New York, June 22, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of its report “Credit Card Global Market Report 2021: COVID-19 Impact and Recovery To 2030” – https://www.reportlinker.com/p06097041/?utm_source=GNW
and Capital One Financial Corporation.
The global credit card market is expected to grow from $100.05 billion in 2020 to $103.06 billion in 2021 at a compound annual growth rate (CAGR) of 3%. The growth is primarily due to the companies rearranging their operations and recovering from the COVID-19 impact, which had previously led to mitigating containment measures related to social distancing, remote working and the closure of commercial activities leading to operational restrictions. led to challenges. The market is expected to reach $107.69 billion by 2025 at a CAGR of 1.1%.
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The credit card market consists of the sale of credit card services by entities (organizations, sole proprietors and partnerships) engaged in the storage, processing and transmission of payment card information. Credit cards are payment cards issued by banks and financial institutions that can be used to borrow money.
Credit cards are mostly used for short-term financing of consumer goods and services. The credit limit is preset depending on the creditworthiness of the borrower and credit card holders charge monthly interest by the credit card provider.
Only goods and services traded between entities or sold to end users are included.
The credit card market covered in this report is segmented by type into rewards card, credit card, travel credit card, balance transfer card, others, by card type in base, signature, platinum, by service provider in visa, master card, rupay, others.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The impact of COVID-19 on a new credit card is expected to hinder the growth of the credit card market. Consumers are calling back when applying for credit cards and reducing credits as there are fewer opportunities to spend money due to the economic recession.
Also, digitally-focused companies such as Apple, announcing the satisfactory adoption of their Apple Card, noted lower spending across the board. According to data from Equifax’s Weekly US National, Consumer Credit Trends, published in July 2019, approvals for general bank credit cards averaged about 1.2 million new cards per week through mid-March. The number of new accounts opened fell to 672,000 in the week of March 29 and continued to fall to less than 500,000 new cards per week. Therefore, the impact of the COVID-19 recession is slowing the growth of the credit card market.
In January 2018, Scotiabank, a Canadian-based financial services company, announced that its Colombian subsidiary, Banco Colpatria Multibanca Colpatria SA (Banco Colpatria), has acquired Citibank’s consumer (retail and credit card) and small and medium-sized businesses in Colombia for an undisclosed amount. amount. Through this acquisition, Citibank will enable Scotiabank to serve new customers in Colombia and increase scale within the Colombian banking sector, as well as the other Pacific Alliance economies of Mexico, Chile and Peru. Citibank, a US-based financial services company engaged in providing a wide range of credit card, banking, investment and wealth management services.
Rising demand for credit cards is expected to fuel the growth of the credit card market over the forecast period. The rising demand for consumer credit and the benefits that credit cards provide are encouraging individuals to use credit cards.
According to TransUnion CIBIL Limited, an India-based credit information company, credit card debt and the number of accounts increased by 40.7% and 29.8% respectively with 44.5 million cards in circulation in 2019. Therefore, rising demand for credit cards is driving the growth of the credit card market.
Growing technological innovation is a major trend that is gaining popularity in the credit card market. Major companies are focusing on providing digital prepaid card services in emerging economies to attract a large customer base for a prepaid credit card.
For example, in June 2020 Grab Holdings, Inc., a multinational ride-hailing company based in Singapore, in partnership with the Mastercard alliance, launched a new card to enable cashless payments in the Philippines. With the card linked to Grab’s prepaid wallet, which includes 53 million global merchants who accept Mastercard, users can pay for anything online.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06097041/?utm_source=GNW
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