Visa's U.S. market share increased during the coronavirus pandemic, mostly as Americans used more debit cards. This is according to estimates based on the transaction volume of general purpose credit and debit cards issued in the United States. Visa's market share strengthened as time went by, moving from a roughly ** percent market share in 2007 to more than ** percent by 2022. This is likely because of the growing use of debit cards in the U.S. — causing the market share of American Express to decline. Debit cards grow faster than credit cards in the U.S. The number of cards issued by Visa reveals a growth disparity between their debit cards and their credit cards. The number of Visa issued debit cards in circulation in the U.S. in Q2 2023 had increased by *** percent when compared to the same period in the previous year. This growth figure was *** percent for U.S. Visa issued credit cards during the same period. By the second quarter, the United States had over *** million debit cards from Visa against roughly *** million Visa credit cards. Who uses debit cards in the United States? A three-year survey stated more than ***** out of 10 respondents from the United States owned a debit card in 2021, with only ** percent actually having used one. Women were much more likely than men to own such a payment card. Gen Z — or the age group 15 to 24 years in this survey — was less likely to own a debit card than their older counterparts, although their ownership of debit cards was much higher when compared to Gen Z credit card ownership.

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.

Physical credit cards were popular for online shopping in Latin America in 2024, with the highest market shares found in Mexico and Brazil. Although the countries comparatively rank lower on credit card penetration than the rest of the world, the use of credit cards for online shopping is well established in the region. This likely due to providers like MercadoLibre, the Argentinian e-commerce company that is often compared to Amazon but for Latin America. In 2024, MercadoLibre generated a revenue of **** billion U.S. dollars in Brazil alone.

The United States credit card market size stood at USD 190 billion in 2024, and it is expected to grow at a growth rate of 9.5% during 2025-2032.

Physical credit cards remained popular especially in Canada, making up roughly **** of total transactions paid for in stores in 2024. Canada and the United States both rank relatively high when it comes to credit card penetration in the world. This comes back in figures on what payment methods merchants offer. Canadian e-commerce vendors largely offered credit cards over newer payment methods, such as Apple Pay or buy now, pay later (BNPL). Mexico stands out in this overview as the source did not place the country under the region of North America - instead, it put it under Latin America. Compared to Canada and the United States, however, Mexico used credit cards far less often for in-store payments.

Market Size statistics on the Credit Card Issuing industry in the US

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 Credit Cards Market is Segmented by Application (Food and Groceries, Health and Pharmacy, and More), by Card Type (General Purpose Credit Cards, Specialty and Other Credit Cards), by Card Format (Physical, Digital), by Provider (Visa, Mastercard, Other Providers) and by Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and More). The Market Forecasts are Provided in Terms of Value (USD).

Visa and Mastercard were responsible for most card payments in the United States, with market shares of brands like Discover and Pulse being much smaller. The two brands dominate this particular digital payment segment, and confirm an image from elsewhere: A different report also observes the growing market share of Visa in the U.S. since the coronavirus pandemic. The main difference between the two figures, however, is the different market share for American Express as well as the mentioning of smaller brands - such as Discover, Star, and Pulse.

The global bank card solutions market is experiencing robust growth, driven by the increasing adoption of digital payment methods and the expanding e-commerce landscape. The market size in 2025 is estimated at $250 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 12% from 2025 to 2033. This significant growth is fueled by several key factors. Firstly, the increasing penetration of smartphones and internet access globally is driving the demand for convenient and secure digital payment solutions. Secondly, government initiatives promoting financial inclusion and the rise of fintech companies are further accelerating market expansion. The segment dominated by debit cards holds a substantial market share due to their widespread accessibility and affordability. Geographically, North America and Europe currently hold the largest market shares, although the Asia-Pacific region is projected to experience the fastest growth owing to rapid economic development and increasing digitalization in emerging economies like India and China. The market is segmented by card type (debit, credit, prepaid) and issuing bank type (state, commercial, others). Key players, including Visa, Mastercard, and American Express, are constantly innovating to enhance security features, improve user experience, and expand their global reach. However, the market faces challenges. Stringent regulatory compliance requirements and concerns about data security and fraud are significant restraints. Furthermore, the rising adoption of alternative payment methods, such as mobile wallets and Buy Now Pay Later (BNPL) services, poses competitive pressure. The market's future hinges on the ongoing development of advanced technologies such as biometric authentication, tokenization, and blockchain solutions to address these challenges and further enhance the security and efficiency of bank card solutions. Continued innovation in card technology and payment processing infrastructure will be crucial to sustaining the market's growth trajectory. The shift towards contactless payments and the integration of bank card solutions with other financial services are key trends shaping the market's future.

