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

Global Credit Card Market size was valued at USD 489.4 billion in 2021 and is poised to grow from USD 521.8 billion in 2022 to USD 961.2 billion by 2030, growing at a CAGR of 7.78% in the forecast period (2023-2030).

A credit card is a piece of metal or plastic that is provided by a bank or financial services provider that enables cardholders to borrow money in order to make purchases from various sorts of businesses. Also, the credit cards offered by banks and other fintech companies enable customers to buy various services on credit without having to pay in cash at the moment of sale. Instead, a debt that must be paid off on a monthly billing cycle is accrued for the costs, giving the buyer more time to gather the necessary funds.

The demand for convenient alternatives to cash is increasing, and there are more affordable credit cards available everywhere, which is boosting the size of the worldwide credit card payments market. Also, the increasing demand for credit cards in developing countries has a favorable effect on the market expansion. The expansion of the credit card payments market, however, is anticipated to be hampered by factors like the global uptick in credit card fraud. On the other hand, throughout the forecast period, technical advances in product offerings, such as the use of blockchain for greater security, are anticipated to offer lucrative potential for the expansion of the market.

US Credit Card Market is poised to grow at a sustainable CAGR for the next forecast year.