Consumers spending £494 per month more on housing, food and energy bills

1st November 2023 Consumer Lending | #consumer spending

Latest cost of living research from Royal London has revealed how consumers have raided their savings to cover the rising cost of living. The cost of housing, food and energy bills have risen by an average of £494 a month by September this year when compared with August 2022. In the fourth wave of its…

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Report highlights APP scam threat

31st October 2023 Consumer Lending |

New figures released by the Payments Systems Regulator (PSR) has shown for the first time, the full extent of how well banks and other payment firms performed in tackling APP scams and how they treated those who fell victim in 2022. The report showed that  TSB fully reimbursed 94% of the APP scam cases reported…

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Half of all payments made using debit cards

19th September 2023 Consumer Lending | #payments

The total number of payments (consumer and business) in the UK last year increased to 45.7 billion, up from 40.4 billion in 2021 according to data analysis by UK Finance. Payments made by businesses accounted for 13 per cent of the number of all payments made in the UK during 2022. However, due to the…

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33% of eCommerce spend to be cross-border by 2028

A new study from Juniper Research, the foremost experts in payments, has found the value of cross-border eCommerce will exceed $3.3 trillion in 2028, from $1.6 trillion in 2023. With disposable income rising in developing markets, eCommerce merchants and marketplaces are pivoting towards them. Given the prevalence of alternative payment methods in developing markets, such…

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Digital wallets transaction value to surpass $16tn by 2028

10th July 2023 Consumer Lending | #payments

A new study from Juniper Research has found that the total value of digital wallets transactions will rise from $9 trillion in 2023 to $16 trillion in 2028, a growth of 77%. The trend is driven by growth across both developed and developing markets, as the increased adoption of advanced services such as BNPL (Buy Now…

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More consumers are turning to credit to help cover the soaring cost of living

As inflation continues to squeeze finances, savings are being depleted and more are turning to credit to help cover the soaring cost of living — including overdrafts, which have seen a 7.1% growth since August 2021 according to new TotallyMoney research. The analysis estimates that each month 15.5 million adults (30%) are dipping into their…

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Global online payment fraud costs to exceed $362bn in next 5 years

26th June 2023 Consumer Lending | #payment farud

A new study from Juniper Research has forecasted that merchant losses from online payment fraud will exceed $362 billion globally between 2023 to 2028, with losses of $91 billion alone in 2028. A rise in eCommerce transactions in emerging markets is driving this growth. Merchants there are facing new threats, such as increased use of…

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Outstanding balances on credit card accounts have grown by 9.6%

19th June 2023 Consumer Lending | #credit cards

Latest UK Finance card spending data on outstanding balances on credit card accounts have grown by 9.6 % according to its latest update for March 2023.  Outstanding balances on credit card accounts have grown by 9.6 % over the twelve months to March and 50.3 % of outstanding balances incurred interest compared to 52.3 %…

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Digital prepaid card usage predicted to surge by 650% globally by 2028 

1st June 2023 Consumer Lending | #payments

A new study from Juniper Research has predicted that the value of digital prepaid card transactions will exceed $3.98 trillion globally by 2028, up from $528.7 billion in 2023. Juniper says that by 2028, the value of digital prepaid card transactions will represent just under 60% of total prepaid cards spend, up from 15% in 2023,…

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One in four use BNPL when buying online

New research from TransUnion has found that nearly four in 10 (38%)  adults are using buy now, pay later i(BNPL) when shopping online, which is consistent with the previous year. More than half (53%) of those that used buy now, pay later in the past 12 months spent a total of between £100 and £499…

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Households card spending increases 4%

Household spending increased last month but continued to trail behind inflation rates, according to new figures from Barclays. The figures showed that consumer card spending rose four per cent year on year in March, less than half the latest CPIH inflation rate of 9.2 per cent, as consumers made further cutbacks to cope with the cost-of-living…

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Consumer credit rates show signs of peaking

Analysis of the latest Bank of England data on average quoted household rates from Freedom Finance has raised hopes that the cost of consumer credit may now be starting to fall. Coinciding with decreases in inflation, the data shows that rates on all major forms of consumer credit have declined between the end of 2022…

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Consumer spending grew just 5.9 per cent in February

Consumer card spending grew just 5.9 per cent year-on-year in February, below the latest CPIH inflation rate of 8.8 per cent, owing to a reduction in discretionary purchases amidst the ongoing the cost-of-living squeeze according to latest data from Barclays. Growth rates were also impacted by the lifting of Omicron Plan B restrictions last year,…

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