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Page Length: | 10-12 |
Last Quarterly Update: | 4/7/2025 | |
SIC Codes: | 6021, 6022, 6141, 6153 | |
NAICS Codes: | 522210 |
Chapters Include: | ||
Industry Overview | Trends & Challenges | Industry Forecast |
Quarterly Industry Update | Call Prep Questions | Website & Media Links |
Business Challenges | Financial Information | Glossary & Acronyms |
Companies in this industry issue credit cards used by consumers and businesses to purchase goods and services in return for payment in full or in installments. Major companies include American Express, Bread Financial, Capital One Financial, and Discover Financial (all based in the US), as well as Credit Saison and Mitsubishi UFJ NICOS (both of Japan), and UnionPay (China). Major retailers, banks, and oil and gas companies also issue credit cards.
The number of credit cards in circulation worldwide is expected to reach about 30 billion by 2028, according to Statista. Global payments revenues are likely to rise at a compound annual growth rate (CAGR) of about 5% to $2.3 trillion by 2028, according to Boston Consulting Group (BCG).
The US credit card industry includes about 660 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $130 billion.
Financial transaction processors, such as MasterCard and Visa, provide transaction services for companies that issue credit cards and to merchants that accept credit card payments. That industry is discussed in a separate profile. Many card issuers use the MasterCard and Visa brands.
COMPETITIVE LANDSCAPE
New payment technologies, including contactless, digital, and mobile payments, are disrupting the lucrative global payments industry and forcing credit card issuers to innovate and form partnerships. Changing consumer preferences and attitudes toward debt present additional challenges to the credit card industry. Hyper-connected, debt-averse millennials -- the ...
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