As stated in our extensive report, providing insights on products and procedures the global Credit Card Payment market accounted for USD 477.5 Billion in 2021.
Credit cards are considered to be the most user-friendly and accepted payment option globally. Currently, 2.4 billion credit cards are being used globally, and the major credit card companies are Visa, Mastercard, Discover, and American Express. The payment card industry was relatively resilient to the global economic slowdown, with cards transaction volume up by 8.4% in 2009. The growth was primarily driven by stronger growth in the developing markets of Asia and Latin America.
Transaction volumes are expected to continue to grow in 2022 with developing countries such as China and India as growth engines. The average global value of card purchases has been slowly declining.
With the onset of COVID-19, there has been a huge shift towards digitalization. Quicker and safe transactions are carried out using credit cards techniques during this pandemic, thus boosting the demand for the market. Major banking companies are encouraging customers to use credit cards which in turn are reducing their costs and increasing profitability. Thus, the pandemic has made huge advancements and developments in the market. These are a few of the factors that benefited the Credit Card Payment Market in the COVID-19 pandemic.
The credit card has expanded its reach to a large variety of consumers. The increase in the number of transactions over the years, as well as their value along a common slope, suggests that not only is the frequency of card usage increasing, but consumers are also using cards for small value transactions.
Asia Pacific is expected to grow at the fastest CAGR in coming years owing to the high demand for credit cards.Countries such as the U.S. & Canada are considered to be the most developed countries in the field ofbanking technology. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in adopting credit cards for payments. North America held the largest share of the Credit Card Payment Market in 2021, followed by Europe and the Asia Pacific.In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of Research and Development (R&D) facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Global Credit Card Payment market such as American Express Company, Bank of America Corporation, Barclays PLC, Capital One Financial Corporation (Signet Financial Corporation), Citigroup Inc., JPMorgan Chase & Co, Mastercard Inc., Synchrony, The PNC Financial Services Group Inc., United Services Automobile Association, Visa Inc..