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Global Credit Card Market to Exceed $1 Trillion by 2033

Growth attributed to increased demand for convenient and flexible payment methods

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  • Written by  Banking Exchange staff
 
 
Global Credit Card Market to Exceed $1 Trillion by 2033

The size of the worldwide credit card market is expected to reach a value of $1.15 trillion in 2033, according to a Spherical Insights report.

The research revealed the global credit card market is projected to grow from $559.18 billion in 2023, with a compound annual growth rate of 7.45% over the next 10 years.

According to Spherical Insights, the growth of the credit card market can be attributed to the rising demand for convenient cash alternatives and increased accessibility of more affordable credit cards.

The report added:  “The increased demand for credit card payments due to customers' increasing emphasis on convenience and flexibility presents a positive outlook for the sector.”

The report also found that North America is expected to hold the largest share of the global credit card market over the next decade.

It credits this to the presence of more reputable banking service providers in America and the growing interest among American consumers in simple and quick payment methods.

Meanwhile, Europe is expected to grow at the fastest pace in the global credit card market during the projected time frame. This growth is driven by the increase in loyalty programs, the expansion of credit card reward points and the rising trend of credit card use among young people.

Spherical Insights also segmented the credit card market by application into food and groceries, health and pharmacy, consumer electronics, media and entertainment and other.

Among these, the food and groceries segment is forecasted to grow at the fastest pace over the next 10 years because customers are most likely to use credit cards for grocery and dining purchases.

Additionally, this segment is appealing for credit card use due to the points or cashback rewards offered for purchases made at restaurants, supermarkets and grocery stores.

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