Fintech PR
Credit Card Payments Market to Reach $1,204.48 Billion, Globally, by 2032 at 8.8% CAGR: Allied Market Research
The growth of the global credit card market is driven by a rise in demand for cash alternatives, availability of affordable credit cards across the globe, and the rise in demand for credit cards among the youths of developing nations.
WILMINGTON, Del., Oct. 23, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Credit card payments Market by Product Type (General purpose credit cards, and Specialty and other credit cards), Application (Food and Groceries, Health and Pharmacy, Restaurants and Bars, Consumer Electronics, Media and Entertainment, Travel and Tourism, and Others), and Brand (Visa, MasterCard, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the credit card payments market was valued at $524.93 billion in 2022 and is estimated to reach $1,204.48 billion by 2032, exhibiting a CAGR of 8.8% from 2023 to 2032.
Download Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/12201
Prime determinants of growth
Rise in demand for cash alternatives and availability of affordable credit cards across the globe boost the growth of the global credit card market. In addition, the rise in demand for credit cards among the youths of developing nations positively impacts the growth of the market. However, factors such as the increase in credit card frauds across the globe are expected to hamper market growth. On the contrary, technological advancements in product offering like using blockchain for increased security is anticipated to offer remunerative opportunities for the expansion of the market during the forecast period.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032  |
|
Base Year |
2022 |
|
Market Size in 2022 |
$ 524.93 billion |
|
Market Size in 2032 |
$ 1,204.48 billion |
|
CAGR |
8.8 % |
|
No. of Pages in Report |
286 |
|
Segments covered |
Product Type, Application, Brand, and Region. |
|
Drivers |
Rise in demand for credit cards in the developing nations. Rise in demand for cash alternatives and availability of affordable credit cards |
|
Opportunities |
Technological advancement in product offering |
|
Restraints |
Increase in credit card frauds across the globe |
The specialty and other credit cards segment to maintain its leadership status throughout the forecast period.
Based on the product type, the general-purpose credit cards segment held the highest market share in 2022, accounting for more than four-fifths of the global credit card payments market revenue, as it offers an array of exclusive rewards and perks owing to which many credit card users are adopting premium cards. However, the specialty and other credit cards segment is projected to manifest the highest CAGR of 11.7% from 2023 to 2032, owing to higher credit or spending limits provided by the banks for these credit cards as compared to others.
Request Customization: https://www.alliedmarketresearch.com/request-for-customization/12201
The travel and tourism segment to maintain its leadership status throughout the forecast period
Based on the application, the food and groceries segment held the highest market share in 2022, accounting for nearly one-fourth of the global credit card payments market revenue. This is attributed to several benefits provided by credit card payments such as shorter queues for transaction, improved customer satisfaction, ability to capture data on customer buying behavior, and surge in adoption of credit card payments in the retail sector. However, the travel and tourism segment are projected to manifest the highest CAGR of 13.0% from 2023 to 2032, owing to rise in adoption of credit card payment technologies such as NFC and RFID among travel and other tourism industries.
The master card segment to maintain its lead position during the forecast period
Based on brand, the visa segment accounted for the largest share in 2022, contributing to more than half of the global credit card payments market revenue, as it provides various benefits to their customers like Visa’s Zero Liability Policy, the cardholder will not be held responsible for unauthorized transactions made with their visa card. However, the master card segment is expected to portray the largest CAGR of 10.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period, provides data, analytical, and cybersecurity services to merchants, individuals, and others which enhances the growth of the market.
Asia-Pacific maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for around half of the global credit card payments market revenue, owing to the presence of prominent merchant banking service providers such as the U.S. Capital Advisors LLC; Bank of America Corporation; and JPMorgan Chase & Co across the region is anticipated to fuel the market’s growth. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.8% from 2023 to 2032 and is likely to dominate the market during the forecast period. The growth can be attributed to favorable demographics, rise in income levels, and growth in regional businesses.
Leading Market Players: –
- American Express,
- Bank of America Corporation,
- Barclays PLC,
- Capital One,
- Citigroup Inc.,
- JPMorgan Chase & Co,
- MasterCard,
- Synchrony,
- The PNC Financial Services Group, Inc.,
- USAA.,
The report provides a detailed analysis of these key players of the global credit card payments market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario
Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/12201
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the credit card payments market analysis from 2023 to 2032 to identify the prevailing credit card payments market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the credit card payments market segmentation assists to determine the prevailing credit card payments market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global credit card payments market forecast.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global credit card payments market trends, credit card payments market outlook, key players, credit card payments market segments, application areas, and market growth strategies.
