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Charge Card market Report 2024 – Market Size, Trends, And Forecast 2024-2033
The Business Research Company's Charge Card Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 7, 2024 /EINPresswire / -- The charge card market has experienced robust growth in recent years, expanding from $1.99 billion in 2023 to $2.02 billion in 2024 at a compound annual growth rate (CAGR) of 1.4%. The growth in the historic period can be attributed to the emergence of electronic payments, convenience and security, travel and entertainment, and rewards programs.
Strong Future Growth Anticipated
The charge card market is projected to continue its strong growth, reaching $2.27 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. The growth in the forecast period can be attributed to digital payments, contactless payments, online shopping, security and fraud prevention.
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Growth Driver Of The Charge Card Market
The lack of a pre-set spending limit and greater flexibility in spending contributed to the growth of the charge card market. Charge cards offer financial flexibility with no pre-set spending limit on the purchase, which means more buying power. Additionally, charge cards offer premium rewards, maximize reward points based on spending patterns, and offer a variety of travel and purchase protections.
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Major Players And Market Trends
Key players in the charge card market include American Express, Diners Club International, Coutts and Co., Chase Bank, Citibank NA, Capital One Financial Corporation, Bank of America Corporation.
Major companies operating in the charged card market are innovating new products, such as Visa Direct to increase their profitability in the market. Visa Direct is a payment service offered that facilitates the real-time, cross-border transfer of funds between individuals, businesses, and financial institutions.
Segments:
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
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the charge card market in 2023. Western Europe was the second largest region in the charge card market. The regions covered in the charge card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Charge Card Market Definition
A charge card is a sort of electronic payment card that does not charge interest but requires to pay the statement balance in full every month.
The main types of charge cards are gold cards, platinum cards, plum cards, business gold cards, business platinum cards, and other charge cards. The gold charge card from American Express is an entry-level card and has the benefits of a credit card. The types of institutions involved are banking institutions and non-banking institutions. These are used by a variety of end-users, including retail, corporations, and the government or public sector.
Charge Card Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Charge Card Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on charge card market size, charge card market drivers and trends, charge card market major players, charge card competitors' revenues, charge card market positioning, and charge card market growth across geographies. The charge card market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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