The Credit Card Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Credit Card Global Market Report 2024, The credit card market size has grown marginally in recent years. It will grow from $103.72 billion in 2023 to $105.39 billion in 2024 at a compound annual growth rate (CAGR) of 1.6%. The growth in the historic period can be attributed to consumer spending patterns, rewards programs and incentives, ease of transactions and accessibility, online shopping and e-commerce growth, travel and international transactions.
The credit card market size is expected to see marginal growth in the next few years. It will grow to $111.65 billion in 2028 at a compound annual growth rate (CAGR) of 1.5%. The growth in the forecast period can be attributed to contactless payment adoption, security and fraud protection features, integration with mobile wallets, innovative card designs and personalization, emergence of buy now, pay later (bnpl). Major trends in the forecast period include personalized rewards programs, focus on sustainability, integration of artificial intelligence, flexible payment options, regulatory compliance and data security.
The rising demand for credit cards 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 the Equifax Quarterly Consumer Credit Demand Index June 2022, the demand for credit cards in Australia increased by 6% as compared to June 2021. Overall consumer credit demand grew by 10.2% as compared to June 2021. Therefore, the rising demand for credit cards drives the growth of the credit card market.
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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
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 prepaid credit cards. For instance, in 2021, Federal Bank, India’s leading Private Sector Bank formed collaboration with OneCard, an online payment system, launched a mobile -first Credit Card that aims to provide a seamless digital experience to the young, tech-savvy population across the country. Federal Bank will use OneCard to target young people in the workforce who are between the ages of 23 and 35, namely millennials and Gen Z. This generation of digital natives has a lot of spare cash and is willing to try out new apps.
The credit card market report table of contents includes:
1. Executive Summary
2.Credit Card Market Characteristics
3.Credit Card Market Trends And Strategies
4. Credit Card Market analysis
5.Credit Card Market Size And Growth
6.Credit Card Segmentation
7. Credit Card Regional And Country Analysis
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27.Credit Card Competitive Landscape And Company Profiles
28.Credit Card Key Mergers And Acquisitions
29.Credit Card Future Outlook and Potential Analysis
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