Increasing digital adoption and a shift away from cash support credit card spending in Romania in 2025. However, intense competition from BNPL requires higher, value-added incentives like cashback to attract users amid economic, inflation-related scrutiny.

Credit card circulation and transaction activity increased in the Philippines in 2025 as issuers shortened approval times, expanded digital application routes and pushed lifestyle-led propositions. Growth was supported by no-annual-fee structures, paperless servicing and targeted acquisition of younger consumers, while established banks and new entrants broadened product choice across retail, travel and e-commerce use cases. Fraud risks intensified in 2025, particularly in card-not-present trans

Credit card ecosystem in Poland moving towards a mobile-first, cashless environment in 2025, with credit cards increasingly integrated into digital wallets and also used for enhanced e-commerce experiences. However, BNPL is a growing competitor.

In 2025, credit cards are increasingly integrated with digital wallets like Yape and Plin.

Credit cards continued to strengthen their position in Saudi Arabia in 2025, supported by a broader shift towards cashless payments and continued growth in digital commerce. While inflation and cost-of-living pressures kept some consumers value-focused, product upgrades, rewards-led competition, and expanding acceptance helped sustain momentum. Regulatory reforms introduced by SAMA in 2025 are expected to improve transparency and consumer confidence, while also encouraging broader merchant accep

Credit card transactions in Taiwan surged in 2025, driven by online shopping, the recovery of the travel industry and government-backed contactless payment initiatives. CTBC was the leading issuer, supported by an array of integrated digital services, while HSBC focused on rewards, usability, and security. Expansion of digital-only banks, mobile wallet integration, and transit payment adoption is expected to further boost transactions, especially among younger, tech-savvy consumers, as Taiwan mo

Credit cards saw growth in 2025 driven by an increase in consumer spending and integration into the expanding contactless and mobile payment infrastructure. Banks focused on attracting consumers with targeted promotions and loyalty programmes. Notably, the major retailer, El Corte Inglés, is replacing its store card with a credit card, a move that may pave the way for other companies to follow suit.

Credit card volumes and transaction values increased at a dynamic pace in 2025, supported by the transition to a cashless society and growing credit card use for everyday spending. The expansion of e-commerce also underpinned heavier credit card usage, whilst a wide array of promotional incentives and campaigns encouraged higher transaction values.

Credit cards in Denmark showed a somewhat mixed performance in 2025, with volume and current value transactions rising as circulation numbers declined. These results were in keeping with the pattern witnessed over most of the review period, and reflected the fact that while issuance of new cards particularly personal varieties is waning due to maturity, comparatively high borrowing costs and other factors, existing cardholders are becoming inclined to use these products more frequently, albeit c

In 2025, US credit card circulation and transactions continued to grow, driven by both personal and commercial sectors, with mass affluent consumers particularly incentivised by rewards and premium offerings. Capital One’s acquisition of Discover marked a major structural shift, creating one of the largest combined issuers and initiating a migration of portfolios to the Discover Network. Legal and regulatory developments also shaped the landscape, including a proposed settlement in the long-runn

Credit card numbers and transaction volumes in Turkey continue to rise in 2025, driven by new entrants to the banking system, persistent inflation, and elevated retail prices. Consumers increasingly rely on credit cards to manage daily expenses and preserve purchasing power. At the same time, rapid growth in e-commerce and mobile-based payments, supported by instalment options and smartphone integration, is further accelerating card usage and reinforcing Turkey’s shift toward a more cashless eco

In 2025, credit card usage in Ukraine continued to expand, supported by demand for flexible short-term financing and everyday spending. Transaction volumes rose despite monetary tightening, as banks maintained stable lending conditions. Digitalisation, contactless payments, and co-branded loyalty cards further supported growth. During the forecast period, enhanced fraud prevention measures and rapid fintech expansion are set to strengthen competition and improve consumer protection across the ma

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Hungary’s credit card market continued to mature in 2025, with card numbers declining slightly as alternative financing options gained traction. However, transaction volumes increased as remaining users adopted more disciplined, reward-driven spending and optimised interest-free grace periods. Competition is increasingly focused on fees, digital convenience, and user experience rather than product innovation. Stronger fraud controls and regulatory intervention are reshaping the environment, whil

Strong demand for credit cards, particularly non-bank cards, drove growth in cards in circulation in 2025, supported by competitive incentives such as cashback, discounts, fee waivers, and retail partnerships. Transaction volumes remained strong following a rebound in 2024, although growth slowed in 2025 due to higher interest rates and the VAT increase. Rising living costs have led many consumers to rely more heavily on credit cards to manage everyday expenses.

The number of credit cards in circulation in Morocco continued to rise in 2025, supported by declining borrowing costs, financial inclusion initiatives, and the growth of e-commerce and cross-border transactions. However, a strong cultural aversion to debt, fraud concerns, and strict eligibility criteria limit adoption, with debit cards remaining the preferred choice. Banks are promoting credit cards through targeted campaigns, multi-currency solutions, and partnerships with global networks. Fin

Overall, it was a positive picture for credit cards in Norway in 2025. While the number of cards in circulation fell slightly, there was a healthy increase in transaction value. In addition, the frequency of usage also increased.

Credit cards are no longer in circulation in the Netherlands, following the discontinuation of the Gespreid Betalen Faciliteit by International Card Services (ICS) on 1 October 2024. This facility, which allowed cardholders to repay balances in instalments, was ended as part of a broader push by banks to enhance consumer protection and encourage responsible credit use. With the removal of deferred payment options, credit cards now operate as charge cards, requiring cardholders to settle their ba

Ongoing digitalisation, regulatory alignment with European standards, and a rapid rise in contactless and mobile-based payment solutions all contribute to growth in credit cards in Portugal in 2025. E-commerce also remains a key space for credit cards, due to enhanced purchase protection over debit cards.

Credit cards in Malaysia recorded higher circulation and rising transaction values in 2025, supported by wider acceptance, stronger e-commerce activity and sustained consumer use of incentives such as cashback, rewards and instalments. Contactless functionality reduced friction for everyday spend, while improvements in online and mobile banking made card usage more seamless across retail and bill payments. Credit cards continued to account for the largest share of transaction value, reflecting t

In a difficult economic climate shaped by high interest rates and falling merchant rates, credit card companies are undertaking cost-cutting measures as a way to protect revenues and profit margins. Cards are being discontinued and players are seeking new revenues streams in the commercial sector.

Credit cards saw numbers boosted by easier access to credit for consumers with a relatively low credit score in 2025 due to lower interest rates, a deceleration of delinquency rates and positive economic indicators. However, credit card spending was largely focused on smaller purchases as consumers generally tried to be more prudent in their expenditure.

Credit cards saw robust growth across all metrics in 2025 as local consumers continue to shift towards cashless transactions, especially for high-value purchases and value reward and loyalty programs offered by credit card issuers, such as The Hong Kong & Shanghai Banking Corporation Limited (HSBC), which offers cashback, travel rewards, and exclusive lifestyle benefits that cater to a broad spectrum of consumer needs.

Credit cards in Indonesia expanded in 2025, with cards in circulation and transaction activity rising as issuers simplified onboarding, widened partner ecosystems and reinforced everyday utility in digital channels. While BNPL continues to grow quickly, credit cards remained differentiated for eligible consumers through higher limits, broader acceptance and typically lower pricing versus pay-later products, with travel, e-commerce and lifestyle promotions supporting usage intensity. Policy setti