The credit card market has experienced marginal growth, rising from $103.72 billion in 2023 to $105.39 billion in 2024, with a compound annual growth rate (CAGR) of 1.6%. This growth is attributed to consumer spending patterns, rewards programs and incentives, ease of transactions and accessibility, online shopping, e-commerce growth, and travel and international transactions. The market is projected to see continued marginal growth, reaching $111.65 billion by 2028 at a CAGR of 1.5%. This growth is driven by the adoption of contactless payments, security and fraud protection features, integration with mobile wallets, innovative card designs and personalization, and the rise of buy now, pay later (BNPL) services. Key trends in the forecast period include personalized rewards programs, a focus on sustainability, the integration of artificial intelligence, flexible payment options, and regulatory compliance and data security.
Major Driver In The Credit Card Market
The credit card market is poised for growth in the forecast period, driven by the escalating demand for credit cards. The surge in consumer credit demand and the attractive benefits associated with credit cards motivate individuals to actively utilize them. As per the Equifax Quarterly Consumer Credit Demand Index of June 2022, the demand for credit cards in Australia witnessed a substantial 6% increase compared to June 2021. Concurrently, the overall consumer credit demand experienced a robust growth of 10.2% from June 2021. This surge in demand for credit cards significantly contributes to the expansion of the credit card market, with market sizes of 2023, 2024, and 2028 playing crucial roles in shaping its trajectory.
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Credit Card Market Competitive Landscape
SBI Card and Payment Services Limited, JPMorgan Chase & Co., Bank of America Corporation, Citigroup Inc., Wells Fargo & Company, American Express Company, Capital One Financial Corporation, TD Bank N.A., Barclays plc, Visa Inc., U.S. Bancorp, Truist Financial Corporation, The PNC Financial Services Group Inc., Mastercard Incorporated, HDFC Bank Ltd., ICICI Bank Limited, Synchrony Financial, Discover Financial Services, SunTrust Banks Inc., Axis Bank Limited, Navy Federal Credit Union, BBVA Compass Bancshares Inc., Bank of Baroda, Pentagon Federal Credit Union, Total System Services Inc., Mango Financial Inc., First National Bank of Omaha, Credit One Bank, Merrick Bank Corporation, Comenity Capital Bank, First Premier Bank, Applied Bank, Fiserv Inc., Global Payments Inc., Square Inc., PayPal Holdings Inc.
Key Credit Card Market Trend
Growing technological innovation is a key trend in the credit card market. Corporations are focusing on offering digital prepaid card services in emerging economies to attract a broad consumer base. For example, in 2021, Federal Bank, a leading private sector bank in India, partnered with OneCard, an online payment system, to launch a mobile-first credit card. This card aims to provide a seamless digital experience to tech-savvy young adults across India, particularly targeting millennials and Gen Z, who are often digital natives with disposable income and a willingness to explore new apps.
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Credit Card Market Segmentation
The credit card market covered in this report is segmented –
1) By Type: Reward Card, Credit Builder Card, Travel Credit Card, Balance Transfer Card, Other Types
2) By Card Type: Base, Signature, Platinum
3) By Service Provider: Visa, Matercard, Rupay, Other Service Providers
By Geography:The regions covered in the credit card market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the global credit card market share in 2023.
The Credit Card Global Market Report 2024 furnishes information about the global credit card market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
