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Artificial Intelligence

Charge Card Market to Reach $6.2 billion, Globally, by 2032 at 11.3% CAGR: Allied Market Research




Allied Market Research published a report, titled, “Charge Card Market by Type (General Purpose Charge Card, Retail Charge Card, Travel Charge Card, Business Charge Card, and Others), Issuer (banks and NBFCs), and End User (Individuals, Corporate, and Government): Global Opportunity Analysis and Industry Forecast, 2023–2032″. According to the report, the global charge card industry generated $ 2.2 billion in 2022 and is anticipated to generate $ 6.2 billion by 2032, witnessing a CAGR of 11.3% from 2023 to 2032.

Charge card providers are constantly evolving their services to meet the changing needs of consumers and businesses. These innovations include enhanced rewards programs, flexible payment options, and advanced security features.

(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)

  • 125 – Tables
  • 69 – Charts
  • 400 – Pages

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Prime Determinants of Growth

The charge card market’s growth is influenced by several key determinants and growth factors. Consumer spending habits play a pivotal role. As people increasingly embrace digital payment methods and seek rewards, charge cards, known for their premium perks and lack of revolving credit, have attracted a niche but growing customer base. Furthermore, economic conditions are critical. During periods of economic prosperity, consumers are more inclined to opt for charge cards, as their financial stability allows them to clear their balances in full each month. Technological advancements play a crucial role. The integration of contactless and mobile payment options into charge card offerings can make them more appealing to tech-savvy consumers. Thus, the charge card market’s growth is shaped by consumer spending habits, economic conditions, strategic partnerships, regulatory changes, and technological innovations. Understanding these determinants and adapting to evolving consumer preferences and market dynamics are key for stakeholders in the charge card industry to thrive in this competitive landscape and further stimulate the growth of this market.

Report Coverage & Details:

Report Coverage


Forecast Period


Base Year


Market Size in 2022

$ 2.2 billion

Market Size in 2032

$ 6.2 billion


11.3 %

No. of Pages in Report


Segments Covered

Type, Issuer, End User, and Region.


Increasing adoption of digital payment methods and the convenience

Attractive reward programs

This emphasis on secure financial transactions


Growing innovation in charge card offerings


Charge cards are not as widely accepted as credit cards

Charge cards come with high annual fees

COVID-19 Scenario

  • During the COVID-19 pandemic, consumer trends, preferences, and budget constraints had a profound impact on the charge card market. As people adjusted to the new normal of remote working and social distancing, there was a notable shift in spending habits. Many consumers became more cautious with their finances, leading to a preference for charge cards over traditional credit cards.
  • In addition, the pandemic emphasized the importance of financial responsibility. Consumers grew more conscious of their spending and focused on paying off their credit card balances promptly. Charge cardholders, who must typically pay their balances in full each month, found this discipline to be an advantage. Thus, the charge card market faced initial challenges due to reduced travel and entertainment spending during the pandemic.

The general-purpose charge card segment to maintain its leadership status throughout the forecast period

Based on type, the general-purpose charge card segment held the highest market share in 2022, accounting for more than one-third of the global charge card market revenue and is estimated to maintain its leadership status throughout the forecast period, this was attributed to the increasing adoption of digital payments and the convenience they offer. The rise of e-commerce and online shopping further fuels the demand for these cards and is expected to aid market growth. However, the travel charge card segment is projected to manifest the highest CAGR of 14.7% from 2023 to 2032, owing to the fintech companies have entered the market, introducing innovative features such as real-time expense tracking, and budgeting tools, enhancing the overall user experience. Cross-border travel is also contributing to the growth, with more people exploring international destinations, which is expected to positively impact market growth.

The banks segment to maintain its leadership status throughout the forecast period

Based on issuer, the banks segment held the highest market share in 2022, accounting for more than two-thirds of the global charge card market revenue, as financial institutions leverage their vast customer bases and distribution networks to promote charge cards, increasing market penetration. In addition, the rise of digital banking and e-commerce has expanded the need for convenient and secure payment options, fueling the demand for charge cards, which is driving the growth of the market. However, the NBFCs segment is projected to manifest the highest CAGR of 13.5% from 2022 to 2032, as NBFCs often introduce innovative features and rewards programs on their charge cards, attracting more users and increasing card usage. These companies leverage digital technologies for efficient and convenient card management, appealing to tech-savvy customers.

