Credit Card Issuance Services Market Research Report By Card Type (Credit Cards, Debit Cards, Prepaid Cards), By Issuing Channel (Banks, Non-Banking Financial Institutions, Fintechs), By Technology (Contactless Payments, Chip-Based Cards, Mobile Payments), By Target Market (Individuals, Businesses, Government Agencies) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Credit Card Issuance Services Market Overview:

Credit Card Issuance Services Market Size was estimated at 468.8 (USD Billion) in 2022. The Credit Card Issuance Services Market Industry is expected to grow from 497.44 (USD Billion) in 2023 to 927.62 (USD Billion) by 2032. The Credit Card Issuance Services Market CAGR (growth rate) is expected to be around 8.1% during the forecast period (2024 - 2032).

Key Credit Card Issuance Services Market Trends Highlighted

The Credit Card Issuance Services Market is witnessing transformative shifts. The proliferation of digital payments has fueled the demand for frictionless and secure credit card issuance processes. Key market drivers include the rise of e-commerce, the growing preference for digital wallets, and increased consumer spending. Opportunities for growth lie in the expansion of cross-border payments, the integration of artificial intelligence (AI) and machine learning (ML) for fraud detection, and the development of personalized credit products. Additionally, the regulatory landscape is evolving, with new regulations aimed at protecting consumer data and fostering competition in the market.

Recent trends have shown a shift towards mobile-first credit card issuance, with mobile apps and digital onboarding becoming the preferred channels. The growing popularity of contactless payments has also driven demand for EMV-enabled credit cards. Moreover, the convergence of financial services and technology is creating new opportunities for partnerships and innovation in the credit card issuance ecosystem. The growing adoption of cloud-based solutions is further streamlining processes and reducing costs for issuers.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Credit Card Issuance Services Market Drivers

Rising consumer preference for digital payments

The increasing adoption of digital payment methods, such as mobile wallets, contactless payments, and online banking, is driving the demand for credit card issuance services. Consumers are increasingly opting for the convenience and security offered by digital payments, which has led to a surge in the issuance of credit cards. The Credit Card Issuance Services Market Industry is expected to witness continued growth in the coming years as more consumers embrace digital payment methods.

Growing e-commerce industry

Apart from that, the rapid expansion of the e-commerce industry is another prime factor bolstering the growth of the credit card issuance services market. Nowadays, numerous people are buying various goods and services via the Internet, and they need reliable and convenient payment methods. In this case, credit cards usually give both consumers and suppliers confidence in the security and safety of transactions.

Expansion of credit card acceptance

Moreover, the acceptance of credit cards in several sectors, such as retail, hospitality, and healthcare, is also contributing to the expansion of the market. Many merchants are now accepting different types of credit cards as a payment method. This has provided more opportunities for customers to use their cards for different types of purchases, and it has ultimately positively impacted the demand for credit card issuance services.

Credit Card Issuance Services Market Segment Insights:

Credit Card Issuance Services Market Card Type Insights

The Credit Card Issuance Services Market is segmented by Card Type into Credit Cards, Debit Cards, and Prepaid Cards. Among these, Credit Cards held the largest market share in 2023, accounting for over 60% of the Credit Card Issuance Services Market revenue. The dominance of Credit Cards can be attributed to their widespread acceptance, convenience, and rewards programs. Debit Cards are expected to witness the fastest growth during the forecast period, owing to the increasing adoption of digital payments and the growing popularity of contactless. Prepaid Cards are also gaining traction, particularly in emerging markets, due to their ease of use and accessibility for unbanked populations. The Credit Card Issuance Services Market is driven by several factors, including the rising adoption of digital payments, the increasing number of online transactions, and the growing popularity of e-commerce. Additionally, the expansion of the middle class in emerging markets is creating a significant growth opportunity for the market. However, the market is also facing challenges, such as the increasing competition from alternative payment methods and the stringent regulatory landscape. Despite these challenges, the Credit Card Issuance Services Market is expected to continue growing at a steady pace in the coming years. The market is projected to reach a valuation of USD 23.5 billion by 2027, exhibiting a CAGR of 5.2% during the forecast period. The growth of the market will be supported by the increasing adoption of digital payments, the expanding e-commerce industry, and the growing middle class in emerging markets.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Credit Card Issuance Services Market Issuing Channel Insights

By Issuing Channel of the Credit Card Issuance Services Market, the market is divided into Banks, Non-Banking Financial Institutions, and Fintechs. The most prevalent channel is Banks, with over 60% of the market revenue in the year 2023. The reasons that enable them to maintain their position are their large customer base, adequate infrastructure, and compliance with numerous regulations. Non-Banking Financial Institutions, such as credit unions and credit card companies, have a substantial market share because they focus on customer segments. Fintechs, with their advanced digital technologies and flexibility of operations, are becoming an increasingly common option, especially in developing countries, reaching more than one-tenth of the market share in the year 2032. Their opportunities comprise better user-specific services and lower operational costs. They are continuously gaining popularity and are forecasted to reach a market valuation of about USD 23.5 billion by the year 2032, growing at CAGR at a value of 4.5%.

