KUALA LUMPUR, March 21 (Bernama) -- A new Juniper Research study has found the value of global consumer credit card rewards will exceed US$108 billion by 2026; rising from US$92 billion in 2022. (US$1 = RM4.196)
According to a statement, this 15 per cent growth will be driven by an increase in adoption of co-branded credit cards by retailers to boost repeat user engagement.
The new research, 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 research recommends that merchants collaborate with loyalty platforms to access this omnichannel approach, or risk losing market share to better-connected competitors.
The research found that the value of consumer credit card rewards in China will grow by 18 per cent between 2022 & 2026; as consumer awareness of loyalty programmes rises in the digitally-savvy Chinese population.
In addition, 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.
It 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.
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports, and industry commentary.
-- BERNAMA
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