Global Credit Card Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
10 Nov, 2021
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.
Global Credit Card Market Size And Drivers:
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%. 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 rising demand for credit card is expected to fuel the growth of the credit card market in the forecast period.
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Trends In The Global 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.
Global Credit Card Market Segments:
The global credit card market is further segmented –
By Type: Reward Card, Credit Builder Card, Travel Credit Card, Balance Transfer Card, Others
By Card Type: Base, Signature, Platinum
By Service Provider: Visa, Mastercard, RuPay, Others
By Geography: The global credit card market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Credit Card Market At:
https://www.thebusinessresearchcompany.com/report/credit-card-global-market-reportCredit Card Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides credit card market overviews, analyzes and forecasts market size and growth for the global credit card market, credit card market share, credit card market players, credit card market segments and geographies, credit card market’s leading competitors’ revenues, profiles and market shares. The credit card market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.