The corporate segment to maintain its leadership status throughout the forecast period

Based on end user, the corporate segment held the highest market share in 2022, accounting for nearly half of the global charge card market revenue, corporate end users are influencing market trends by seeking cards that offer enhanced features and benefits. They are driving innovation in charge card offerings, pushing providers to offer rewards, expense management tools, and robust reporting capabilities. This competitive environment fosters product development and diversification, further stimulating market growth. However, the individuals segment is projected to manifest the highest CAGR of 13.4% from 2022 to 2032. Consumer preferences and spending patterns are key drivers of market trends. When individuals prioritize charge cards over traditional credit cards, they contribute to the growth of this niche market segment. Their choices are often influenced by factors such as a desire for responsible spending, avoiding interest charges, and enjoying premium card benefits.

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North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, This can be attributed to the adoption of digital payment technologies and mobile apps in must enhance the user experience for charge cardholders. Features such as digital wallets, real-time spending alerts, and mobile payment options may make charge cards more attractive in the North America region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.5% from 2023 to 2032 and is likely to dominate the market during the forecast period, This growth can be attributed to the rise of fintech companies and startups in the Asia-Pacific region has introduced innovative payment solutions, including digital wallets and peer-to-peer lending platforms, which have increased the overall awareness and acceptance of electronic payments, including charge cards.

Leading Market Players: –

  • American Express Company
  • Bank of America Corporation.
  • Barclaycard
  • Citigroup Inc.
  • Diners Club International Ltd
  • Discover Bank
  • jCB Co., Ltd.
  • Mastercard.
  • The Hongkong and Shanghai Banking Corporation Limited
  • Wells Fargo

The report provides a detailed analysis of these key players in the global charge card market. These players have adopted different strategies such as expansion, merger, and product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario

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Key Benefits for Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the charge card market forecast from 2022 to 2032 to identify the prevailing charge card market opportunity.Market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the charge card market outlook assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes an analysis of the regional as well as global charge card market trends, key players, market segments, application areas, and market growth strategies.

Charge Card Market Key Segments:

By Type:

  • General Purpose Charge Card
  • Retail Charge Card
  • Travel Charge Card
  • Business Charge Card
  • Others

By Issuer:

  • Banks
  • NBFCs

By End User:

  • Individuals
  • Corporate
  • Government

By Region:

  • North America  (U.S., Canada)
  • Europe  (UK, GermanyFranceItalySpain, Rest of Europe)
  • Asia-Pacific  (ChinaJapanIndiaAustraliaSouth Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin AmericaMiddle EastAfrica)

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Artificial Intelligence

Zetrix and Beitou Launch Digital ID & Driver’s Licence Services on Blockchain




Service is the first global W3C-compliant Verifiable Credential implementation and will be initially used by China domestic users travelling abroad
KUALA LUMPUR, Malaysia, Dec. 10, 2023 /PRNewswire/ — Zetrix, a layer 1 public blockchain platform, today announced the launch of its groundbreaking Digital Credentials platform, ushering in a new era of secure, convenient, and interoperable credentials verification. This innovative solution addresses the challenges of traditional paper-based credentials, offering a range of benefits that will transform the way individuals, organisations, and governments interact in the digital realm.

