DUBLIN, Feb. 14, 2024 /PRNewswire/ — The “Charge Card Global Market Report 2024” has been added to ResearchAndMarkets.com’s offering.
The global charge card market is projected to expand from $1.99 billion in 2023 to an impressive $2.02 billion by 2024, at a steady compound annual growth rate of 1.4%. This significant market stature is fueled by the dynamic shift towards electronic payments, heightened security protocols, and the burgeoning influence of travel and leisure activities buttressed by alluring rewards programs.
In response to the surging trend of digitization in payments, contactless transaction methodologies, and a marked increase in e-commerce platforms, the charge card industry is well-positioned for continued growth.
By 2028, the market is forecasted to soar to $2.27 billion, echoing a solid compound annual growth rate of 3.0%. The flexibility intrinsic to charge card offerings, devoid of fixed spending limits, is pivotal in empowering customer expenditures, aligning with the escalating consumer spending patterns that pivot the needle in the charge card landscape.
The burgeoning expansion of the charge card market is attributed to the flexibility and unbounded spending potential these financial instruments offer. Renowned brands such as American Express enrich customer experience with an array of premier benefits, from coveted access to airport lounges to comprehensive travel insurance options. Such advantages, coupled with disciplined card usage, are instrumental in enhancing credit scores and providing customers a wider gamut of services ranging from event planning to travel bookings, intensifying the demand for charge cards.
Market Trends & Opportunities
- September 2023 data from the US Bureau of Labor Statistics establishes an upswing in personal consumption, directly impacting charge card demand.
- Market trends highlight a drift towards custom-designed cards, providing consumers with a personalized touch to financial products.
- Innovations like Visa Direct are revolutionizing the market, offering real-time cross-border fund transfers that redefine the convenience of financial transactions.
The charge card market report offers an exhaustive overview of the current industry state and forecasts future trends to assist stakeholders in making informed decisions. The report envelops various segments within the charge card ecosystem, shedding light on the different facets propelling the industry.
Regional Insights
- Asia-Pacific region dominated the charge card market in 2023, positioning itself at the helm of the market’s geographical landscape.
- Western Europe held the second-largest market share, contributing significantly to the charge card market’s overall growth.
As the industry surges ahead, leading companies are extensively profiled in the charge card market report, illuminating their market shares, strategic positions, and operational models.
The report offers a panoramic view of the charge card market dynamics, encapsulating revenue models, transaction processes, and the varied card offerings from gold cards to business-exclusive variants in the space.
Key Markets Covered:
1) by Type: Gold Card; Platinum Card; Plum Card; Business Gold Card; Business Platinum Card; Other Types
2) by Institution Type: Banking Institutions; Non-Banking Institutions
3) by End User: Retail; Corporate; Government/Public Sector
Countries Covered: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Companies Profiled
- American Express
- Diners Club International
- Coutts and Co.
- Chase Bank
- Citibank NA
- Capital One Financial Corporation
- Bank of America Corporation
- Discover Financial Services
- U.S. Bancorp
- Wells Fargo
- Barclays plc
- Navy Federal Credit Union
- Pentagon Federal Credit Union
- United Services Automobile Association
- Visa Inc.
- Mastercard Inc.
- JCB Co. Ltd.
- Equifax Inc.
- TransUnion LLC
- Experian plc
- Credit Karma
- Credit Sesame
- NerdWallet
- Evolution Finance Inc.
- CreditCards.com
- Bankrate LLC
- PayPal Holdings Inc.
- Stripe Inc.
- Braintree
- Authorize.net
- Worldpay Group plc
- First Data Corporation
- Total System Services Inc.
- Global Payments Inc.
- Elavon Inc.
- Heartland Payment Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/990pd0
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SOURCE Research and Markets
