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1. The Trend and Facts of Credit Card
Payment Industry In 2024

2. An Introduction
The concept of in-person shopping may be back, but today's customers who prefer
convenience have started embracing the sheer comfort and convenience of digital
payments. The last few years have seen the rise of the concepts of buy now pay later
(BNPL), masked cards, credit card payments, and QR code-based payments.

3. Credit Card Payment Trends
• According to the latest annual Payments Survey of the British Retail Consortium (BRC),
over 90 percent of retail spending involved credit or debit cards.
• A Forbes Advisor survey from February 2023 revealed that only 9 percent of Americans
use cash to pay for their purchases. Credit and debit cards are the primary payment
methods, with 36 percent of consumers using a virtual/physical credit card and 54
percent using a virtual/physical debit card.

4. Its Dynamics
With the increasing convenience of plastic money options such as credit cards and the rise
of digital transactions, more and more consumers are appreciating and embracing credit
cards as their preferred method of payment. The easy availability of mobile wallets and
the sheer ease of making contactless payments have further bolstered this shift. On top of
this, top credit card processors and issuing banks are leveraging out-of-the-box, seamless,
and secure solutions to satisfy the ever-evolving demands, preferences, and expectations
of the financial landscape.

5. Growth Factors
• Increased Digitization: The growing popularity of digital payment methods like credit
cards is primarily influenced by aspects such as increased security, comfort, convenience,
and speed. This along with contactless payments helps in the exponential acceleration of
the credit card payments market.
• Cross-border transactions & globalization: The rise of international trade and the
evolving connections between world economies have led to a massive surge in cross-
border economic transactions, offering significant impetus to the credit card payments
market.

6. Its Trends #1- Contactless payments
One of the biggest advantages offered by contactless payments is convenience. They allow
customers to make quick, safe, and secure payments even when they aren't in the physical
possession of their debit or credit cards. Leveraging Near-Field Communication (NFC)
technology and Radio Frequency Identification (RFID), contactless payments help
customers avoid long queues. They also help reduce the barrier to entry for small
businesses and startups.

7. Its Trends #2- Digital first approach
A customer-driven, futuristic digital-first approach is being followed by top credit card
processors and issuing banks with the increasing prevalence of digital payments and online
shopping. This includes seamless and state-of-the-art integrations with a wide range of
eCommerce platforms, virtual cards, and online account management.

8. Its Trends #3- Open banking and
integration
In recent years, global governments have focused on fostering open banking initiatives to
enhance collaboration between FinTech companies and financial institutions. It is widely
expected that users will gain 360-degree view and a holistic experience while accessing a
comprehensive suite of financial tools in the months to come.

9. Its Trends #4- Biometric Authentication
Biometric authentication methods such as facial recognition and fingerprint scanning are
gaining immense popularity as the go-to standard for the security of payment methods.
These advanced and out-of-the-box authentication techniques provide an additional
protection layer while facilitating a seamless user experience.

10. Its Trends #5- Personalized Incentives
Today, top credit card processors and issuing banks are finding innovative ways to improve
customer loyalty. This is done primarily by providing personalized incentives and rewards
to customers, based on their purchase habits. The future of credit cards will likely be
accompanied by enhanced customization of incentive and reward programs to maximize
customer satisfaction and engagement.

11. Conclusion
The confluence of multiple trends, the exponential pace of emerging technologies, the
digitization of money, and generative artificial intelligence will greatly influence the growth
of the credit card payments market in the near future. This also means that top credit card
processors and issuing banks should find innovative ways to forge deeper, mutually
rewarding, and sustainable customer relationships while instilling a greater sense of
freedom, independence, and financial empowerment in the minds of consumers. Join
hands with WebPays, one of the world’s most trusted credit card payment solution.

12. THANK YOU