Credit Card Payments Market Report Highlights
By Product Type
- General purpose credit cards
- Specialty and other credit cards
By Application
- Food and Groceries
- Health and Pharmacy
- Restaurants and Bars
- Consumer Electronics
- Media and Entertainment
- Travel and Tourism
- Others
By Brand
- Visa
- MasterCard
- Others
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Market PlayersJPMorgan Chase & Co, Bank of America Corporation, Citigroup Inc., The PNC Financial Services Group, Inc., Mastercard Incorporated., USAA, Barclays PLC, American Express Company, Capital One, Synchrony Financial
Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):
Fuel Cards Market by Type (Branded, Universal, Merchant Fuel Cards), by Application (Fuel Refill, Parking, Vehicle Service, Toll Charge, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
Contactless Smart Cards Market by Type (Memory, MPU Microprocessor), by Functionality (Transaction, Security and Access control), by Industry Vertical (BFSI, Retail, Healthcare, Hospitality, Transportation and Logistics, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
Digital Gift Card Market by Channel (Brick and Mortor, Digital), by Transaction Type (B2B, B2C), by Card Type (Closed Loop, Open Loop), by Application Area (Consumer Goods, Health and Wellness, Restaurants and Bars, Travel and Tourism, Media and Entertainment, Others), by End Users (Retail Establishments, Corporate Institutions): Global Opportunity Analysis and Industry Forecast, 2023-2032
Gift Cards Market by Card Type (Closed-loop Card, Open-loop Card), by End User (Retail Establishment, Corporate Institutions): Global Opportunity Analysis and Industry Forecast, 2023-2032
Outdoor Payment Terminal (OPT) Market by Type (Contact Payment, Contactless Payment), by Application (Refuel, Carwash, Malls, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
Fingerprint Payment Market by Component (Hardware, Software, Services), by Type of Fingerprint Scanners (Optical Fingerprint Scanner, Capacitive Fingerprint Scanner, Ultrasonic Fingerprint Scanner, Thermal Fingerprint Scanner), by End User (Retail, Government, Transportation, Healthcare, Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Real-Time Payments Market by Component (Solution, Services), by Deployment Mode (On-premises, Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), by Industry Vertical (BFSI, IT and Telecommunications, Retail and e-commerce, Government, Energy and Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high-quality data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]
Allied Market Research Blog: https://blog.alliedmarketresearch.com
BFSI Blog
Logo – https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/credit-card-payments-market-to-reach-1-204-48-billion-globally-by-2032-at-8-8-cagr-allied-market-research-301964253.html
Fintech PR
Amrop, a Leading Global Executive Search and Leadership Consulting Firm, Announces New Office in Japan
BRUSSELS, Jan. 10, 2025 /PRNewswire/ — Amrop, a leading global executive search and leadership consulting firm, appoints JOMON Associates as its new team in Tokyo, marking the group’s re-entry in the Japanese market and adding significant coverage in the Asia Pacific region.
Led by Naohiro Furuta, CEO, JOMON Associates is Japan’s premier leadership advisory firm, offering services in senior Executive Search, Board & Corporate Governance Consulting, Leadership Assessment and Executive Coaching.
With 13 consultants and a team of 30 employees, the firm serves more than 200 companies, constituting about one-third of Japan’s major companies and representing Japan’s key industry sectors, including Industrial & Automotive, Chemicals & Materials, Consumer & Retail, Pharmaceuticals & Healthcare, Finance & Insurance, IT and Telecommunications.
The firm’s deep connection to the local Japanese market is matched by its unsurpassed reputation for quality and its innovative approach to executive search. By offering personalized leadership advisory and board services in addition to its acclaimed recruitment solutions, JOMON Associates is well-positioned to support companies in their quest for transformative leaders.
“Japan is a significant market for executive search and leadership consulting, and we are delighted welcome JOMON Associates to our global team,” says Annika Farin, Chair of the global Amrop Partnership. “We are now able to directly serve multinational companies operating in Japan as well as Japanese companies that are redefining boundaries as they follow their global or regional expansion strategies. Together with JOMON’s uncompromised quality approach and top market positioning, we can be instrumental in assisting these companies with the recruitment of their executive teams and attracting the best talent in new markets. “
“JOMON Associates shares our values and our ambition to continuing serving clients in the premium segment of the market. We feel naturally close to our new partners in Japan and are also proud to announce that Naohiro Furuta will immediately join our Board to help us drive the future of Amrop’s global partnership,” Farin added.
Naohiro Furuta, CEO JOMON Associates, added, “We are very pleased to announce that we have joined the global Amrop Partnership. As the global business environment becomes increasingly complex, the demand for strong and visionary leadership is higher than ever. Japanese companies are also strongly seeking talent to drive innovation and international competitiveness. Through our partnership with Amrop, we will provide our clients with valuable services that combine global insights and local expertise, making a significant impact on the domestic market and contributing to the international success of our clients.”
