As of December 2022, Shinhan Card had a 21.8 percent share of the credit card market in South Korea. Samsung Card and Hyundai Card followed with around 20 and 19 percent, respectively.

Credit card issuers generate revenue from cardholders primarily through fees and interest earned on revolving credit. Companies compete by offering customers lower interest rates, flexible and secure payment options and rewards programs based on spending levels. Over the past five years, industry revenue has grown at a CAGR of 1.6% to $178.6 billion, including an expected jump of 0.6% in 2025 alone. Industry profit has climbed to 31.6% in 2025, up from 11.9% in 2020. Improving employment and consumer spending levels and promoting increases in revolving balances are expected to support performance. Revenue declined both in 2020 and 2021 due to the economic volatility. Since then, revenue has crawled along, as the consumer price index has climbed which has contributed to the aggregate household debt to jump as consumers are increasingly using their credit cards for purchases, pushing demand and revenue higher. Competing economic trends and technology adoption will determine industry growth. Performance will continue to improve as consumer spending keeps increasing. However, while national unemployment is likely to decline and support demand for credit cards, Federal Reserve Board actions to stem inflation may threaten revenue generation. In addition, mounting industry competition in rewards programs will challenge profit margins. External competitive threats from companies providing Buy Now Pay Later expand consumers' credit options. These appealing new low or no-interest financing plans offered directly from sellers on social media platforms seamlessly link products to payment, bypassing industry operators' similar payment offerings. Emerging technologies like cryptocurrencies and artificial intelligence systems represent a significant opportunity for credit card issuers to secure market share and reduce costs. Overall, credit card issuing revenue is set to increase at a CAGR of 0.8% to $185.9 billion over the five years to 2030.

The top five card issuers in the United States were responsible for 41 percent of the market, with three issuers taking up one-third of card transaction value. This is according to a publication from September 2024, that quoted data for the United States in 2023. Note that the figures display card payments as a whole, and do not distinguish between credit cards or debit cards. Visa ranks as the United States' biggest card scheme, but its market share has slowly declined since 2020 in favor of American Express.

The top five main card issuers in India together were responsible for almost two-thirds of the market, with two issuers taking up nearly 35 percent of it. This is according to a publication from September 2024, that quoted data for India in 2022. Note that the figures display card payments as a whole, and do not distinguish between credit cards or debit cards. India's biggest cards scheme is Visa, which had a market share that twice that of in-market local scheme RuPay.

Credit card issuance revenue is slated to dip at a compound annual rate of 1.3% over the five years through 2024-25 to £16.7 billion, although it’s expected to climb by 2.6% in 2024-25. The COVID-19 outbreak dealt a hefty blow to credit card issuers as households used their cards for fewer purchases. The cost-of-living crisis has been both a blessing and a curse – on the one hand, households have turned to credit cards to pay for necessities as disposable incomes have fallen; on the other, it’s caused a higher rate of default and a lower level of total spending. Rampant inflation has made revenue very volatile. Drops in disposable income have left households scrambling to pay for necessities, with the ONS finding that 21% of adults had to use personal loans or credit cards to afford their living costs across 2023-24. This has been good for the industry, as issuers benefit from more transaction fees and have more customers with outstanding balances on which they collect interest. However, there are some negatives, namely the jump in defaulting. Consumer information company Which? estimates that two million households missed some repayment in April 2023, dealing a blow to credit card issuers’ revenue and denting their profit. In 2024-25, inflation is easing back down, falling to 2.3% in April, while interest rates remain at a high of 5.25%, upping profit for the industry. Credit card issuance revenue is forecast to expand at a compound annual rate of 3% over the five years through 2029-30 to reach £19.3 billion. The credit card industry is bracing for future changes. Intensified regulations, like the FCA's Consumer Duty, will put pressure on issuers, increasing costs and affecting profit. Credit card issuers will also grapple with shifting demographic trends, as Gen Z and millennials show a growing preference for debit cards over traditional credit cards. However, competition looms from BNPL platforms like Klarna, which offer appealing alternatives and are currently exempt from regulation. The burgeoning e-commerce sector offers a bright spot, with credit card companies anticipating increased usage of credit cards for online purchases, bolstering transaction fee revenue.

