Credit Card Issuance Services Global Market Report 2024

The credit card issuance services market size has grown strongly in recent years. It will grow from $478.09 billion in 2023 to $522.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The expansion in the historical period can be ascribed to patterns in consumer spending, initiatives for financial inclusion, economic growth, loyalty programs, and regulatory changes.

The credit card issuance services market size is expected to see strong growth in the next few years. It will grow to $717.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The anticipated increase in the forecast period can be linked to the adoption of contactless payments, concerns about data security, the emergence of cryptocurrencies, the ascent of embedded finance, and the trends of customization and personalization. Notable trends expected during this period encompass biometric authentication, integration with financial wellness services, real-time payment processing, security applications of blockchain, as well as the utilization of artificial intelligence and predictive analytics.

The anticipated growth in the credit card issuance services market is expected to be driven by an increasing demand for credit cards. Credit cards, offered by banks as credit products, enable users to access loans up to a pre-approved credit limit. Credit card issuers play a crucial role in processing card transactions, managing repayments for approved purchases, and handling chargeback requests. For example, in February 2023, the Federal Reserve Bank of New York reported that credit card balances in the USA rose by $61 billion to reach $986 billion in the fourth quarter of 2022, surpassing the pre-pandemic peak of $927 billion. Consequently, the upsurge in credit card demand is a key factor propelling the growth of the credit card issuance services market.

The expansion of e-commerce is poised to contribute to the growth of the credit card issuance services market in the foreseeable future. E-commerce, denoting electronic commerce, involves the online exchange of products and services. Credit cards enhance the convenience, security, and flexibility of e-commerce transactions, aligning with the increasing trend and popularity of online shopping. As of November 2023, according to the United States Census Bureau, e-commerce sales are projected to increase by 7.6 percent (1.2%) compared to the same period in 2022, with total retail sales increasing by 2.3 percent (0.4%). E-commerce sales are expected to constitute 15.6 percent of overall revenues in the third quarter of 2023. Hence, the surge in e-commerce growth remains a driving force behind the credit card issuance services market.


Technological advancements have become a prominent trend in the credit card issuance service market. Leading companies in the credit card issuance service market are actively developing new technologies to maintain their competitive positions. For example, in February 2021, Marqeta Inc., a US-based modern card issuing platform, introduced an API-driven credit card issuing platform. This platform empowers innovators to launch next-generation credit card programs swiftly, allowing customers to customize credit card features efficiently. The system provides companies with a modern credit record system that can dynamically adjust account settings such as rewards, APR (annual percentage rate), and credit lines in real-time. The collaboration between Marqeta’s card-issuing platform and Deserve Inc.'s digital card expertise is expected to drive further innovation in the credit sector, enhancing consumer card experiences. Deserve Inc. is a US-based mobile-first credit card platform.

Major companies in the credit card issuance services market are adopting a strategic partnership approach to enhance credit access for newcomers. Strategic partnerships involve leveraging the strengths and resources of different companies for mutual benefits. In September 2023, HSBC UK Bank Plc, a UK-based banking and financial services organization, announced a partnership with Nova Credit, a US-based cross-border credit bureau. This partnership enables immigrants to include their overseas credit history when applying for a credit card with HSBC UK. The collaboration with Nova Credit, the world's first cross-border credit agency, allows newcomers in the UK to utilize their overseas credit history efficiently and at no cost when applying for an HSBC UK credit card. Customers applying for an HSBC UK credit card online can share their credit history from a growing list of 12 countries, including the United States, Brazil, Canada, Australia, the Dominican Republic, Kenya, India, Mexico, Nigeria, the Philippines, Switzerland, and Spain.

In March 2021, Mastercard Inc., a US-based payment and technology company, acquired account-to-account-based services, including clearing, instant payment services, and e-billing solutions, from Nets Group for approximately $3.12 billion (€2.8 billion). This acquisition has allowed Mastercard to strengthen its presence in high-growth markets and faster-growing business segments, such as e-commerce. It also marks a strategic shift in Mastercard's business model, focusing on merchant, issuer, and e-security services. Nets Group is a Denmark-based financial services company offering a comprehensive portfolio of credit card issuance services.

Major companies operating in the credit card issuance services market report are JPMorgan Chase & Co., Bank of America Corporation, Citigroup Inc., American Express Company, HSBC Holdings plc., Toronto-Dominion Bank Group, Goldman Sachs Group Inc., Capital One Financial Corporation, Barclays Bank PLC, Visa Inc., U.S. Bancorp, Standard Chartered PLC, PNC Financial Corp., Mastercard Inc., Fiserv Inc., Synchrony Financial, Fidelity National Information Services Inc., Stripe Inc., Wells Fargo & Co., Fifth Third Bank NA, Navy Federal Credit Union, Huntington Bancshares Incorporated, Santander Bank N.A., Giesecke+Devrient GmbH, Synovus Financial Corp., Penfed Federal Credit Union, Marqeta Inc., Entrust Corporation, Comenity Bank, Nium Pte. Ltd.

North America was the largest region in the credit card issuance services market in 2023. The regions covered in the credit card issuance services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the credit card issuance services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary categories of credit card issuance services include consumer credit cards and business credit cards. Consumer credit cards are designed for short or medium-term loans, facilitating payments for personal use, acquiring goods or services, or settling debts related to such purposes. These services are offered by various issuers, including banks, credit unions, and NBFCs, catering to a diverse range of end-users, encompassing both personal and business needs.

The credit card issuance services market research report is one of a series of new reports that provides credit card issuance services market statistics, including credit card issuance services industry global market size, regional shares, competitors with a credit card issuance services market share, detailed credit card issuance services market segments, market trends and opportunities, and any further data you may need to thrive in the credit card issuance services industry. This credit card issuance services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The credit card issuance services market includes revenues earned by entities by providing services such as application processing, credit assessment, card production, card activation and delivery, and customer support. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.