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Credit card rewards to exceed US$108bn globally by 2026

Growth will come from an increase in co-branded cards

The value of global consumer credit card rewards will exceed US$108 billion by 2026, rising from US$92 billion in 2022. This 15% growth will be driven by an increase in adoption of co-branded credit cards by retailers to boost repeat user engagement, according to a study from Juniper Research.

The research report, entitled 'Digital Loyalty Programmes: Emerging Trends, Regional Analysis & Market Forecasts 2022-2026', predicts that the global value of credit card rewards will increase, as consumers prefer a single loyalty record, instead of multiple apps or physical cards. The report recommends that merchants should collaborate with loyalty platforms to access this omnichannel approach, or risk losing market share to better-connected competitors.

China - Evolving Market in Digital Loyalty Space
The research found that the value of consumer credit card rewards in China will grow by 18% between 2022 & 2026; as consumer awareness of loyalty programmes rises in the digitally savvy Chinese population. Recently, Ascenda and Visa partnered to roll out a customer loyalty solution for cross-border transactions in China, which the research predicts will fuel user engagement with loyalty programmes, driving growth. Given its digital leadership, the research recommends China as a favourable market to offer coalition-based loyalty programmes via credit cards.

Personal Credit Cards Ahead of Corporate Credit Cards
The report found that the total value of personal credit card rewards will be triple that of corporate credit cards in 2026. While corporate cards are often used for travel, this significantly reduced during the pandemic, with steady growth anticipated as the situation normalises. The research identified personal credit card reward programmes as being high value due to the extremely competitive nature of the market, which has forced reward values upwards. The research recommends that payment providers enter into strategic partnerships with desirable retailers or brands to exploit the full potential of credit card reward schemes, or they will fall behind more appealing alternatives.

The research white paper can be downloaded from Juniper Research's web site at https://www.juniperresearch.com

Sources: Juniper Research / The Marketing Factbook.
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Categorised as:

Customer Experience
Customer Loyalty
Knowing The Customer
Marketing Know-How
Marketing Technology

Have you seen The Marketing Factbook?

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