Latest News- Credit Card Payments Market: Consumer or individual is expected to lead the End-user segment during 2025-2029

The Credit Card Payments Market is being driven by Rising number of online transactions

The Credit Card Payments Market is expected to grow at a CAGR of 8.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 181.9 billion. In the current business landscape, the surge in mobile device usage for financial and e-commerce transactions signifies a significant shift in consumer behavior. This trend is driving the rapid advancement of biometric technologies, such as fingerprint recognition, voice recognition, iris recognition, signature recognition, keystroke recognition, and facial recognition. Integration of these biometric technologies into mobile devices enhances security by ensuring authorized access to personal data and minimizing fraudulent activities in monetary transactions. Multimodal biometrics are increasingly being adopted for individual identification and verification, thereby promoting secure and safe mobile payments in the retail sector. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Consumer or individual
  • Commercial
• Product Type
  • General purpose credit cards
  • Specialty credit cards
  • Others
• Application
  • Food and groceries
  • Health and pharmacy
  • Restaurants and bars
  • Consumer electronics
  • Others
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
  • South America
    • Brazil
    • Argentina
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising number of online transactions
• Growing emergence of mobile apps for shopping transactions
• Increased use of wireless networks

However, the market also witnesses some limitations, which are as follows:

• Lack of awareness of online payment in developing economies
• Threat from open-source payment gateways
• Concerns related to privacy and security

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Market Scope in Credit Card Payments Market Research Report

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Research Analysis Overview

Metal and plastic credit cards issued by banks and financial services providers enable cardholders to make financial transactions for purchases of goods and services, both online and offline. Businesses accept these payment cards in lieu of cash, facilitating seamless billing cycles. Credit cards allow users to borrow money up to a certain credit limit, with the funds due to be repaid during the billing cycle. Financial services companies and banks process these transactions, offering credit card payment services as alternatives to cash. However, credit cards also come with risks such as debt accumulation and credit card fraud.

Market Research Overview

In the dynamic credit card payments market, financial services providers and businesses collaborate to offer seamless transactions for cardholders. Data sourcing and collection are integral components of this process. Companies meticulously evaluate various data sources, such as metal and plastic card manufacturers, banks, and equipment suppliers, based on cost, coverage, and quality. A robust system for managing these relationships and inputs is essential, encompassing sophisticated stock control mechanisms and effective labor management, including management and marketing executives engaged in direct operations. The billing cycle relies on the timely and accurate input of funds from businesses and cardholders, ensuring a smooth debt management process for all parties involved.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/