Credit Card Market Size, Share, Growth Analysis, By Card Type(General Purpose Credit Cards, Specialty, Other Credit Cards), By Application(Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics), By Provider(Visa, Master cards, Others), By Region - Industry Forecast 2024-2031

Credit Card Market Drivers

Rising demand for credit cards arising from developing economies is expected to drive market growth

• The growing use of digital payment methods by the working populations in developing nations like India, Hong Kong, and others is what is driving the expansion of the credit card payments business. Also, a number of nations are concentrating on boosting the use of digital payments for their end users to stop the corona virus's transmission, which is fueling the market growth.

Credit Card Market Restraints

Credit card data breaching may hinder market growth

• Hackers and identity thieves also access private information via dishonest means. They might gain access to a person's physical credit card in small-scale data breaches and use it to make purchases. As an alternative, they might deploy a credit card skimmer, a piece of hardware that records credit card data when users swipe their cards at a machine.

• The implementation of unethical methods like phishing, SQL injections (the placement of malicious code on a web app), or fraudulent online applications or text messages by criminals to gain credit card information results in widespread credit card breaches. These strategies enable criminal’s access to the websites or applications of their targets, giving them the possibility of simultaneously accessing a large amount of information.