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.

Rewards-based Credit Card Market Outlook

The global rewards-based credit card market size was valued at approximately $1.2 trillion in 2023 and is projected to reach a staggering $2.5 trillion by 2032, growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period. One of the primary growth factors driving this expansion is the increasing consumer preference for rewards and incentives when making purchases, which boosts the attractiveness and adoption of rewards-based credit cards worldwide.

Several factors contribute to the robust growth of the rewards-based credit card market. Firstly, consumers are increasingly drawn to credit cards that offer tangible benefits such as cashback, travel rewards, and points that can be redeemed for various products and services. This trend is reinforced by rising disposable incomes and a growing middle class in emerging economies, which has led to a surge in credit card issuance and usage. Secondly, technological advancements and the proliferation of digital payment platforms have made it easier for consumers to manage and track their rewards, enhancing the overall user experience and driving market growth.

Additionally, the competitive landscape among credit card issuers is intensifying, with banks, credit unions, and fintech companies continually innovating their rewards programs to attract and retain customers. Customization of rewards to meet the diverse needs and preferences of different consumer segments has become a key strategy for market players. Furthermore, strategic partnerships between credit card issuers and merchants provide exclusive offers and discounts, further incentivizing the use of rewards-based credit cards.

Another significant growth driver is the increasing emphasis on cashless transactions, spurred by government initiatives and policies aimed at promoting digital payments. This shift towards a cashless economy has led to a rise in credit card adoption, particularly in regions such as Asia Pacific and Latin America. Moreover, the convenience and security features associated with credit card usage, including fraud protection and purchase insurance, make them a preferred payment method for many consumers, thereby boosting market growth.

On the regional front, North America holds a significant share of the rewards-based credit card market, driven by high consumer spending, a well-established credit card infrastructure, and a strong preference for reward programs. Europe follows closely, with a growing inclination towards digital payments and an expanding base of credit card users. The Asia Pacific region is expected to witness the highest growth rate during the forecast period, fueled by increasing urbanization, rising disposable incomes, and supportive government policies promoting digital transactions.

Card Type Analysis

The rewards-based credit card market can be segmented by card type into cash back, travel rewards, points rewards, and others. Cash back credit cards remain immensely popular among consumers due to their simplicity and direct financial benefits. These cards offer a percentage of cash back on purchases, which can be reinvested or used to offset future expenses. The straightforward nature of cash back rewards makes them appealing to a broad range of consumers, driving their significant market share.

Travel rewards credit cards are another prominent category, offering benefits such as airline miles, hotel stays, and travel-related perks. With the resurgence of travel post-pandemic, these cards are gaining traction among consumers who seek to maximize their travel experiences through accumulated rewards. Partnerships between credit card issuers and travel service providers further enhance the value proposition of travel rewards cards, making them a preferred choice for frequent travelers.

Points rewards credit cards allow users to accumulate points on their purchases, which can be redeemed for a variety of goods and services, including merchandise, gift cards, and experiences. The flexibility and variety offered by points rewards programs appeal to consumers seeking tailored reward options. Credit card issuers often run promotional campaigns to boost point accumulation, further driving the popularity of this card type.