Amrop’s new Tokyo office is located at Tokyo Toranomon Global Square, 13th Floor, 1-3-1 Toranomon, Minato-ku, Tokyo. The addition of Japan office reinforces the group’s presence in the region, with teams in China, South Korea, India and Australia.
About Amrop
Amrop is a global leadership consulting firm, offering retained executive search, Board and leadership advisory services. We advise the world’s most dynamic, agile organizations on identifying and positioning Leaders For What’s Next – adept at working across borders, in markets around the world. Established in 1977, Amrop operates in Asia, EMEA and the Americas across 69 offices in 57 countries.
Media Contact:
The Amrop Partnership SC
Rue Abbé Cuypers 3
1040 Brussels, Belgium
T. +32 471 733 825
E. [email protected]
Brigitte Arhold, COO
Logo – https://mma.prnewswire.com/media/1755576/Amrop_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/amrop-a-leading-global-executive-search-and-leadership-consulting-firm-announces-new-office-in-japan-302347193.html
Fintech PR
Ultima Markets Wins “Best APAC CFD Broker 2024” Award, Setting New Standards in the Trading Industry
HONG KONG, Jan. 10, 2025 /PRNewswire/ — Ultima Markets celebrated a landmark evening for the financial trading industry as the Traders Fair concluded in grand style. This globally recognised event brought traders, investors, and experts to celebrate excellence together. Ultima Markets has been honoured with the “Best APAC CFD Broker 2024” award, a testament to its leadership in delivering innovative trading solutions, exceptional customer service, and diverse product offering.
Ultima Markets captivated the crowd at its interactive booth, spotlighting its state-of-the-art trading platform and extensive portfolio of financial products. Visitors were drawn by the engaging exhibits and the buzz of the Bitcoin Valuation Challenge—a unique opportunity for attendees to showcase their market expertise in a lively and competitive setting. Winners celebrated with exclusive Ultima Markets merchandise, leaving a lasting impression of the company’s innovative and client-focused spirit.
Reflecting on the recognition, Jack Li, Regional Business Director at Ultima Markets, stated: “This award is more than an accolade; it reflects our dedication to empowering traders through cutting-edge solutions and exceptional service. Engaging directly with our clients, creating enjoyable experiences, and building lasting connections are the driving forces behind our pursuit of excellence.”
In a rapidly evolving financial landscape, Ultima Markets remains steadfast in its mission to lead the industry. The company continues to redefine trading excellence by delivering personalised strategies and introducing innovative tools that open new frontiers in trading, ensuring clients achieve their financial aspirations with confidence.
About Ultima Markets
Ultima Markets is a fully licensed broker and a multi-asset trading platform offering access to 250+ CFD financial instruments, including Forex, Commodities, Indices and Shares. We guarantee tight spreads and fast execution. We have now served clients from 172 countries and regions with our trustworthy services and well-built trading systems.
Ultima Markets has achieved remarkable recognition in 2024, winning prestigious awards such as the Best Affiliates Brokerage, Best Fund Safety in Global Forex Awards, and the Best APAC CFD broker in Traders Fair 2024 Hong Kong. As the first CFD broker to join the United Nations Global Compact, Ultima Markets underscores its commitment to sustainability and the missions to advance ethical financial services and contribute to a sustainable future.
To learn more about Ultima Markets, please visit our website, Facebook, X, Instagram, LinkedIn and YouTube.
Photo – https://mma.prnewswire.com/media/2593698/20250108_101422_TOUCHEDUP.jpg
Logo – https://mma.prnewswire.com/media/2509939/Ultima_Markets_LOGO.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ultima-markets-wins-best-apac-cfd-broker-2024-award-setting-new-standards-in-the-trading-industry-302347790.html
DUBAI, UAE, Jan. 10, 2025 /PRNewswire/ — Bank Alfalah, a leading commercial bank in Pakistan with a network of over 1,000 branches, has announced its acquisition of a 9.9% equity stake in Jingle Pay, one of the fastest growing fintechs in the MENAP region. The Bank’s fintech investment underscores its commitment to driving digital transformation and fostering financial inclusion across key markets.
Jingle Pay has redefined the fintech space with its proprietary AI-powered tech stack already processing over 2 million transactions and facilitating over $1 billion in international money transfers in 2024, saving customers over $6 million in fees. Jingle Pay was recently awarded the top global fintech for remittances into Pakistan.
Jingle Pay has solidified its position as a high-growth fintech leader in the MENAP region, supported by prestigious investors, including MoneyGram, G42-backed Applied AI, and prominent U.S. venture capital firms known for backing global fintech giants like N26 and PayPal, Jingle Pay continues to disrupt the industry. Bank Alfalah’s equity investment and appointment to Jingle Pay’s Board signal a robust partnership aimed at driving growth and innovation. This collaboration leverages Bank Alfalah’s extensive infrastructure to amplify Jingle Pay’s impact on cross-border payments and digital banking, advancing its ambitious vision for the MENAP region.
