Credit Card Issuing industry revenue increased over the past five years as consumers increasingly use credit cards as their primary payment method. Positive economic trends have led to a spending rise and, in turn, the volume and value of credit card purchases have continued to climb. Moreover, an increase in online shopping has increased demand. The industry is expected to maintain steady growth in the next five years; however, rising revenue and sustained profit will attract new entrants, which will heighten competition. Competition will also be increased due to cyber security breaches. Industry operators will continue to compete by offering lower rates, flexible payment options and rewards based on spending, in addition to exploring new technologies such as payment through mobile phones. Furthermore, lower unemployment rates and higher disposable income will encourage consumers to use industry services.
This industry issues credit cards, providing the funds required to buy goods and services in return for payment on a full balance or installment basis. Credit cards issued in the United States are not issued directly by Visa, MasterCard or any other payment-solution organization. Rather, Visa, MasterCard and other similar corporations provide the actual payment systems used when payments are made by credit card.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.