Credit Cards Market Scope
Credit card companies typically earn revenue through transaction fees charged to merchants and interest rates charged to consumers on their outstanding balances. In addition, some credit card companies offer rewards programs that incentivize consumers to use their cards for certain types of purchases. The credit card market is highly competitive, with companies vying for market share through the offering of competitive interest rates, fees, and rewards programs. Owing to increasing disposable income of the population coupled with rise in purchasing power, credit cards market is expected to grow at a significant rate.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | American Express (United States), Discover (United States), Mastercard (United States), Visa (United States), Barclays (United States), Capital One (United States), Chase (United States), Citi (United States), Discover (United States) and Synchrony (United States) |
CAGR | % |
Competitors in this market adopt various digital technology to enhance their service capabilities and offerings. The company’s ability to rapidly develop and launch innovative products drives robust engagement and help in establishing strategic relationships with global brands. Apart from this, profitable acquisitions and mergers as well as mutual partnerships helps firms maintain their competitive advantage. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Credit Cards market throughout the predicted period.
American Express (United States), Discover (United States), Mastercard (United States), Visa (United States), Barclays (United States), Capital One (United States), Chase (United States), Citi (United States), Discover (United States) and Synchrony (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are U.S. Bank (United States) and Wells Fargo (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Credit Cards market by Type and Region with country level break-up.
On the basis of geography, the market of Credit Cards has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In January 2023, American Express signed an agreement to acquire Nipendo, a company involved in automation and streamlining business-to-business (B2B) payment processes.
In March 2022, Axis Bank had announced acquiring Citigroup’s retail banking business in India for ₹12,325 crore, subject to requisite approvals. This comprised Citibank’s consumer business, including credit cards, retail banking, wealth management and consumer loans.
Influencing Trend:
Technological advancements in the credit card industry and Increasing utilization of blockchain
Market Growth Drivers:
Rising demand for credit cards in developing nations
Challenges:
Risks Associated with Extensive Spending and Debt
Restraints:
Increase in credit card fraud
Opportunities:
Increasing inclination toward the adoption of premium cards
Key Target Audience
Government Agencies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users, Better mobile apps:, New risk models and Others