The launch marks the commercialisation of the collaboration announced on 18th September 2023 between Malaysia’s MY E.G. Services Berhad and China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co Ltd (“Beitou”), the IT arm of Guangxi Beibu Gulf Investment Group listed as one of China’s Top 500 enterprises.
The launch was held on 9th December 2023 at Ritz-Carlton Hotel Kuala Lumpur and officiated by Malaysia’s Deputy Prime Minister, Datuk Seri Dr Ahmad Zahid Hamidi.
The service initially will be offered to domestic China nationals who can choose to digitise their National ID or driving licence as a Verifiable Credential (“VC”) on Xinghuo International, the international gateway for China’s national Public Blockchain. Through Zetrix, which is integrated with Xinghuo, the National ID or driving licence VC can then be presented abroad to be authenticated by any verifier wishing to verify the relevant identity or driving licence data according to their needs.
Beitou IT’s integration to China’s nationwide police and transport department databases ensures seamless authentication and digitisation of the documents into VCs.
Furthermore, in view of the immutability of blockchain, verifiers will have the assurance of knowing that the VCs and all data contained in the document are true and genuine.
It is foreseen that besides IDs and driving licences, other important credential documents held by individuals or businesses would also be digitised as VCs in the near future. 
Enhancing Security and Combating Breach of Data
The use of digital credentials, with the initial pilot of driving licences based on blockchain technology will significantly enhance security and combat counterfeiting of electronic licences. By leveraging on the Self Sovereign Identity (“SSI”) framework, Zetrix’s Digital Credentials platform enables the real time verification of documents digitised as Verifiable Credentials, providing a robust defence against fraud and forgery.
“In addition to ensuring authenticity, documents digitised as Verifiable Credentials offer the ability for selective disclosure or confirmation of data. For instance, document holders can have their age or their home location verified without actually having to provide their date of birth or full address. This is extremely useful as it protects raw user data from being shared unless absolutely necessary, thus reducing the possibilities of cyber attacks,” explained TS Wong, founder of Zetrix.
Lai Shuiping, Chairman of the Board of Guangxi Beitou IT Innovation Investment Group Co.,Ltd, Lai Shuiping, said: “The China-ASEAN digital driving license cross-border verification platform is jointly developed by Beitou IT and MYEG. The platform will continue to expand into providing more convenient services for communication between citizens of China and ASEAN countries, and promote economic development across the entire region.”
“In future, Beitou IT will further strengthen cooperation with Malaysian enterprises in the field of transportation digitalisation, and promote continuous improvement of intelligent transportation in ASEAN countries,” Lai added.
Multi-Chain e-Wallet for International Travelers
Zetrix’s Digital Credentials platform also leverages a multi-chain e-wallet that is able to store Zetrix’s native tokens as well as VCs from Xinghuo International and Ethereum. This feature facilitates seamless cross chain transactions and simplifies identity and document verification across multiple scenarios, enhancing the experience for travelling individuals.
The digital credentials service exemplifies the World Wide Web Consortium (W3C) standards of Verifiable Credentials and Decentralised Identifiers as Self-Sovereign Identity. This will be a key catalyst to enable a greater interoperability across blockchains and decentralised applications.
About Zetrix
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
About Guangxi Beitou IT Innovation Technology Investment Group Co Ltd 
Guangxi Beitou IT Innovation Investment Group Co. (Beitou IT) stands as a wholly owned subsidiary of Beibu Gulf Investment Group (Beitou Group), boasting total assets exceeding 300 billion RMB. Established in October 2020 with a registered capital of 1 billion RMB, Beitou IT has emerged as the foremost digital company in Southwest China. Beitou IT strategically concentrates on four primary business domains: ITAI project implementation and operation, IT product R&D, integration and sales, and the development of New Infrastructure. Over the past three years, Beitou IT has successfully undertaken numerous government and enterprise-level projects encompassing digital government, digital transportation, digital port, smart court, and enterprise digitalization.
With a workforce exceeding 400 employees, Beitou IT houses a team of hardware and software engineers, where over 50% hold master’s degrees from esteemed universities. The team includes 2 State Council-subsidized experts, numerous district industrial authorized experts, and a Fin-Tech expert from the ‘Hong Kong, Macao, and Taiwan Talent Project.’ This robust talent pool positions Beitou IT as one of the rare state-owned digital companies capable of independent R&D.
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Artificial Intelligence

Sustainability Empowerment, Brand Upgrade VIVOTEK among Taiwan’s Best Global Brands




TAIPEI, Dec. 10, 2023 /PRNewswire/ — VIVOTEK (3454TW), the global leading IP surveillance solution provider, has been selected to the Best Taiwan Global Brands, and consistently earned market recognition. The three development engines of operational excellence, comprehensive brand management, and active promotion of sustainable actions, have elevated the brand above competition to display outstanding brand value.