Credit Card Issuance Services Market Technology Insights

The technology segment is a key driver of growth in the Credit Card Issuance Services Market. Contactless payments, chip-based cards, and mobile payments are gaining popularity due to their convenience and security features. In 2023, the contactless payments market was valued at USD 12.45 billion and is projected to reach USD 25.37 billion by 2030, exhibiting a CAGR of 9.4%. Chip-based cards are also witnessing significant growth, with the market expected to reach USD 18.44 billion by 2023. These technologies are expected to continue to drive growth in the Credit Card Issuance Services Market in the coming years.

Credit Card Issuance Services Market Target Market Insights

The target market for credit card issuance services encompasses individuals, businesses, and government agencies. Individuals are the primary users of credit cards for personal expenses and financial management. Businesses utilize credit cards for various purposes, such as procurement, travel, and employee expenses. Government agencies also issue credit cards for official use and procurement. The segmentation of the market into these distinct groups enables tailored offerings and marketing strategies to meet the specific needs of each segment.

Credit Card Issuance Services Market Regional Insights

The regional segmentation of the Credit Card Issuance Services Market offers valuable insights into the market's geographical distribution and growth patterns. North America has been a dominant player in the market, accounting for a significant share of Credit Card Issuance Services Market revenue in 2023. The region's developed financial infrastructure, high credit card penetration, and presence of major industry participants have contributed to its strong performance. Europe follows North America as a key regional market, driven by factors such as increasing card usage, favorable regulatory policies, and a growing e-commerce sector. The Asia-Pacific (APAC) region is projected to exhibit the highest growth potential in the coming years, owing to rising disposable incomes, expanding middle class, and increasing adoption of digital payments. South America, the Middle East, and Africa (MEA) regions are also expected to witness steady growth in the credit card issuance services market, which will be supported by improving economic conditions and increasing financial inclusion initiatives.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Credit Card Issuance Services Market Key Players and Competitive Insights:

There is high competition in the market for Credit Card Issuance Services. The major players in the industry develop and implement various strategies and activities that allow them to expand their service portfolio, invest in technologies, and form alliances with other financial institutions. As a result, the quality of services available in the market improves constantly. In addition, the leading companies routinely select their target markets to promote to their selected groups of customers, which can include high-net-worth individuals, start-ups, small businesses, and others. The analysis of the firm’s gender allows them to define their competitiveness, the strengths, and limitations of their activities compared to others. One of the firms leading in Credit Card Issuance is Visa. The company has a strong brand, a presence, and a wide range of offerings. As a result of the firm’s innovations, its consumers can use a wide range of Visa cards, including contactless, wallet, and loyalty products. In addition, the firm has a widespread network of issuing banks and merchants that accept its cards. Visa is positioned as a firm that pays a lot of attention to security and fraud prevention.

A competitor to Visa in the market of Credit Card Issuance Services is Mastercard. It also boasts a strong brand and presence in both developed and emerging markets. The cards offered by the firm are oriented towards various customer groups and are acutely focused on digital. Mastercard develops a variety of payments together with tech firms, conducts big data analytics, and then provides information to the firm's customers. The firm should also be considered strong and competitive in the market.

Key Companies in the Credit Card Issuance Services Market Include:

• RuPay


• JCB International


• BC Card


• Visa


• Mastercard


• Discover Financial Services


• Alipay


• UnionPay


• WeChat Pay


• Discover Network


• Elo


• Diners Club International


• American Express


• Mir


• Verve

Credit Card Issuance Services Industry Developments

The Credit Card Issuance Services Market is projected to reach USD 28.5 billion by 2032, exhibiting a CAGR of 4.95% during the forecast period (2024-2032). The growth of the market is attributed to the increasing adoption of digital payments, rising disposable income, and growing consumer spending. Additionally, the introduction of innovative services such as mobile-based card issuance and contactless payments is further driving market growth. Key industry participants are focusing on strategic partnerships and collaborations to expand their market reach and offer comprehensive solutions to customers. Recent developments include the partnership between Mastercard and Samsung to launch a virtual card issuance platform and the collaboration between Visa and PayPal to enhance cross-border payment capabilities.

Credit Card Issuance Services Market Segmentation Insights

Credit Card Issuance Services Market Card Type Outlook

• Credit Cards


• Debit Cards


• Prepaid Cards

Credit Card Issuance Services Market Issuing Channel Outlook

• Banks


• Non-Banking Financial Institutions


• Fintechs

Credit Card Issuance Services Market Technology Outlook

• Contactless Payments


• Chip-Based Cards


• Mobile Payments

Credit Card Issuance Services Market Target Market Outlook

• Individuals


• Businesses


• Government Agencie

Credit Card Issuance Services Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa