Credit card payments market worth $1.22 trillion in 2032

The credit card payments industry is undergoing substantial expansion propelled by technological advancements and the growing acceptance of digital transactions.

Credit card payments market worth $1.22 trillion

The sector holds importance in the world economy as credit cards are the favoured payment method for numerous individuals and enterprises globally.

The surge in online commerce and the rising requirement for touchless payment options have bolstered the reliance on credit card payments.

The pivotal role of this industry lies in its capacity to enable smooth and secure transactions, fostering economic growth and enhancing international business activities.

In 2022, the valuation of the worldwide credit card payments market was approximately $536 billion.

It is projected that this market will expand at a compound annual growth rate (CAGR) of 8.87% from 2023 to 2032, reaching a projected value of $1.22 trillion by 2032.

Regional Growth

Market analysis reveals that the Asia Pacific region is poised to lead the worldwide credit card payments market. Factors such as expanding populations, swift urban development, and the growing popularity of digital payment solutions in nations such as China, India, and Japan are key drivers of this trend.

Additionally, the significant presence of international tech leaders and governmental initiatives promoting cashless transactions enhance the region’s prominence in the credit card payments sector.

North America is also expected to hold one of the major market shares during the estimated time frame.

It tends to be attributed to a few factors, including the fast reception of Mastercard in the locale’s economy. Mastercard is used by 70% of the population in the US, with 34% of Americans claiming at least three cards in their control.

Card Types & Sectors

Within the product category spectrum of the global credit card payments sector, it is anticipated that general purpose credit cards will hold a significant market share.

Noteworthy for their widespread acceptance and adaptability for a variety of transactions, general purpose credit cards stand out as the preferred option for consumers.

Furthermore, the inclusion of rewards programs with general purpose credit cards serves as an additional incentive for consumers to opt for them over specialized or alternative credit card offerings.

Given their extensive acceptance and flexibility, general purpose credit cards emerge as the primary product category within this market.

In the realm of the global credit card payments market, the predominant sector is anticipated to be Travel and Tourism.

This assertion stems from the substantial growth experienced by the travel and tourism industry in recent times, with an increasing number of individuals opting to utilise credit cards for expenses related to travel.

As a result, the  of Travel and Tourism is positioned to exert dominance over the global credit card payments market.

Visa Vs Mastercard

Forecasts point to Visa asserting dominance in the landscape of the global credit card payments industry.

As the most widely recognised brand on a global scale, Visa caters to a vast network of merchants and consumers across the world. Visa credit cards are accepted at more than 44 million merchant locations in more than 200 nations and territories globally, as opposed to Mastercard, which is accepted at 37 million merchant locations throughout 210 countries and regions.

While Mastercard also commands a significant presence, it slightly trails behind Visa in terms of market share. Other lesser-known brands retain a smaller footprint and market share in comparison to Visa and Mastercard.

The foremost influential entities in the global credit card payments sector encompass Visa, Mastercard, American Express Company, Discover Financial Services, JPMorgan Chase & Co., Bank of America, Wells Fargo & Company, Citigroup and Capital One Financial Corporation.


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