Credit card payments market to grow by USD 147.16 Bn, 44% of the growth to originate from North America - Technavio - Yahoo Finance
NEW YORK, Oct. 21, 2022 /PRNewswire/ -- The credit card payments market is expected to grow by USD 147.16 billion during 2021-2026, at a CAGR of 7.66% during the forecast period. The market is driven by the rising number of online transactions. Countries such as the US, Canada, China, India, and the UK are expected to emerge as prominent markets for Credit Card Payments Market during the forecast period. Request Free Sample Report.
Credit Card Payments Market: Regional Analysis
Based on geography the market is segmented by North America, APAC, Europe, South America, and the Middle East and Africa.
During the projection period, North America will account for 44% of market growth. The region's credit card payments market is anticipated to have the biggest development potential, mainly as a result of the rising popularity of smartphones. Additionally, the growing demand for mobility, cloud solutions, and increasing integration with social apps is resulting in a co-dependent and intelligent economy in the region. In the current market environment, a notable rise in the number of youthful and socially engaged users has been observed, positively impacting the North American credit card payments market as a whole. Buy Sample Report.
Credit Card Payments Market: Vendor Offerings
The market is fragmented, and the vendors are deploying various organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including:
American Express Co.: The company offers a wide range of credit cards such as the American Express Membership Rewards Credit Card and SmartEarn Credit Card.
Bank of America Corp.: The company offers small business credit cards such as the Business Advantage Customized Cash Rewards credit card and Business Advantage Travel Rewards credit card.
Capital One Financial Corp.: The company offers credit cards such as Barclaycard Avios Plus and Barclaycard Rewards card.
Citigroup Inc.: The company offers a wide range of credit cards such as Platinum Mastercard and QuicksilverOne Rewards.
Credicard SA: The company offers a wide range of credit cards such as Double Cash Credit Card and Diamond Preferred Credit Card.
Credit Card Payments Market: Driver Analysis
One of the main factors promoting the expansion of the credit card payments business is the increase in online transactions. For sectors like finance and e-commerce, advanced and sophisticated threats that target devices, people, and networks present a serious issue. Advanced methods of data theft are on the rise as a result of the IT infrastructure's quick modifications. Additionally, the creation of mobile banking and payment websites has made it simple for thieves and hackers to steal information from unprotected consumers.
As a result, several market suppliers are offering mobile payment security software to stop fraudulent activities and increase the security of online transactions. During the forecast period, these factors will have a favorable effect on the expansion of the worldwide credit card payments market. Download Free Sample Report.
Credit Card Payments Market: Challenges Analysis
One of the things hindering the expansion of the credit card payments sector is the lack of awareness of online payments in developing economies. The crucial telecom infrastructure required to facilitate mobile payments is absent in a number of poor nations worldwide. In these Asian nations, LTE technology is still in its infancy, and adoption there has been rather slow. To guarantee uninterrupted and error-free telecom services, these technologies are a crucial part of the network architecture. Therefore, the lack of these mobile payment options may make it more difficult for these nations to adopt credit card payments.
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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 | $147.16 billion |
Market structure | Fragmented |
YoY growth (%) | 7.36 |
Regional analysis | North America, APAC, Europe, South America, and 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 |
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 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. |
Table of Contents
1 Executive Summary
1.1 Market Overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.3 Market size 2021
4 Five Forces Analysis
4.1 Five forces summary
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by End-user
5.1 Market segments
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.4 Market trends
9 Vendor Landscape
9.1 Overview
9.2 Vendor landscape
9.3 Landscape disruption
9.4 Industry risks
10 Vendor Analysis
10.1 Vendors covered
10.5 Barclays Bank Plc
10.7 Citigroup Inc.
10.9 Mastercard Inc.
10.12 USAA
11 Appendix
11.1 Scope of the report
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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