The Impact of Cashless Transactions on Market Growth: A Key Driver Shaping the Consumer Credit Industry in 2025

The consumer credit report describes and explains the consumer credit market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global consumer credit market reached a value of nearly $11.73 billion in 2024, having grown at a compound annual growth rate (CAGR) of 4.12% since 2019. The market is expected to grow from $11.73 billion in 2024 to $15.98 billion in 2029 at a rate of 6.37%. The market is then expected to grow at a CAGR of 6.03% from 2029 and reach $21.42 billion in 2034.

What strategies are being adopted by key players in the consumer credit market?
The key players in the market are adopting extensive strategies in the consumer credit market such as:
• Growth Through New Launches - Expanding market presence with innovative products.
• Boosting Diagnostics Segment - Strengthening offerings via strategic partnerships.
• Enhancing Market Reach - Leveraging collaborations for advanced solutions.
• Driving Competitive Edge - Combining innovation and alliances for growth.

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To take advantage of opportunities, The Business Research Company suggests that consumer credit companies enhance offerings:
• Revolutionizing Consumer Credit - Offering innovative products for diverse needs.
• Alternative Data for Credit - Using utility bills, rent, and online transactions for assessments.
• BNPL Model Growth - Expanding flexible payment options for consumers.
• Smarter Risk Assessment - Enhancing credit evaluation and fraud detection.
• Micro-Loans & Mobile Credit - Driving financial inclusion in underserved areas.
• Policy & Incentives - Implementing measures to boost consumer credit and economic growth.
What Is Consumer Credit: Market Overview?
Consumer credit is a type of financial arrangement under which borrowers obtain money for personal, household, or family purposes and excludes business or commercial usage. Consumers utilize that credit to acquire goods and services and repay the costs over a defined time instead of paying the full amount upfront. Examples of consumer credits include credit cards, personal loans, auto loans, and installment plans. Repayment is usually done monthly and charges interest. Consumer credit is an important concept because it enhances purchasing power and therefore gives borrowers much-needed flexibility to better manage their expenses, emergencies, or large purchases.
Consumer credit takes a significant role in the economy today in providing individuals with the option to manage their cash flow, invest in necessary goods and services in times of need, or bear unforeseen expenses. For example, consumer credit would allow for the purchase of durable goods, such as home appliances and cars, which might otherwise be unaffordable for the consumer. Consumer credit also cushions demand against emergencies, such as hospital bills and urgent home repairs. However, mismanaged or overextended consumer credit could also create many financial troubles, like high-interest debt and bankruptcy.
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Who Are The Major Companies Operating In The Global Consumer Credit Market?
The top 10 competitors in the market made up 14.69% of the total market in 2023. JPMorgan Chase & Co. was the largest competitor with a 2.38% share of the market, followed by:
• Bank of America Corporation.
• Wells Fargo & Company.
• Citigroup Inc.
• American Express.
• Capital One Financial Corporation.
• Synchrony Financial.
• HSBC Holdings plc.
• Barclays plc.
• Deutsche Bank AG.

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