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Role Of Cashless Transactions In Driving Expansion Of The Consumer Credit Market Driver: A Major Catalyst in the Evolution of the Consumer Credit Market in 2025
Consumer Credit
The growth of the consumer credit market is projected to be fueled by the rising acceptance of cashless transactions. Cashless transactions are digital transfer methods between two parties that eliminate the necessity for physical currency, employing a payment gateway for electronic payment transmission. Lenders in the fintech industry are more inclined to grant loans to those who use cashless payments rather than those who do not, as borrowers' cashless payment histories provide dependable data that enables more effective loan application assessments. Moreover, these borrowers could be offered lower interest rates and face fewer default risks, making cashless payments a more attractive option. For example, the Bangko Sentral ng Pilipinas, a central bank based in the Philippines, reported in July 2024 that the ratio of digital payment transactions to total monthly retail payments in the Philippines rose from 42.1% in 2022 to 52.8% in 2023. Consequently, the rise in cashless transaction adoption is contributing significantly to the growth of the consumer credit market.
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How will the growth rate of the consumer credit market shape industry trends by 2034?
In the past few years, the size of the consumer credit market has significantly expanded. It is projected to increase from $11.74 billion in 2024 to $12.48 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 6.3%. Factors such as economic expansion and wealth, availability of financial services, alterations in lifestyle and consumption habits, housing market trends, and promotional and marketing strategies can be credited for the growth experienced during the historic period.
It is anticipated that the consumer credit market will witness substantial expansion in the forthcoming years, with its valuation projected to reach $15.99 billion in 2029, progressing at a Compound Annual Growth Rate (CAGR) of 6.4%. This rise throughout the forecasted timeframe is pegged to factors like shifting demographics and millennial patterns, outlays for education and healthcare, advancements in credit merchandise, worldwide economic oscillations, and regulatory frameworks. Noteworthy trends predicted during this period encompass broad banking drives, disruption brought about by fintech, education about credit and financial wellbeing, trends impacted by the pandemic and sustainable financing.
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What trends are poised to drive the future success of the consumer credit market?
Creating innovative products is a significant trend gaining traction in the consumer credit industry. Prominent enterprises in this sector are channeling efforts toward crafting cutting-edge solutions like Artificial Intelligence (AI) and data analysis tools to bolster their market foothold. For example, LoanDepot Inc. rolled out an avant-garde digital home equity line of credit (HELOC) in November 2022. This product boasts a user-friendly layout and swift processing time, promising closure as quickly as within a week from applying. It allows customers to obtain an unhindered web-based rate estimate in under five minutes and prequalify without impacting their credit scores. Enabled by digital tools and data, this unique technological platform offers homeowners a viable finance alternative to combat inflation and escalating consumer debt. It exceeds the digital convenience offered by conventional HELOC products.
Which primary segments of the consumer credit market are driving growth and industry transformations?
The consumer credit market covered in this report is segmented -
1) By Service Type: Credit Services, Software And IT Support Services
2) By Credit Type: Revolving Credits, Non-Revolving Credits
3) By Issuer: Banks And Finance Companies, Credit Unions, Other Issuers
4) By Payment Method: Direct Deposit, Debit Card, Other Payment Methods
5) By Application: Individual, Enterprise, Other Applications
Subsegments:
1) By Credit Services: Credit Counseling, Credit Repair Services, Debt Management Services, Credit Monitoring Services
2) By Software And IT Support Services: Credit Management Software, Loan Origination Software, IT Support For Credit Services, Fraud Detection And Prevention Software
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Which geographical regions are pioneering growth in the consumer credit market?
North America was the largest region in the consumer credit market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global consumer credit market report during the forecast period. The regions covered in the consumer credit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the consumer credit market landscape?
Major companies operating in the consumer credit market include Industrial and Commercial Bank of China Limited, JPMorgan Chase & Co., China Construction Bank Corporation, The Bank of America Corporation, WELLS FARGO & CO., HSBC Holdings plc, Citigroup Inc., American Express Company, Mitsubishi UFJ Financial Group Inc., BNP Paribas SA, Capital One Financial Corporation, Barclays plc, Deutsche Bank AG, PayPal Holdings Inc., Synchrony Financial, Discover Financial Services, Navient Corporation, Hilltop Holdings Inc., Affirm Holdings Inc., Afterpay Touch Group Ltd., Zip Co. Limited, Sezzle Inc., Klarna Bank AB
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What Is Covered In The Consumer Credit Global Market Report?
•Market Size Forecast: Examine the consumer credit market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the consumer credit market for a structured understanding.
•Key Players Overview: Analyze major players in the consumer credit market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the consumer credit market.
•Segment Contributions: Evaluate how different segments drive overall growth in the consumer credit market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the consumer credit market.
•Industry Challenges: Identify potential risks and obstacles affecting the consumer credit market.
•Competitive Landscape: Review strategic developments in the consumer credit market, including expansions, agreements, and new product launches.
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