The Japan Credit Cards Market report segments the industry into By Card Type (General Purpose Credit Cards, Specialty & Other Credit Cards), By Application (Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Travel & Tourism, Other Applications), and By Provider (Visa, MasterCard, Other Providers). Get five years of historical data alongside five-year market forecasts.

The Hong Kong Credit Cards Market is Segmented by Card Type (General Purpose Credit Cards and Specialty & Other Credit Cards), by Application (Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Travel & Tourism, and Other Applications), by Provider (Visa, Mastercard, and Other Providers). The Report Offers Market Size and Forecasts for the Hong Kong Credit Cards Market in Value (USD) for all the Above Segments.

The top five main card issuers in the United Kingdom together were responsible for 58 percent of the market, with two issuers taking up nearly one-third of it. This is according to a publication from September 2024, that quoted data for the UK in 2022. Note that the figures display card payments as a whole, and do not distinguish between credit cards or debit cards. Visa's market share in the UK is estimated to be significantly higher than that of Mastercard, or other card brands.

Credit Cards Market Outlook

The global credit cards market size was valued at approximately USD 3.2 trillion in 2023 and is projected to reach USD 5.4 trillion by 2032, growing at a CAGR of 6.2% during the forecast period. This impressive growth is driven by a combination of factors including increased consumer spending, advances in digital payment technologies, and the globalization of financial services. The proliferation of e-commerce and the shift towards cashless economies have further fueled the demand for credit cards as a preferred mode of payment worldwide. The ease of transaction, enhanced security features, and attractive rewards programs are also playing a pivotal role in the expansion of the credit cards market.

One of the primary growth factors in the credit cards market is the rapid digitization of financial services. As consumers increasingly favor online shopping and digital payment methods, credit cards have become essential tools for facilitating these transactions. Financial institutions and card issuers are continuously enhancing their digital platforms to cater to the tech-savvy populace, which demands seamless, quick, and secure payment solutions. The adoption of technologies like tokenization and biometric authentication has further strengthened the security of credit card transactions, instilling greater confidence among consumers. Additionally, the growing penetration of smartphones and internet connectivity across emerging markets is anticipated to boost credit card usage significantly.

The evolving consumer lifestyle and spending habits are also key contributors to the market's expansion. Credit cards offer unparalleled convenience and purchasing power, enabling consumers to meet their immediate needs and desires without the constraint of immediate cash flow. Beyond mere financial flexibility, credit cards are increasingly being integrated with rewards programs, cash-back offers, travel perks, and various other incentives that appeal to different consumer segments. This strategic marketing by banks and card issuers is not only attracting new users but also encouraging existing cardholders to increase usage, thereby contributing to market growth.

Another factor driving the credit cards market is the competitive landscape among card issuers and networks. The presence of a wide array of products catering to different consumer needs—ranging from standard cards for everyday purchases to premium cards offering luxury benefits—ensures broad market appeal. This competitive environment is fostering innovation as issuers continuously strive to differentiate their offerings through enhanced features and services. Additionally, partnerships between card issuers and retailers, airlines, and hospitality businesses are creating co-branded cards that further enhance customer value, thus driving market adoption.

Regionally, North America holds the largest share in the credit cards market due to its mature financial infrastructure and high consumer spending capacity. However, the Asia Pacific region is expected to witness the fastest growth, propelled by rapid urbanization, a burgeoning middle-class population, and increasing adoption of digital payment methods. In countries like China and India, government initiatives promoting cashless transactions are creating a fertile ground for credit card penetration. Europe, with its sophisticated banking systems and consumer base, continues to display steady growth, while Latin America and the Middle East & Africa regions are gradually catching up as financial inclusion efforts intensify.

Card Type Analysis

In the credit cards market, different card types serve varied consumer needs and preferences, each contributing uniquely to the market dynamics. Standard cards, typically offering basic credit functions without additional perks, cater primarily to the mass market. These cards remain popular due to their accessibility and ease of use, often being the introductory product for new credit card users. Standard cards serve as a gateway for consumers to build their credit history and gain familiarity with credit products. As such, they represent a significant portion of the market, particularly in regions where credit card adoption is still in its nascent stages.