Other types of rewards-based credit cards include those offering specific benefits such as store loyalty rewards, gas rewards, and dining rewards. These niche cards cater to specific consumer needs and preferences, providing targeted benefits that enhance customer satisfaction

Credit card debt in the United States has been growing at a fast pace between 2021 and 2025. In the fourth quarter of 2024, the overall amount of credit card debt reached its highest value throughout the timeline considered here. COVID-19 had a big impact on the indebtedness of Americans, as credit card debt decreased from *** billion U.S. dollars in the last quarter of 2019 to *** billion U.S. dollars in the first quarter of 2021. What portion of Americans use credit cards? A substantial portion of Americans had at least one credit card in 2025. That year, the penetration rate of credit cards in the United States was ** percent. This number increased by nearly seven percentage points since 2014. The primary factors behind the high utilization of credit cards in the United States are a prevalent culture of convenience, a wide range of reward schemes, and consumer preferences for postponed payments. Which companies dominate the credit card issuing market? In 2024, the leading credit card issuers in the U.S. by volume were JPMorgan Chase & Co. and American Express. Both firms recorded transactions worth over one trillion U.S. dollars that year. Citi and Capital One were the next banks in that ranking, with the transactions made with their credit cards amounting to over half a trillion U.S. dollars that year. Those industry giants, along with other prominent brand names in the industry such as Bank of America, Synchrony Financial, Wells Fargo, and others, dominate the credit card market. Due to their extensive customer base, appealing rewards, and competitive offerings, they have gained a significant market share, making them the preferred choice for consumers.

The size of the US Payment Cards Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 6.00">> 6.00% during the forecast period. U.S. payment cards refer to cards issued by financial institutions in the United States that enable users to conduct financial transactions, including purchases, bill payments, and money transfers. These cards come in various forms, such as credit cards, debit cards, and prepaid cards. Each type of card functions differently: credit cards allow users to borrow money up to a certain limit and pay it back with or without interest; debit cards enable direct access to funds from the user’s bank account; and prepaid cards require the user to load funds onto the card before using it for purchases. Credit cards are widely used in the U.S. and offer revolving credit, where users can carry a balance from month to month. They often come with benefits like rewards programs, travel perks, and fraud protection. However, they also come with potential drawbacks, such as high-interest rates if balances are not paid in full. Debit cards, linked directly to a checking or savings account, are used to withdraw money from ATMs or to make purchases, with the transaction amount deducted immediately from the account. Prepaid cards are similar to debit cards but require users to load money onto the card before spending it. Recent developments include: On June 2022, Global digital payments firm Visa and Safaricom, the operator of the M-Pesa mobile money product, have today launched a virtual card, enabling millions of M-Pesa users to make digital payments globally including the US region. The virtual card will enable 30 million M-Pesa users to make cashless payments at Visa's global network of merchants. Users can activate the virtual card through the M-Pesa mobile app or by USSD., On April 2022, American Express Partners with Billtrust to offer suppliers a solution to accounts receivable challenges. B2B accounts receivable automation and integrated payments leader, to enable suppliers to streamline acceptance of American Express virtual cards. With this integration, suppliers will have the ability to automate and accelerate virtual card payments from customers while receiving a real-time view of their outstanding invoices and current cash flow.. 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: Increase in the Penetration of Internet in the USA.

When comparing the four big international card brands available, the importance of Visa in Europe declined between 2021 and 2020 in favor of Mastercard. This has been an ongoing trend for the payment brand, as its market share declined by ** percentage points between 2015 and 2020. Note, however, that this market share is solely based on the number of purchase transactions done with Visa, MasterCard, American Express or Diners Club only - as domestic solutions were not included. This way, the source is effectively saying that out of the global network cards Visa ranks higher than Mastercard. It does not mention, however, how these purchase transaction compares against payments outside these four brands. This is an important observation, as some domestic payment solutions - such as Italy's Bancomat or Germany's Girocard - have a much higher market share than either Visa or Mastercard.

