The Credit Card Market Is Estimated To Reach $109.04 Billion By 2027 At A CAGR Of 1.3% – Includes Credit Card Market Share
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The rising demand for credit cards are expected to drive innovation in credit card manufacturing, thus driving the market during the forecast period.
The global credit card market is expected to grow from $101.98 billion in 2022 to $103.72 billion in 2023 at a compound annual growth rate (CAGR) of 1.7%. The credit card market is expected to grow from $109.04 billion in 2027 at a CAGR of 1.3%.
Get A Free Sample On The Global Credit Card Market Report:
- By Type: Reward Card, Credit Builder Card, Travel Credit Card, Balance Transfer Card, Other Types
- By Card Type: Base, Signature, Platinum
- By Service Provider: Visa, Matercard, Rupay, Other Service Providers”
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global credit card market in 2021.
Major Market Players in the credit card market include Citibank, American Express Company, Mastercard Incorporated, Visa Inc., JPMorgan Chase & Co., Mango Financial Inc., BBVA Compass Bancshares Inc.
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 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.
The Credit Card Global Market Report 2023 provides a credit card market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The credit card market forecast analyzes credit card market size, credit card market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
A credit card is a class of payment cards issued by a bank or financial services company that allows cardholders to make purchases while having the option of repaying the amount later.
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