Tools commonly used in the Credit Card & Other Credit Plans industry for day-to-day tasks and operations.

• Credit scoring software
• Fraud detection software
• Payment processing systems
• Customer relationship management (CRM) software
• Loan origination software
• Risk management software
• Data analytics tools
• Compliance management software
• Mobile payment apps
• Online banking platforms

Common products and services typical of NAICS Code 522320-05, illustrating the main business activities and contributions to the market.

• Credit card companies
• Installment loan providers
• Revolving credit line providers
• Retail store credit providers
• Online payment processors
• Peer-to-peer lending platforms
• Credit unions
• Consumer finance companies
• Business credit providers
• Merchant cash advance companies

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Payment Card Industry Data Security Standard (PCI DSS): A set of security standards designed to ensure that all companies that accept, process, store or transmit credit card information maintain a secure environment. The standard is maintained by the Payment Card Industry Security Standards Council (PCI SSC).
• Certified Fraud Examiner (CFE): A professional certification awarded by the Association of Certified Fraud Examiners (ACFE) to individuals who demonstrate proficiency in fraud prevention, detection, deterrence, and investigation.
• Fair Credit Reporting Act (FCRA) Compliance: A federal law that regulates the collection, dissemination, and use of consumer credit information. Compliance is overseen by the Federal Trade Commission (FTC).
• Consumer Financial Protection Bureau (CFPB) Regulations: A set of regulations issued by the CFPB to protect consumers in the financial marketplace. The regulations cover a wide range of topics, including credit reporting, debt collection, and payday lending.
• Electronic Fund Transfer Act (EFTA) Compliance: A federal law that establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems. Compliance is overseen by the Consumer Financial Protection Bureau (CFPB).

A concise historical narrative of NAICS Code 522320-05 covering global milestones and recent developments within the United States.

• The "Credit Card & Other Credit Plans" industry has a long and rich history that dates back to the early 1900s. In 1914, Western Union introduced the first consumer charge card, which allowed customers to charge purchases at participating merchants. In the 1950s, Diners Club introduced the first universal credit card, which could be used at multiple merchants. In the 1960s, Bank of America introduced the first modern credit card, the BankAmericard, which eventually became Visa. In the 1970s, Mastercard was introduced, and the industry continued to grow rapidly. In recent history, the "Credit Card & Other Credit Plans" industry in the United States has seen significant changes and advancements. In the 1990s, the introduction of online banking and e-commerce led to the development of new payment methods, such as PayPal. In the 2000s, the industry saw the introduction of chip-and-PIN technology, which improved security and reduced fraud. In the 2010s, mobile payments became increasingly popular, with the introduction of services such as Apple Pay and Google Wallet. Overall, the industry has continued to evolve and adapt to changing consumer needs and technological advancements.

The anticipated future trajectory of the NAICS 522320-05 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The credit card and other credit plans industry in the USA is expected to continue its growth trajectory in the coming years. The industry is expected to benefit from the increasing adoption of digital payments and the growing demand for credit cards. The industry is also expected to benefit from the increasing use of mobile payments and the growing popularity of contactless payments. The industry is also expected to benefit from the increasing use of rewards programs and the growing demand for credit cards with low interest rates. However, the industry is also expected to face challenges such as increasing competition from new entrants and the growing regulatory scrutiny. Overall, the industry is expected to continue its growth trajectory in the coming years.

Recent groundbreaking advancements and milestones in the Credit Card & Other Credit Plans industry, reflecting notable innovations that have reshaped its landscape.

• Apple Card: Apple's credit card that offers cashback rewards and a seamless integration with Apple Pay.
• Buy Now, Pay Later: The growing trend of offering installment payment options for online purchases.
• Contactless Payments: The increasing popularity of contactless payments through mobile devices and credit cards.
• Digital Wallets: The growing adoption of digital wallets such as Google Pay and Samsung Pay.
• Credit Card Rewards Programs: The increasing use of rewards programs by credit card companies to attract and retain customers.