Best Taiwan Global Brands is organized by the Industrial Development Bureau, MOEA, and valuation is carried out by Interbrand, a global authority on brand valuation; this year, ESG was also included as key standards of valuation. In 2022, VIVOTEK set a record high in revenue with annual consolidated revenue reaching USD $332 million, achieving a growth rate of 82% compared to the same period in 2021. In addition to displaying operational strengths, VIVOTEK also advocated several sustainable actions, while also encouraging its employees to practice environmental protection both at work and in daily life, further earning the approval of the organizer.
“Being selected to Taiwan’s Best Global Brands is a recognition of the company’s strengths,” pointed out Allen Hsieh, VIVOTEK Spokesperson and Director of Global Marketing Division. “Brand power is not just manifested through the technical aspect of products, but also through the CSR aspect. By embedding ESG into our brand’s DNA, we not only adopt sustainable thinking, but also create a differentiated brand image. In the future, VIVOTEK will continue to empower our brand through ESG, while also constantly promoting smart and green innovations of security and protection technology, steering the brand towards greater value of sustainable development.”
Evolution of the brand is the firm starting point of VIVOTEK’s brand management. Through redefining identity and slogan, “We Get The Picture,” VIVOTEK breaks the limitations of the industry to redefine its brand value, establishing its unique status within the security and protection industry. By grasping the opportunity of technical innovation, VIVOTEK combines its hardware advantage and software capability to expand its deployment of security and protection solutions, becoming a leading solution provider, while also actively exploring the market of AI security and protection, such as: successfully launching innovative VORTEX smart cloud surveillance service that focuses on customer needs and accumulating many successful cases around the world. Recently, VIVOTEK was ranked number 12 among a&s Security 50, reaching the highest spot ever, and this is the very manifestation of the brand’s continued improvement of brand competitiveness.
VIVOTEK is a leading surveillance brand that strives for sustainability and began deploying ESG strategy many years ago. Key measures include voluntary publication of sustainability report for six consecutive years, participation in the RE100 global corporate renewable energy initiative, and promotion of renewable energy applications. More recently, VIVOTEK has incorporated the principle of sustainability into its product box design, reutilizing packaging of its products to create eco-friendly smartphone holders. This marks the first time the brand’s innovative sustainability principle has been extended through its products. VIVOTEK also plans to launch a product carbon footprint project in 2024 to facilitate formulation of comprehensive carbon reduction strategy, further strengthening brand development and upgrading sustainable operations.
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Artificial Intelligence

Belgian Commitment to Partnership Supports a New Frontier of Europe-US Space Research




BRUSSELS, Dec. 10, 2023 /PRNewswire/ — Belgian Prime Minister Alexander De Croo has travelled to Houston, United States, to meet Raphaël Liégeois, the Belgian career astronaut selected as part of the European Space Agency (ESA) astronaut class of 2022. De Croo’s visit coincides with the ESA cohort’s familiarisation trip to NASA’s Johnson Space Centre, which is the precursor to a further two years of training, delivered in Houston, to prepare the astronauts for their respective missions on the International Space Station. The visit signals a new phase of the long-standing collaboration between Europe and the United States on space research and exemplifies Belgium’s commitment to partnerships in facing global challenges.

Belgium’s expertise in aerospace, and in science more generally, is internationally recognised – in terms of both training and industry. Belgium is a founding member of the ESA and its fifth-largest funder. The country’s support of the ESA shows its commitment to shaping the development of Europe’s space capability and ensuring that investment in space continues to deliver benefits to the citizens of Europe and the world.
“For Belgians, the sky isn’t the limit, the universe is,” said De Croo. “Today, we are very proud to see Raphaël take this important step in his career as an astronaut. He will be an important role model for many generations of STEM students to come. Space research and innovation hold particular importance for Belgium; they are powerful economic drivers which foster the growth of high-tech industries and create jobs – as evidenced by the number of Belgian companies on the cutting edge of aeronautics.” 
The 17 members of the ESA astronaut class of 2022 were selected from a pool of over 23,000 applicants. The process, designed to bring together the finest scientific minds that Europe has to offer, took place over a period lasting 18 months.
The selection of Raphaël Liégeois is testament to Belgium’s focus on embracing openness, driven by innovation, partnerships, and diversity, to create solutions that drive progress for all.
About Belgium
Located in the heart of Europe, Belgium is one of the most open economies in the world, counting 11.5 million people with a reputation for innovation, hard work, partnership, and multilingualism. Strategically located between Germany, the Netherlands, France, and Luxembourg, and only a stone’s throw from the UK, it lies at the centre of the richest and most densely populated area in Europe. A member of the European Union, Belgium enjoys full access to the world’s most advanced single market and customs zone which ensures extensive frictionless trade.
Belgium boasts a highly developed transport infrastructure, including the second largest seaport in Europe (Antwerp). Belgium is home to world-leading research and innovation facilities, multinational corporations, and artisanal businesses supported by the investor-centric approach of public services.
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