Market Size statistics on the Credit Card Processing & Money Transferring industry in the US

The global credit card network market is a dynamic and expansive sector, exhibiting robust growth driven by the increasing prevalence of digital payments, e-commerce transactions, and a rising global middle class with greater spending power. The market's expansion is fueled by several key trends, including the adoption of contactless payment technologies, the integration of credit cards with mobile wallets, and the increasing sophistication of fraud prevention measures. While interchange fees remain a significant revenue stream, the market is witnessing diversification with the growth of value-added services and assessment fees, catering to the evolving needs of consumers and merchants alike. Geographical penetration varies significantly, with North America and Europe currently holding substantial market shares, but Asia-Pacific presents immense growth potential due to rapid economic development and increasing digital adoption. Competition among established players like Visa, Mastercard, American Express, Discover, and others is intense, leading to continuous innovation in product offerings and service enhancements. However, regulatory scrutiny and potential shifts in consumer preferences towards alternative payment methods pose some constraints. Despite these restraints, the long-term outlook for the credit card network market remains positive. The continued expansion of e-commerce, coupled with the increasing adoption of digital financial services in emerging markets, will drive substantial market growth over the forecast period. The market is likely to see further consolidation as players seek to expand their global reach and diversify their revenue streams. Furthermore, advancements in technology, such as blockchain and artificial intelligence, are expected to play a significant role in shaping the future landscape of the industry, enhancing security, improving efficiency, and creating new value propositions for both consumers and businesses. This will necessitate continuous adaptation and innovation from market participants to maintain competitiveness in a rapidly evolving technological and regulatory environment. We estimate a market size of $2 trillion in 2025, growing at a CAGR of 10% from 2025 to 2033.

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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 prevalence of online transactions. The digital shift in consumer behavior, fueled by the convenience and accessibility of e-commerce platforms, is leading to a surge in credit card payments. Another key trend shaping the market is the adoption of mobile biometrics for payment processing. This advanced technology offers enhanced security and ease of use, making it an attractive option for both consumers and merchants. However, the market also faces challenges. In developing economies, a lack of awareness and infrastructure for online payments presents a significant obstacle. Bridging the digital divide and educating consumers about the benefits and security of online transactions will be crucial for market expansion in these regions. Effective strategies, such as partnerships with local financial institutions and targeted marketing campaigns, can help overcome this challenge and unlock new opportunities for growth.

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

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free SampleThe market continues to evolve, driven by advancements in technology and shifting consumer preferences. Payment optimization through EMV chip technology and payment authorization systems enhances security and streamlines transactions. Cross-border payments and chargeback prevention are crucial for businesses expanding globally. Ecommerce payment solutions, BNPL solutions, and mobile payments cater to the digital age, offering flexibility and convenience. Payment experience is paramount, with user interface design and alternative payment methods enhancing customer satisfaction. Merchant account services and payment gateway integration enable seamless transaction processing. Payment analytics and loyalty programs help businesses understand customer behavior and boost retention. Interchange fees, chargeback management, and dispute resolution are essential components of credit card processing. Data encryption and fraud detection ensure payment security. Multi-currency support and digital wallets cater to diverse customer needs. Customer support and subscription management are vital for maintaining positive relationships and managing recurring billing. Processing rates, settlement cycles, and PCI compliance are key considerations for businesses seeking efficient and cost-effective payment solutions. The ongoing integration of these elements shapes the dynamic and evolving credit card payments landscape.

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 AmericaUSCanadaEuropeGermanyUKAPACChinaIndiaJapanSouth KoreaSouth AmericaArgentinaBrazilRest of World (ROW).

By End-user Insights

The consumer or individual segment is estimated to witness significant growth during the forecast period.The market is a dynamic and evolving landscape that caters to businesses and consumers alike. Recurring billing enables merchants to automatically charge customers for goods or services on a regular basis, streamlining the payment process for both parties. EMV chip technology enhances payment security, reducing the risk of fraud. Payment optimization techniques help businesses minimize transaction costs and improve authorization rates. Cross-border payments facilitate international business, while chargeback prevention measures protect merchants from revenue loss due to disputed transactions. Ecommerce payment solutions provide convenience for consumers and merchants, with payment gateway integration ensuring seamless transactions. Rewards programs and buy now, pay later (BNPL) solutions incentivize consumer spending. Mobile payments and digital wallets offer flexibility and convenience. Merchants can accept various payment methods, including cryptocurrencies, and benefit from payment analytics and conversion rate optimization. Payment volume continues to grow, necessitating robust fraud detection systems and multi-currency support. Customer support is crucial for resolving disputes and addressing payment issues. Alternative payment methods cater to diverse consumer preferences. The payment experience is key