Premium cards, on the other hand, are designed for high-income individuals seeking exclusive benefits and services. These cards often come with higher credit limits and are loaded with features such as travel insurance, concierge services, airport lounge access, and significant reward points. The market for premium cards is expanding as affluen

The size of the Credit Cards Market was valued at USD 14.31 Million in 2023 and is projected to reach USD 18.42 Million by 2032, with an expected CAGR of 3.67% during the forecast period. A credit card is a payment card issued by financial institutions that allows cardholders to borrow funds to pay for goods and services. It operates on a system of revolving credit, where users are given a credit limit up to which they can borrow. The borrowed amount, known as the balance, must be repaid either in full by a specified due date or over time, with interest charged on the outstanding balance if not paid in full. Credit cards are widely accepted globally and provide convenience for both online and in-store purchases. When a person uses a credit card, the issuer (typically a bank) pays the merchant on behalf of the cardholder. The cardholder then repays the issuer, either immediately without interest or over time with added interest, depending on the card’s terms. Credit cards often come with various rewards and benefits, such as cashback, travel miles, or points that can be redeemed for products or services. They also offer consumer protections like fraud detection and chargeback options in case of disputes with merchants. Recent developments include: May 2023: Singapore's DBS Bank looks to complete its retail product offering by adding a super-premium credit card as soon as this week as it seeks to consolidate its position two-and-a-half years after acquiring Lakshmi Vilas Bank (LVB)., May 2023: NPCI leans on bank partnerships to push RuPay credit cards.. Key drivers for this market are: Usage of Credit Card give the bonus and reward points. Potential restraints include: Interest rates on Credit Card. Notable trends are: Increasing Number of Visa Credit Cards Internationally.

The Europe Credit Cards Market report segments the industry into By Card Type (General Purpose Credit Cards, Specialty & Other Credit Cards), By Application (Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Travel & Tourism, Other Applications), By Provider (Visa, MasterCard, Other Providers), and By Country (UK, Germany, France, Italy, Spain, Rest of Europe).

The Credit Card Issuance industry has contracted as the number of cards issued and balances accruing interest have fallen. Issuers have faced significant competition from other forms of payment like debit cards and BNPL services. The monthly value of debit card transactions has continued to surpass the monthly value of credit card transactions thanks to initiatives like the Reserve Bank of Australia's (RBA) least-cost routing initiative. BNPL services have also gained popularity with younger consumers who constitute a significant market for online sellers. That's why revenue is set to weaken by an annualised 5.3% over the five years through 2024-25, to $7.6 billion. To compete with sophisticated competition, credit card issuers have beefed up their reward and referral programs and integrated online payment, service and customer acquisition platforms into their operations. The Big Four banks dominate the industry and NAB's acquisition of Citigroup's Australian consumer banking business has expanded its collective market share. Economic conditions tied to inflationary pressures have ravaged consumer sentiment and appetites for spending through credit. Some customers have opted to pay down debt instead and have avoided taking on more. A sharp climb in interest rates over the past few years has compounded this dynamic, which is set to constrain industry performance in 2024-25, with revenue declining by an anticipated 0.9%. Credit card issuers' performance will improve over the coming years as economic conditions recover. Credit card issuance revenue is projected to expand at an annualised 2.0% through the end of 2029-30, to total $8.4 billion. The RBA is forecast to slash the cash rate once inflation falls within the central banks' target band, lifting credit card issuer profit margins as funding costs drop. Alternative payment methods, like BNPL services, debit transactions and other fintech solutions, are on track to sap away demand for credit cards. However, easing inflationary pressures and lower interest rates over the medium term are set to spur household consumption expenditure and credit card use. In response to the fierce competition, issuers will emphasise innovation and enhance their rewards and points systems to entice consumers.

