Credit Card Payment Market worth USD 284,979.2 million by 2030

 The Market Statsville Group (MSG) publishes the new report on the "Credit Card Payment Market by Card Type (General Purpose Credit cards and Specialty & Other Credit Cards), by Application (Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Food & Groceries, Media & Entertainment, Travel & Tourism, and Others), by Region – Global Share and Forecast to 2030".

The global credit card payment market size is estimated to reach USD 284,979.2 million by 2030 from USD 148,380.0 million in 2021, registering at a CAGR of 8.5% from 2022 to 2030. A credit card is a piece of metal or plastic issued by a financial services company or bank, allowing cardholders to borrow funds to pay for goods and services with different merchants. The key factors impacting the growth of the credit card payment market include the availability of affordable credit cards across the globe and the rise in demand for cash alternatives. In addition, the rise in the demand for credit card among the developing nations positively impacts the market's growth. Furthermore, increase in credit card frauds across the globe is expected to affect the market growth during the forecast period. Moreover, technological advancements in product offering like using blockchain for increased security are expected to provide a lucrative market opportunity.

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Global Credit Card Payment Market Segmentation

The credit card payment market has been segmented into the card type, application, and region.

• By Card Type (General Purpose Credit Cards and Specialty & Other Credit Cards)
• By Application (Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Food & Groceries, Media & Entertainment, Travel & Tourism, and Others)
• By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

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Food & Groceries, holds the largest market share, by application

By application, the credit card payment market is categorized into food & groceries, restaurants & bars, consumer electronics, health & pharmacy, media & entertainment, travel & tourism, and others. In 2021, Food & Groceries accounted for the largest market share. Food & grocery stores are primarily engaged in retailing a broad range of food products. In addition, increased adoption & implementation of contactless payment services by various food & grocery store owners to improve transaction speed and attract a large customer base drive the market's growth.

Several retailers across the emerging countries such as India, Mexico, and Brazil are adopting credit card payment services for their customers, owing to its numerous benefits such as improved operational efficiencies, better customer satisfaction, an upsurge the revenue, and lower operating cost. Moreover, a surge in penetration of online payments among end-users on various food & grocery shops for improving the customers' overall experience drives the market's growth. Furthermore, several grocery owners & food retailers are adopting advanced technology-based contactless credit card payments systems to upsurge their profit margin, which boosts the market's growth.

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North America accounts for the largest market share

On the basis of region, the credit card payment market is studied across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 50.3% in the global credit card payment market and was anticipated to maintain its dominance throughout the forecast period. North America includes the U.S. and Canada. The credit card industry has a big business in the region owing to the presence of four major companies—Visa, MasterCard, American Express, and Discover.

In addition, as per the Federal Reserve consumer credit report, American consumers have a total of USD 976 billion in credit card debt as of the end of 2020. Moreover, COVID-19 pandemic hugely influenced the growth of the market with additional 23% credit card debtors. This was attributed to the sudden and unprecedented spike in 30 million unemployed people, forcing many to turn to credit cards to afford basic necessities. Furthermore, the rise in adoption and penetration of credit card age above 25 is expected to provide major growth opportunities in North America during the forecast period.

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This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the credit card payment market. It also consists of the profiles of leading companies such as American Express, Capital One, JPMorgan Chase & Co., Barclays PLC, Citigroup Inc., MasterCard, Synchrony, The PNC Financial Services Group, Inc., Bank of America Corporation, and USAA..

About Market Statsville Group

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