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Credit cards worldwide - Statistics & Facts
Statistical Chart
https://datatopics.worldbank.org/g20fidata/# https://www.bis.org/cpmi/publ/d144.pdf https://www.worldbank.org/en/publication/globalfindex https://www.worldbank.org/en/publication/globalfindex
Revolutionizing Credit Cards: Innovations in Contactless Payments, AI Security, and Sustainability
Credit cards are an essential part of the payment field worldwide, allowing for both personal and business transactions. According to the projection for 2024, the credit card market has shown a significant increase with the growing preference for cashless transactions, digital wallets, and e-commerce. The major players in the global credit card market are Visa, Mastercard, American Express, and Discover, which collectively dominate the area.
From 2024 onwards, VISA and Mastercard dominated the global credit card market, issuing nearly 4.2 billion cards. E-commerce, contactless payments, and integration with mobile wallets, like Apple Pay and/or Google Pay, are seen as key growth drivers. Moreover, credit cards are getting redefined in partnerships between card issuers and fintech, complete with features like flexible credit limits, reward points, biometric verification, and more.
Credit cards are for early adopters in the countries of Asia-Pacific and Latin America with an average focus on economic growth and financial inclusion. On the other end of the spectrum, developed regions like North America and Europe are top users of credit cards, chiefly on account of online shopping and international travel. Sustainability considerations around eco-friendly carbon visit cards made from recycled material and carbon offset programs by companies are also considered important.
The credit card industry is ready for exciting revolutions in response to evolving customer needs and demands. The acceptance of contactless payment has picked up so much that more than 60% of card transactions handled globally are contactless, prompted by the comfort it offers in terms of no touch and the security it provides, in addition to the current global threat of COVID-19. Credit card networks are considering joining hands with fintech companies on cross-border payments to minimize transaction costs and boost exchange rate competitiveness, providing methods for spending across borders with more ease and hence at lower expense. In the context of safety, the advancements in big data and AI are significantly reducing financial fraud, introducing advertising promotions, and tailoring services to customers' spending preferences. Meanwhile, the community-driven issues, notably keen on sustainability, are taking a pivotal stance at both big shots in the industry: Mastercard and Visa. Both look forward to launching programs where going green is the focus, namely through credit cards made of recycled materials and carbon offsets, as an enterprise that pays well with the savvy green consumer. These initiatives will not only enhance the demand and use of credit cards. Also, it improves the cement industry's reputation as a strong driver of innovation and corporate social responsibility.
Credit cards are indispensable in global commerce, garnering billions of transactions annually. The market is ruled by enormous competitors such as Visa and MasterCard but is now undergoing a new tide of changes through trendy products such as contactless payments, the integration of mobile wallets, and security based on AI. As issuers craft new, eco-friendly variety options, growing markets are accepting credit cards at a rapid pace. The evolution of consumer wants and technologies is reshaping credit cards as a key apparatus of e-commerce, travel, and daily shopping.
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