Global Credit Card Issuance Services market size is expected to reach $787.39 billion by 2029 at 8.5%, surging credit card demand fuels expansion growth trends in the credit card issuance services market

Snapshot img

Credit Card Payments Market Size 2025-2029

The credit card payments market size is forecast to increase by USD 181.9 billion at a CAGR of 8.7% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing number of online transactions and the rise in mobile biometrics for secure payments. These trends reflect the shifting consumer preference towards convenient and secure payment methods. However, the market faces challenges in developing economies, where a lack of awareness and infrastructure for online payments persists. This creates both opportunities and obstacles for market participants. Companies can capitalize on the growing demand for secure digital payments by investing in innovative technologies and expanding their reach into emerging markets. Simultaneously, they must navigate regulatory complexities and address consumer education needs to effectively penetrate these markets. Overall, the market presents a dynamic and promising landscape for businesses seeking to capitalize on the growing trend towards digital payments while addressing the unique challenges of each market segment.

What will be the Size of the Credit Card Payments Market during the forecast period?

Request Free SampleThe market encompasses financial services providers issuing and processing payment cards for consumers and businesses. These financial transactions enable the borrowing of money for purchases during a billing cycle, with a pre-set credit limit. Credit cards have become a preferred alternative to cash and checks due to their convenience, security, and reward programs. However, the market faces challenges such as increasing competition and the risk of credit card fraud. Despite these challenges, the market's size and growth potential remain significant, driven by the increasing adoption of contactless payments and the integration of credit card technology into various industries, including e-commerce and mobile wallets. The market's future direction lies in enhancing security measures, expanding digital payment options, and offering personalized services to meet evolving consumer needs.

How is this Credit Card Payments Industry segmented?

The credit card payments industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userConsumer or individualCommercialProduct TypeGeneral purpose credit cardsSpecialty credit cardsOthersApplicationFood and groceriesHealth and pharmacyRestaurants and barsConsumer electronicsOthersGeographyNorth AmericaUSCanadaAPACChinaIndiaJapanSouth KoreaEuropeGermanyUKSouth AmericaArgentinaBrazilMiddle East and Africa

By End-user Insights

The consumer or individual segment is estimated to witness significant growth during the forecast period.Credit cards enable consumers to borrow money for purchases and repay over a specified billing cycle. A good credit record signifies a consumer's ability to pay bills on time and access credit easily with favorable terms. Conversely, a bad credit record indicates past difficulties in repaying debts. Credit card usage is prevalent in various sectors, including food and groceries, health and pharmacy, restaurants and bars, consumer electronics, media and entertainment, travel and tourism, and premium cards. Credit card fraud, such as skimmers, SQL injections, and fraudulent online applications, poses significant risks. Technical advances, including contactless payment technology, tokenization, and NFC technology, aim to enhance security. Financial services providers must address fraud risks and data breaches through security measures and consumer education. Digital payment methods, including mobile payments and cryptocurrencies, are gaining popularity, challenging traditional credit card payments. Credit card issuers, such as Visa and MasterCard, continue to innovate with loyalty programs, mobile payment networks, and e-commerce platforms. Consumers must remain vigilant against fraudulent activities, including identity theft, phishing emails, and payment app scams.

Get a glance at the market report of share of various segments Request Free Sample

The Consumer or individual segment was valued at USD 239.90 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 37% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market size of various regions, Request Free Sample

The North American market holds significant potential for credit card payments due to its technologically advanced economies and high smartphone usage. Ke

Credit Card Payments Data is provided by Card Issuers and contain statistics on number of cards, transactions, payments and outstanding value

As of December 2024, the HDFC Bank held 21 percent of share in the credit card market in India, while registering a growth of 16 percent. It was followed by SBI cards and ICICI Bank with 19 percent and 17 percent market share respectively.

