Credit cards have revolutionised the way people shop by allowing them to have effortless credit on the go. Users can purchase things even when they are not carrying enough cash. Today, almost every bank and financial institution is offering different types of credit cards. Furthermore, most of the places that offer goods readily accept credit cards as a means of payment. Rapid digital transformation has further presented the need for a non-cash alternative. In addition, purchase on down payments and emergency funding is accelerating the use of credit cards. Technological breakthroughs in blockchain to increase database security has made these cards more accessible and safer. The cumulative force of these factors is projected to bode well for the credit card payment market in the coming years.
Credit Card as a Preferred Method for Buying Electronics to Bode Well for Credit Card Payment Market
Considering increased demand for electronics and its higher prices, credit cards have become an ideal mode of payment method to make purchases. These cards easy to use, safe, and eliminates the need to carry cash. With the increased R&D efforts to build new products with improved features, consumer electronics is likely to flourish. Additionally, advancements in technology in order to meet consumer demand are poised to unlock tremendous growth opportunities for electronic businesses. A trend of shifting consumer preference from single-purpose electronic devices to multi-functional devices has further fuelled the global demand for electronics. The burgeoning growth across electronics industry is promoting the use of credit card payments. As a result of this, the credit card payment market is likely to experience robust growth in the years to come.
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Increased Acceptance of Credit Cards in Developing Countries to Foster Exponential Market Growth
Several developing countries with a growing population are witnessing the growth in acceptance of virtual payment methods, specially, among the working population. This is due to the provided convenience of credit card payment and rise in disposable income. To meet this increased demand, global payment companies are developing innovative solutions. In addition to this, various retail shops and e-commerce websites supporting credit card payments, offer numerous credit card payment incentives. This attracts customers to make purchase, in turn, increasing the overall revenue. Moreover, various governments are trying to improve end-user adoption of digital payments, unlocking tremendous growth opportunities for the credit card payment market.
North America to Stay at Forefront of Credit Card Payment Market Owing to Increased R&D Activities
The rapid adoption of credit cards in North America is expected to aid in sustaining regional dominance in the credit card payment market. Credit card payments are a prominent payment method throughout the region due to excessive demand from grocery, healthcare, hotel, electronics, media, and entertainment industries. Other key factors prolonging the expansion of the regional market include improved digital post-paid card services, the presence of key market players, and increased investments in R&D activities. These guiding factors are expected to unlock a new phase of growth for credit card payment market in North America.
Prominent Market Players
Some of the major players in the credit card payment market include Barclays PLC, Capital One, MasterCard, Synchrony, The PNC Financial Services Group, Citigroup Inc., Bank of America Corporation, American Express, JPMorgan Chase & Co, and USAA.
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