Credit card processors and money transferring companies have witnessed substantial growth fueled by an expanding adoption of electronic payments. Recent trends show a remarkable increase in electronic transactions, with more businesses embracing a credit card-friendly approach. This has directly contributed to burgeoning revenue streams for providers. The heightened use of debit and credit cards, along with solid economic growth that has bolstered consumer spending and per capita disposable income, underpin this upward trajectory. Additionally, digitization trends, accelerated by the push towards e-commerce, have further cemented the integration of cards in everyday transactions, demonstrating the industry's resilience and adaptability to evolving market demands. Shifting economic conditions have significantly impacted revenue volatility for credit card processors and money transfer services. Initially, the pandemic reduced consumer spending, leading to a decreased demand for these services in 2020. Despite this, e-commerce sales surged, permitting some stability in revenue. As the US economy reopened, consumer spending increased, leading to substantial revenue growth in 2021. However, rampant inflation in 2022 dampened e-commerce performance, yet high wage growth kept revenue positive. This inflation also caused consumers to bolster their use of credit cards to cover rising expenses, raising profit. More recently, recessionary fears, spurred by higher interest rates, further constrained consumer spending and corporate expenditures, slowing growth. Despite these challenges, strong e-commerce activities have kept the industry resilient. Overall, revenue for credit card processing and money transferring companies has swelled at a CAGR of 6.9% over the past five years, reaching $147.7 billion in 2025. This includes a 2.7% rise in revenue in that year. Looking forward, economic growth is expected to alleviate recessionary fears and reinvigorate consumer spending. This, coupled with falling interest rates, should enhance market conditions and foster stronger revenue growth trajectories for providers. Increasing emphasis on security through biometric authentication and AI-driven solutions promises to elevate user confidence, making digital payment methods even more attractive. As cash use dwindles, the reliance on digital payment forms will surge, creating opportunities for both established players and emerging entrants. Larger providers will likely wield their financial clout to innovate and expand market reach, while smaller entities may need to differentiate and innovate to sustain competitive advantages. Overall, revenue for credit card processors and money transferrers is forecast to expand at a CAGR of 3.1% over the next five years, reaching $171.9 billion in 2030.

The rewards credit card market is experiencing robust growth, driven by increasing consumer spending, the proliferation of lucrative rewards programs, and the expanding digitalization of financial services. While precise market size figures for the base year (2025) are unavailable, considering the presence of major players like Capital One, American Express, and Chase, alongside numerous regional and niche banks, a conservative estimate places the 2025 market size at approximately $250 billion USD. Assuming a Compound Annual Growth Rate (CAGR) of 8% – a reasonable figure given the market's dynamism and consistent consumer interest in rewards – the market is projected to reach over $400 billion by 2033. This growth is fueled by several key trends: the rising popularity of cashback rewards, the expansion of travel and points-based systems, and increasingly personalized rewards offerings tailored to individual spending habits. Furthermore, partnerships between credit card issuers and major retailers or travel providers enhance the appeal and value proposition of these cards. However, the market is not without its challenges. Increased regulatory scrutiny, stricter lending standards, and the potential for economic downturns could act as restraints on growth. The competitive landscape is highly saturated, requiring issuers to continually innovate and offer compelling value propositions to attract and retain customers. Segmentation within the market is significant, with cards catering to various demographics and spending preferences. Premium travel cards, student cards, and cashback cards all contribute to the market's complexity and its opportunities for growth and differentiation. The continued adoption of fintech and the increasing use of mobile payment systems will further shape the market's evolution in the coming years.