New York, United States , July 08, 2024 (GLOBE NEWSWIRE) -- The Global Credit Card Market Size is to Grow from USD 559.18 Billion in 2023 to USD 1146.62 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.45% during the projected period.
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A credit card is a small, rectangular piece of plastic or metal received from a bank or another provider of financial services. Credit cardholders can borrow money using their cards to pay for products and services from companies that accept credit cards. Credit cardholders must return all borrowed monies, along with any applicable interest and any other agreed-upon expenses, in full by the billing date or over time. In addition to the standard credit limit, the credit card issuer might offer its customers an additional cash line of credit (LOC). Customers can now access cash advances through ATMs, bank tellers, or credit card convenience checks, enabling them to borrow money. Due to the increased need for convenient cash alternatives and the increased accessibility of more affordable credit cards, the worldwide market for credit card payments is expanding. Additionally, the industry is rising since credit cards are becoming more and more necessary in emerging countries. The credit card payment market is expanding. Furthermore, the increased demand for credit card payments due to customers' increasing emphasis on convenience and flexibility presents a positive outlook for the sector. As a result, the market is growing as more and more customers select secure payment methods. Furthermore, numerous countries with weaker military capabilities buy howitzers for defensive or peacekeeping missions. Furthermore, the increasing popularity of online transactions and the growth of e-commerce activities might be the reasons behind credit card payments' supremacy in the digital world. Customers like credit cards owing to their ease of use, security, and features that protect them as buyers when they shop online across a range of platforms. However, the credit card payment system has significant security vulnerabilities and raises questions about fraud.
Browse key industry insights spread across 290 pages with 110 Market data tables and figures & charts from the report on the "Global Credit Card Market Size, Share, and COVID-19 Impact Analysis, By Card Type (General-Purpose Credit Cards, Specialty Credit Cards, and Others), By Application (Food and Groceries, Health and Pharmacy, Consumer Electronics, Media and Entertainment, and Others), By Provider (Visa, Mastercard, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The general-purpose credit cards segment is anticipated to hold the greatest share of the global credit card market during the projected timeframe.
Based on the card type, the global credit card market is divided into general-purpose credit cards, specialty credit cards, and others. Among these, the general-purpose credit cards segment is anticipated to hold the greatest share of the global credit card market during the projected timeframe. General-purpose credit cards are versatile assets that allow cardholders to conduct a wide range of transactions. The cards are not restricted to any specific companies or sectors, thus they can be used for traditional offline as well as online transactions. Specified credit limits are often offered with general-purpose credit cards, contingent on the creditworthiness of the cardholder. They are widely accepted in a variety of settings, including shops, eateries, and service providers.
The food and groceries segment is expected to grow at the fastest pace in the global credit card market during the projected timeframe.
Based on the application, the global credit card market is divided into food and groceries, health and pharmacy, consumer electronics, media and entertainment, and others. Among these, the food and groceries segment is expected to grow at the fastest pace in the global credit card market during the projected timeframe. Using credit cards to pay for groceries and dining is common. Customers pay their supermarket and restaurant expenditures with credit cards regularly. For those who keep tabs on home expenses, this category of credit cards is an appealing payment option because it provides points or cashback for purchases made at restaurants, supermarkets, and groc
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North America is expected to hold the largest share of the global credit card market over the forecast period.
North America is expected to hold the largest share of the global credit card market over the forecast period. Owing to reputable merchant banking service providers are present. Furthermore, people are growing more interested in simple and quick ways to make payments. As a result, the sector is growing as a result of advancements in payment processing technology, such as the growing acceptance of contactless and mobile wallet payments. These developments also enhance credit card usage security and convenience.
Europe is predicted to grow at the fastest pace in the global credit card market during the projected timeframe. Due to the growth in loyalty programs, the expansion of credit card reward points offered by companies to increase their market share, and the expanding trend of credit card use among young people in developed countries. Furthermore, many credit card companies are pushing their goods to expand their market share and revenue due to individuals in this region like to pay with cash. This opens up valuable opportunities for the local market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Credit Card Market include Capital One, Chase, Citibank, Discover, HSBC, ICICI Bank, JPMorgan, Mastercard, MUFG, Santander, SBI Cards, State Farm, and Others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Credit Card Market based on the below-mentioned segments:
Global Credit Card Market, By Card Type
- General-Purpose Credit Cards
- Specialty Credit Cards
- Others
Global Credit Card Market, By Application
- Food and Groceries
- Health and Pharmacy
- Consumer Electronics
- Media and Entertainment
- Others
Global Credit Card Market, By Provider
- Visa
- Mastercard
- Others
Global Credit Card Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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