Despite intensified payment competition and rocky economic factors, private label credit cards will maintain their importance in the payments industry in 2023. Retailers should not discount the value they can bring in terms of revenues and loyalty.
While its slow growth suggests that private label credit cards are ceding ground to alternatives like buy now, pay later (BNPL), these cards remain a payments cornerstone. Their rewards programs and ability to expand credit access solidify their place in the ecosystem—and make them a powerful asset for retailers.
Key Question: What are the opportunities for retailers to grow their private label credit card programs?
Key Stat: US private label credit card transaction value will reach $258 billion in 2023—almost four times the size of BNPL transaction value.
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Table of Contents
Executive Summary
Private label credit cards aren’t on the decline despite industry rumblings
Private label credit cards’ unique advantages are pushing growth forward
Competitive headwinds are narrowing private label’s growth opportunities
How should retailers leverage private label in 2024?
Executive Vice President, Chief Strategy Officer and Corporate Development Leader
Interviewed October 24, 2023
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