Global Travel Card Market Report and Forecast 2024-2032

Global Travel Card Market Outlook

The global travel card market size is assessed to grow at a CAGR of 6.50% between 2024 and 2032. The market is being supported by the growing trend of international travel and the increasing awareness regarding the benefits of travel cards.

Key Trends in the Market

Travel card refers to a type of card that is specifically designed for travellers. It offers several travel-related benefits and perks like air mile earnings and complimentary access to lounges, hotels, and restaurants. It is universally accepted and provides a secure and convenient alternative to carrying foreign currency.

• Some of the key travel card market trends include growing cross-border travel and rising customer spending on travel. Tourists prefer travel cards that can offer travel-related benefits, provide enhanced safety and convenience, and eliminate transaction fees, among others.

• With rapid digital transformation in the tourism sector, virtual travel cards are increasingly used to centralise travel payments, optimise travel programmes, and gain travel data. Such cards are also simple to integrate, offer enhanced security, facilitate customers to customise payment dates, and provide enhanced control and payment.

• The travel card market growth can be attributed to the rising use of the product by corporates. Businesses increasingly use travel cards to simplify their expense management, prevent the risk of expense fraud or misuse, and offer attractive rewards to employees.

Market Analysis

Based on type, the market is segmented into prepaid card and credit card. On the basis of currency type, the market can be divided into one currency card and multiple currency card. The travel card market segmentation, based on application, includes transaction, communication, and security and access control, among others.

By industry vertical, the market is categorised into corporate/organisation, retail, and government, among others. The major regional markets for travel card include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global travel card market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• American Express Company

• Bank Of America Corporation

• Citigroup Inc.

• JPMorgan Chase & Co.

• Capital One Group

• HSBC Holdings plc

• Caxton Payments Limited

• Revolut Ltd.

• Monese Credit Limited

• Wise Payments Limited

• Others

Market Share by Type

As per the travel card market analysis, travel credit cards are witnessing substantial popularity as they provide various benefits such as lounge access and welcome packages to meet the requirements of frequent travellers. They also offer loyalty points and provide complimentary travel insurance. With the increasing international travel, the demand for travel credit cards in the coming years is likely to surge as they do not require transaction fees and eliminate the hassle of carrying cash.

Market Share by Region

North America accounts for a significant travel card market share due to the presence of leading providers like Citigroup and Bank of America Corporation in the region. There is a growing awareness regarding the benefits and additional perks provided by travel cards, especially among the young population. Providers in countries like Canada and the United States also extensively partner with various airlines, hotels, and restaurants to provide various travel benefits and premium rewards to cardholders.

Meanwhile, the Asia Pacific is anticipated to experience significant growth in the coming years amid rising disposable incomes and the growing tourism sector.

Competitive Landscape

American Express Company, established in 1850, is a prominent travel and financial service provider. It is headquartered in New York, the United States, and its products are used by small businesses, large corporations, and mid-sized corporations.

Citigroup Inc. is a leading banking partner and one of the largest wealth management companies, headquartered in the United States. With a presence in more than 160 countries, the company’s products are used by investors, individuals, corporations, and governments, among others.

Capital One Group is a major strategic marketing communication consultation agency that offers high-quality, customisable, and affordable communication services. Some other services offered by the company include social media marketing, creative design, public relations, and integrated marketing communication, among others.

Other travel card market players include Bank Of America Corporation, JPMorgan Chase & Co., HSBC Holdings plc, Caxton Payments Limited, Revolut Ltd., Monese Credit Limited, and Wise Payments Limited, among others.

Key Highlights of the Report