The global credit card issuers market is projected to reach a value of 1870490 million units by 2023, exhibiting a CAGR of 4.4% during the forecast period. The growth of the market is primarily attributed to the increasing adoption of digital payments and the rising popularity of e-commerce. Additionally, the growing number of high-net-worth individuals (HNWIs) and the expansion of credit card services into emerging markets are expected to drive market growth in the coming years. Key drivers of the credit card issuers market include the growing adoption of digital payments, the increasing popularity of e-commerce, the growing number of HNWIs, and the expansion of credit card services into emerging markets. Key trends in the credit card issuers market include the increasing use of artificial intelligence (AI) and machine learning (ML) to improve fraud detection and risk management, the development of new credit card products and services, such as co-branded cards and rewards programs, and the growing adoption of mobile payments. Key restraints in the credit card issuers market include the increasing regulatory scrutiny of the credit card industry, the growing competition from alternative payment methods, such as mobile wallets and peer-to-peer (P2P) payments, and the increasing risk of fraud and identity theft.

The Canada Credit Cards Market report segments the industry into By Card Type (General Purpose Credit Cards, Specialty & Other Credit Cards), By Application (Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Travel & Tourism, Other Applications), and By Provider (Visa, MasterCard, Other Providers). Includes five years of historical data and five-year market forecasts.

Credit Card Payment Market Outlook

The global credit card payment market size was valued at approximately USD 3.4 trillion in 2023, and it is projected to reach around USD 5.9 trillion by 2032, expanding at a compound annual growth rate (CAGR) of 6.4% during the forecast period. This remarkable growth can be attributed to the increasing adoption of credit cards as a preferred payment method across various sectors, driven by factors such as the convenience they offer, reward schemes, and the expanding e-commerce market. The surge in online shopping, coupled with the need for seamless and secure transactions, is significantly fueling the demand for credit card payments globally.

One of the primary growth factors driving the credit card payment market is the proliferation of the internet and smartphones, which has revolutionized the way consumers shop and pay for goods and services. The widespread availability of high-speed internet and the penetration of smartphones have made online shopping more accessible, leading to an increase in online transactions. Credit cards, with their robust security features and ease of use, have become the preferred payment method for online purchases, contributing to the market's growth.

Another significant factor contributing to the growth of the credit card payment market is the attractive rewards and loyalty programs offered by credit card issuers. These programs provide incentives such as cashback, travel miles, and discounts on purchases, encouraging consumers to use their credit cards more frequently. The competition among credit card issuers to offer the best rewards has intensified, leading to innovative and lucrative offers that appeal to a broad spectrum of consumers, thereby driving market growth.

Credit Settlement plays a crucial role in the credit card payment ecosystem, ensuring that transactions between merchants and cardholders are processed smoothly and efficiently. This process involves the reconciliation of payments, where the merchant receives the funds from the cardholder's bank, minus any fees charged by the credit card issuer or payment processor. Effective credit settlement mechanisms are essential for maintaining trust in the payment system, as they guarantee that merchants receive their due payments promptly. As the volume of credit card transactions continues to rise, advancements in credit settlement technologies and processes are being developed to enhance speed, accuracy, and security, further supporting the growth of the credit card payment market.

The increasing urbanization and rising disposable incomes in emerging economies are also playing a crucial role in the expansion of the credit card payment market. As more people move to urban areas and their incomes rise, their spending patterns change, leading to an increased demand for credit cards. Credit cards offer a convenient way to manage finances, especially in scenarios where immediate funds are required, making them an essential financial tool for many consumers in these regions.

Regionally, North America holds a significant share of the credit card payment market, driven by the high adoption rates of credit cards among consumers and the presence of leading credit card issuers. The region's well-established financial infrastructure and the early adoption of technological advancements in payment systems contribute to its dominance. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, owing to the rapid economic development, increasing digitization, and the rising middle-class population in countries such as China and India. The growing acceptance of cashless transactions and government initiatives to promote digital payments are further propelling the market in this region.

Card Type Analysis

The credit card payment market can be segmented by card type into standard credit cards, premium credit cards, business credit cards, secured credit cards, and others. Standard credit cards are the most commonly used type and are typically offered to consumers with average credit scores. These cards often come with basic features such as a credit limit, interest rates, and in some cases, a rewards program. The widespread use of standard credit cards is attributed to their accessibility and the basic financial management tools they offer, making them a popular choice among consumers.

Premium credit cards, on the other hand, are targeted a

Data is provided by RankingsLatAm and contain statistics on card payments in Spain. Industry totals. Number of cards, number of transactions, value of transactions.