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…
Read moreNew 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…
Read moreThe 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…
Read moreA 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…
Read moreA 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…
Read moreAs 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…
Read moreA 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…
Read moreLatest 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 %…
Read moreA 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,…
Read moreNew 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…
Read moreHousehold 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…
Read moreAnalysis 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…
Read moreConsumer 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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