Jingle Pay provides innovative services, including multi-currency accounts, instant money transfers via the world’s first remittance marketplace, card payments, and last-mile payouts across 150+ corridors in 99+ currencies. Additionally, its Remittance-as-a-Service solution enables banks, FinTech’s, and non-financial institutions to facilitate seamless international money transfers.
Jingle Pay plans to launch its digital banking services in Pakistan in Q1 2025 as a branchless banking mobile app targeting to bring seamless and inclusive financial services to the country’s largely unbanked population. Jingle Pay will leverage Bank Alfalah’s infrastructure to bring seamless banking solutions to millions of customers. The partnership will create synergies in cross-border payments strengthened by shareholder MoneyGram.
As Pakistan’s 5th largest remittance partner, Jingle Pay plays a crucial role in driving global financial flows that contribute significantly to the country’s GDP. Establishing local presence in Pakistan will strengthen its partnership and cross-border capabilities, further cementing Jingle Pay’s position as a leader in the remittance ecosystem.
Leadership Remarks
Farooq A. Khan, Group Head – Corporate, Investment Banking and International Business of Bank Alfalah, emphasized: “This acquisition is a milestone in our journey to lead the digital banking revolution. By combining Jingle Pay’s innovative platform with Bank Alfalah’s resources, we aim to redefine cross-border financial services and deliver exceptional value to millions of users.”
Amir Fardghassemi, Founder and CEO of Jingle Pay, said: “Partnering with Bank Alfalah empowers us to scale our vision of inclusive finance. Together, we aim to enrich the digital economy and create transformative cross-border financial solutions.”
The collaboration also enhances Bank Alfalah’s role in the global Payments ecosystem, strengthening its position as a leader in cross-border financial flows and delivering unparalleled value to customers in the MENAP and beyond.
About Bank Alfalah
Bank Alfalah is a leading commercial bank in Pakistan, with over 1,000 branches across 200 cities and an international presence in the UAE, Bahrain, and Afghanistan. Its heritage and prominence extend over 25 successful years, highlighted by achievements that reflect exponential growth in the country’s financial sector.
The Bank offers various products and services to private-sector institutions and governments, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprises, agricultural, Islamic, and asset financing.
The Bank has established itself as a premier digital bank by introducing various features on its banking app, such as Alfamall, Buy Now Pay Later, and Term Deposit Receipts. It has also launched Pakistan’s first digital lifestyle branch.
About Jingle Pay
Jingle Pay, a UAE born fintech, is the MENAP region’s leading and fastest-growing fintech, specializing in cross-border money transfers licensed by Dubai Financial Services Authority (DFSA). Jingle Pay operates in the UAE, Bahrain, and Pakistan, offering cutting-edge financial services. Backed by global financial institutions like MoneyGram, Bank Alfalah, top-tier U.S. and international venture capital firms that have backed PayPal and N26, as well as G42 backed, Applied AI.
The company provides a wide array of solutions, including Remittance-as-a-Service for financial institutions, enabling seamless global payouts across 150+ corridors and 99+ currencies. Additionally, Jingle Pay operates a B2C app for retail customers, facilitating card payments and international money transfers focused on driving financial inclusion and leveraging AI to redefine cross border payments.
CONTACT: Jingle Pay, [email protected], +971 4 547 7778
Photo – https://mma.prnewswire.com/media/2594862/Jingle_Pay.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bank-alfalah-acquires-strategic-stake-in-uae-fintech-jingle-pay-302347236.html
-
Fintech PR7 days agoBybit x Block Scholes Report: BTC Options Steady with Call-Put Parity, ETH Braces for Short-Term Volatility
-
Fintech PR7 days agoArtificial Intelligence (AI) in Trading Market to Reach USD 35 Billion by 2030, Growing at a 10% CAGR | Valuates Reports
-
Fintech3 days agoAsian Financial Forum held next week as the region’s first major international financial assembly of 2025
-
Fintech PR7 days agoYear-opening Triumph: Arctech Lands a 1.5GW Solar Project Order in the UAE
-
Fintech PR3 days agoOWIT Global Provides Alternative Delivery Models that Adapt to the Continuously Evolving Data Security Demands of the Industry
-
Fintech PR4 days agoHyundai Motor Group Executive Chair Euisun Chung Outlines 2025 Vision Driven by Commitment to Innovation, Overcoming Challenges, and Creating Opportunities in New Year’s Message
-
Fintech PR4 days agoZoomlion Accelerates Global Expansion with Localized Innovations in Saudi Arabia
-
Fintech PR5 days agoPayroll Service Market Anticipates Strong Growth Amid Rising Automation Demand