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Global Credit Card Market Insights
Global Credit Card Market size was valued at USD 489.4 billion in 2021 and is poised to grow from USD 521.8 billion in 2022 to USD 961.2 billion by 2030, growing at a CAGR of 7.78% in the forecast period (2023-2030).
A credit card is a piece of metal or plastic that is provided by a bank or financial services provider that enables cardholders to borrow money in order to make purchases from various sorts of businesses. Also, the credit cards offered by banks and other fintech companies enable customers to buy various services on credit without having to pay in cash at the moment of sale. Instead, a debt that must be paid off on a monthly billing cycle is accrued for the costs, giving the buyer more time to gather the necessary funds.
The demand for convenient alternatives to cash is increasing, and there are more affordable credit cards available everywhere, which is boosting the size of the worldwide credit card payments market. Also, the increasing demand for credit cards in developing countries has a favorable effect on the market expansion. The expansion of the credit card payments market, however, is anticipated to be hampered by factors like the global uptick in credit card fraud. On the other hand, throughout the forecast period, technical advances in product offerings, such as the use of blockchain for greater security, are anticipated to offer lucrative potential for the expansion of the market.
Global Credit Card Market Segmental Analysis
Global credit card market is segmented on the basis of card type, provider, application, and region. By card type, the Credit Card Market is segmented into General Purpose Credit Cards and Specialty and Other Credit Cards. By provider, the Credit Card Market is segmented into Visa, MasterCard, and Others. By application the Credit Card Market is segmented into Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Travel & Tourism and Others. By region, the Credit Card Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Credit Card Market Analysis by Card Type
The general purpose card segment dominated the global credit card market and is anticipated to maintain its dominance throughout the forecast period. This growth is attributable owing to the variety of special rewards and benefits that general purpose credit cards provide, owing to whih many credit card users are switching to premium cards.
However, due to larger credit or spending limitations granted by the banks for these credit cards as opposed to others, the specialty & other credit cards market is anticipated to experience the highest growth. Also, a number of businesses are giving their staff members unique credit cards so they can track how much they spend on things like supplies or inventory purchases, travel, and other obligations, which is driving market growth.