The global Credit Cards Market was valued at over $367 billion in 2020.
Major Players in the Market includes Bank of China, Bank of America, CCB, JP Morgan, BNP Paribas, American Express Company, Visa, Mitsubishi UFJ Finanacial group, Barclays, MasterCard, HSBC Holdings Plc.,
Aug 2020, Bank of America waives fees, defers payments on credit cards, some mortgages and auto loans during coronavirus. Bank of America has joined other card issuers, such as Citi, Chase, Capital One, Discover, Apple and American Express, in offering emergency support to its consumer and small business clients who are experiencing financial hardship because of the coronavirus pandemic. Through its Client Assistance Program, Bank of America is offering assistance to customers on an individual basis, depending on your specific area of need. Relief could include waiving certain account fees, like overdraft fees, and deferring payments on your credit cards, mortgage and auto loans.
Jun2020, China Construction Bank (CCB), one of the country's largest state-owned commercial banks, saw its total number of credit card users exceed 100 million by May this year since the lender formally launched the Dragon card dual-currency credit card in August 2003, the bank said recently. Up to now, social consumption via credit cards issued by CCB reached 20 trillion yuan, according to the bank.
JPMorgan chase partners with finetech start up Marqueta to launch ‘Virtual’ credit cards. The Wall Street giant’s commercial cards team is partnering with Bay Area start-up Marqeta to launch digital-only credit cards. The new function will allow JPMorgan corporate cards to work in mobile wallets such as Apple Pay or Samsung Pay immediately — without having to wait for a physical version in the mail.
A world leader in hospitality, and BNP Paribas, the leading bank in the eurozone, announced that they have concluded a pan-European partnership to launch a unique co-branded payment card. Members of the ALL-Accor Live Limitless lifestyle loyalty program who subscribe to the card will be able to use it for all their day-to-day purchases. Linking up with one of the sector’s best loyalty programs, card users will earn points as soon as they start spending, upgrade to a higher status more quickly, and enjoy special and unforgettable experiences both in the Group’s hotels and across the entire Accor ecosystem.
Market segmentation by type includes Fixed Credit card, Mobile Credit Card and payment terminal credit card. By application it has Retail, transportation, bank and others. By Region it has North America, Europe, Asia-Pacific and Row. North America is the dominant region in credit card market. The total purchase volume of general-purpose card brands in the US hit $6.6 trillion in 2019. The largest share of that volume (31%) came from Visa credit cards. The total purchase volume though this card was $2.08 trillion, up by 6.8% compared to 2018. Mastercard credit cards contributed $0.91 trillion in purchase volume, which covered 14% of the total market share.
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