Credit, Collections & Insolvency News
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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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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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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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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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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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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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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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 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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Data from Barclays has revealed that 91.2% of card transactions were contactless last year, up from 85.6% of eligible card transactions being contactless in 2021. The research found that the average contactless user made 220 ‘touch and go’ payments last year, up from 180 in 2021, with the average value per transaction rising 18.5 per cent…
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Consumers Spent £8 billion online in January whilst the use Use of Buy Now Pay Later (BNPL) rose to 12% according to research by Adobe analytics The data shows that UK consumers spent £8 billion online in January, 26.7% less than in December 2022, and a year-on year decrease of 1.4%. It also identified an…
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The Payment Systems Regulator (PSR) has published its latest consultation on guidance to support payment service providers (PSPs – like banks and building societies) with providing correct data when they report their Authorised Push Payment (APP) scams data to the regulator. The PSR wants to see better protections for everyone from APP scams and last…
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A study by the consumer group Which? has found that banks are putting customers at risk of fraud by sending security codes via text. In an investigation into 13 current account providers, The consumer champion’s tests found several banks were missing basic online and app protections. The research comes after 29,102 cases of remote banking…
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