A credit card is a payment card issued by a bank or financial services company. It allows cardholders to purchase by borrowing funds from the issuing institution with the option of repaying the borrowed amount later. This type of payment card is widely accepted globally, making it a popular choice for in-person and online purchases. They provide a convenient and secure way to make purchases, eliminating the need to carry cash or checks.
Prominent Players in Credit Card Market
- MasterCard
- American Express
- Capital One
- Bank of America Corporation
- Citygroup Inc.
- USAA
- The PNC Financial Services Group, Inc.
- Barclays Plc.
- JPMorgan Chase & CO
- BBVA Compass Bancshares Inc.
- Synchrony
- Capital One Financial Corporation
- Mango Financial Inc.
- Total System Services Inc.
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General Purpose Credit Card Segment to Attain Substantial Growth Thanks to Its Wider Acceptance by Merchants and Retailers Globally
In 2022, the general purpose credit card segment emerged as the clear leader in the market. Looking ahead to 2030, the general purpose credit card segment is expected to continue growing, driven by rising consumer demand for digital payments and the shift away from cash. This segment has proven extremely popular with consumers due to its versatility and flexibility, allowing cardholders to make purchases anywhere that credit cards are accepted. In addition, many cards offer cash back, points, or other benefits for every purchase made, making them an attractive option for those looking to get more out of their spending. Additionally, these cards often come with a range of features, such as fraud protection, travel insurance, and extended warranties, providing peace of mind to cardholders.
As of 2022, North America continues to dominate the credit card market, with several leading credit card providers operating in the region. The increasing adoption of credit cards among consumers and the growing popularity of e-commerce platforms have further contributed to the region's growth in this market. In addition, the North American financial system's robust infrastructure and advanced technological capabilities have provided a favorable environment for credit card companies to operate. Looking ahead, industry experts predict North America will continue to be a major player in the market by 2030, with sustained growth in revenue and market share.
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Visa Segment to Garner Tremendous Growth owing to Its Broad Acceptance Network and Diverse Product Offerings
In 2022, the visa segment dominated the credit card market in terms of revenue, and it is expected to continue this trend from 2023 to 2030. This is a significant development in the financial sector, as credit cards have become an essential tool for making payments and purchases. In addition, the rise of e-commerce, online shopping, and digital payments has also contributed to the increasing demand for credit cards. As a result, the credit card industry has undergone significant changes over the years, and various players have emerged to offer different services and benefits to customers. Visa, one of the major players in the market, has been at the forefront of this transformation, offering innovative solutions and expanding its global reach.
The European credit card market has grown unprecedentedly, with 2022 seeing the highest growth rates yet. This positive trend is projected to continue, with the region poised to perform exceptionally well by 2030. With more and more consumers opting for online transactions, the convenience and security offered by credit cards have made them a popular choice. In addition, the pandemic has accelerated the shift toward digital payments, further boosting the demand for credit cards.
SkyQuest, a reputed market research company, has recently unveiled a comprehensive report on the credit card market. The report thoroughly analyzes the market, covering all aspects of the industry, including its size, competitive landscape, and growth potential. It also provides valuable insights into each player in the market, highlighting their market share, product range, revenue, and recent advancements. The report highlights the industry's growth potential, the key drivers of this growth, and the challenges that players in the market are likely to face in the coming years.
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Key Developments in Credit Card Market
- Kredivo, a leading credit fintech company in Southeast Asia, has successfully raised $270 million in its Series D funding round. Existing investors led the investment, including global fintech giant SoftBank Vision Fund 2 and Indonesian conglomerate Indosat Ooredoo. The fresh funds raise to expand its lending capabilities, increase its market presence, and accelerate its growth across the region.
- Bank Indonesia, the central bank of Indonesia, has announced plans to launch a domestic credit card system. This move is aimed at increasing financial inclusion and promoting the use of non-cash transactions among Indonesians.
- The innovative fintech company Ness has recently launched its premium health and wellness credit card. The Ness health and wellness credit card has partnered with several top brands, including Sweetgreen, Equinox, and Headspace, to offer exclusive discounts and rewards to its users.
Key Questions Answered in Credit Card Market Report
- What are the major patterns and trends in the global market expected to drive growth in the coming years, and how do they compare regarding their potential impact?
- How are emerging technologies, such as artificial intelligence and blockchain, expected to impact the global market, and what opportunities do they present for businesses?
- What role do government policies and regulations play in shaping the global market, and how are businesses responding to these changes?
- How are new entrants and disruptors impacting the global market, and what strategies are established players using to respond to these challenges?
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