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The credit card payments market share is expected to increase by USD 147.16 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.66%.
The credit card payments market research report offers valuable insights into the post-COVID-19 impact on the market, enabling companies to assess and adjust their business strategies accordingly. Additionally, the report provides comprehensive coverage of the credit card payments market segmentation based on end-users (consumer or individual and commercial) and geography (North America, APAC, Europe, South America, and the Middle East and Africa).This detailed segmentation allows for a deeper understanding of the market dynamics within each segment and region, aiding businesses in making informed decisions and identifying growth opportunities.
Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the credit card payments market. During the COVID-19 pandemic, the credit card payments market demand has been impacted greatly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.
Key Credit Card Payments Market Driver
The growth of the credit card payments market is being driven by the increasing number of online transactions. Industries like financial and e-commerce are facing significant challenges due to advanced threats targeting devices, people, and networks. The ever-changing IT infrastructure has given rise to sophisticated methods of data theft. Additionally, the emergence of mobile payment and banking platforms has made it easier for criminals and hackers to exploit vulnerable users and extract sensitive information. In response to these risks, many market vendors are offering mobile payment security software to enhance online transaction security and prevent fraudulent activities. As a result, the global credit card payments market is expected to experience positive growth throughout the forecast period.
Key Credit Card Payments Market Trend
One of the prominent trends driving the growth of the credit card payments market is the surge in mobile biometrics for payments. In the present market landscape, the use of mobile devices for financial and e-commerce transactions has witnessed a substantial increase. Consequently, this upward trend has spurred the rapid advancement of biometric technologies, including fingerprint recognition, voice recognition, and others. These biometric technologies are now being seamlessly integrated into mobile devices, ensuring that only authorized individuals can access personal data. Moreover, mobile devices are increasingly adopting multimodal biometrics for individual identification and verification purposes. These cutting-edge technologies are playing a crucial role in enhancing the security and safety of mobile payments in the retail sector.
Key Credit Card Payments Market Challenge
The growth of the credit card payments market is hindered by the lack of awareness and adoption of online payment methods in developing economies. Many countries in these regions face challenges due to inadequate telecom infrastructure to support mobile payments. LTE technology, which plays a crucial role in providing error-free and uninterrupted telecom services, is still in its early stages of development in several Asian countries, leading to limited adoption. This limited availability of mobile payment transactions acts as a barrier to the penetration of the credit card payments market in these countries. Moreover, numerous rural and remote areas in the Asia-Pacific region still lack adequate 2G and 3G network connections, and overall telecom infrastructure in developing countries is insufficient. This lack of infrastructure negatively impacts the market's growth prospects during the forecast period.
This analysis report on the credit card payments market also presents comprehensive information on upcoming trends and challenges that will significantly influence market growth. The insights provided regarding these trends and challenges will assist companies in assessing and formulating growth strategies for the period of 2022-2026.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the credit card payments market encompasses successful business strategies deployed by key vendors. The credit card payments market is fragmented, and the vendors are deploying growth strategies such as technological innovations and partnerships to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The credit card payments market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain and parent market of the credit card payments market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
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North America is projected to contribute 44% of the credit card payments market's growth during the forecast period. The United States and Canada serve as the primary markets for credit card payments in this region. However, market growth in North America is anticipated to be slower compared to Europe and South America.
The increasing number of smartphone users will play a significant role in facilitating the growth of the credit card payments market in North America throughout the forecast period. This market research report provides comprehensive information on competitive intelligence, identifies marketing gaps, and highlights regional opportunities available for vendors. These insights will aid in the development of efficient business plans.
COVID-19 had a varied impact on the regional market in 2020. However, with the lifting of lockdowns and the initiation of vaccination drives, a positive impact on market growth is expected during the forecast period. These factors are anticipated to drive market growth in the region during the forecast period.
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The forecast period is expected to witness significant growth in the consumer or individual segment of the credit card payments market. Individuals with a poor credit score are less likely to receive increased lending or financial assistance from banks or loan companies. Therefore, safeguarding and managing credit access wisely becomes crucial for consumers. Personal credit cards are specifically designed for individuals to facilitate their daily spending activities, such as purchasing household items and groceries. These factors will have a positive impact on driving the growth of the consumer or individual segment within the global credit card payments market throughout the forecast period.
This report accurately predicts the contribution of each segment to the overall growth of the credit card payments market size and offers actionable market insights regarding the post-COVID-19 impact on each segment.
Credit Card Payments Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.66% |
Market growth 2022-2026 |
USD 147.16 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.36 |
Regional analysis |
North America, APAC, Europe, South America, and the Middle East and Africa |
Performing market contribution |
North America at 44% |
Key consumer countries |
US, Canada, China, India, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
American Express Co., Bajaj Finserv Ltd., Bank of America Corp., Bank of Montreal, Capital One Financial Corp., Citigroup Inc., Credicard SA, Credit One Bank N.A., HDFC Bank Ltd., JCB Co. Ltd., JPMorgan Chase and Co., Malayan Banking Berhad, Mastercard Inc., Royal Bank of Canada, Standard Chartered PLC, SYNCHRONY FINANCIAL, The PNC Financial Services Group Inc., USAA, Visa Inc., and Barclays Bank Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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