Global Consumer Credit Market Report 2023: Increasing Adoption of Cashless Transactions Fuels the Sector

Dublin, June 20, 2023 (GLOBE NEWSWIRE) -- The "Consumer Credit Global Market Report 2023" report has been added to's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global consumer credit market is expected to grow from $10.49 billion in 2022 to $11.17 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The consumer credit market is expected to reach $13.91 billion in 2027 at a CAGR of 5.6%.

Major players in the consumer credit market are The Bank of America Corporation, Barclays PLC., BNP Paribas SA, China Construction Bank Corporation, Citigroup Inc., Deutsche Bank AG, HSBC Holdings PLC., Industrial and Commercial Bank of China Limited, JPMorgan Chase & Co, Mitsubishi UFJ Financial Group, WELLS FARGO & CO, Berkshire Hathaway Inc., Prudential Financial, PrimeLending, Morgan Stanley, Edward D Jones & Co L.P.

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Consumer credit is a type of personal debt used to buy goods and services, including credit cards. In consumer credit, banks, shops, and other businesses offer credit to customers so they can make quick purchases and recoup the cost over time with interest.

The main services provided in consumer credit are credit services, software and IT support services. Credit service refers to the business of providing loans, various types of credit, and credit information to individuals and businesses. The types of credit include revolving credits and non-revolving credits issued by banks and finance companies, credit unions, and others by direct deposit, debit cards, other payment methods for individuals, enterprise, other applications.

Product innovations are a key trend in gaining popularity in the consumer credit market. Major companies operating in the consumer credit market are focused on developing innovative solutions such as Artificial Intelligence (AI) and data analytics to strengthen their position in the market.

For Instance, in November 2022, LoanDepot Inc. introduced an innovative digital home equity line of credit (HELOC). The product features a simple interface and is fast, with a timeframe of as little as seven days from application to closure. Customers may acquire a no-hassle online rate quotation in less than five minutes and pre-qualify without affecting their credit ratings. It is a unique technology platform empowered by digital tools and data.

This innovative new system provides homeowners with an effective financing option for tackling inflation and increasing consumer debt with a level of electronic convenience that is not currently accessible through conventional HELOC products.

In June 2022, National Australia Bank Ltd. (NAB), an Australia-based financial institution acquired Citibank N.A. for an undisclosed amount. This acquisition of Citigroup's consumer division contributes to the company's goal of becoming a top personal bank with a simpler, more digital experience. Citibank N.A. is a US-based consumer bank offering a multitude of banking and financial services.

North America was the largest region in the consumer credit market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the consumer credit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The increasing adoption of cashless transactions is expected to propel the growth of the consumer credit market going forward. Cashless transactions are digital methods of transferring financial transactions between two parties that do not require the use of real currency that uses a payment gateway to transmit payments electronically. Fintech lenders are more likely to issue loans to cashless payment adopters than to non-adopters because the borrowers' cashless payment histories provide lenders with reliable information, allowing for more effective screening of loan applications.

Additionally, these borrowers may benefit from lower interest rates and lower default risks, and with these benefits, borrowers may choose cashless payments. For instance, in July 2022, according to a report published by the European Central Bank, a Germany-based bank responsible for monetary policy in the European Union (EU), the overall number of non-cash payments in Europe increased by 12.5% to $123.63 billion in 2021 compared to the previous year, while the total value increased by 18.6% to $213.26 trillion. Therefore, the increasing adoption of cashless transactions is driving the consumer credit market.

The consumer credit market consists of revenues earned by entities by providing money lending services for closed-end credits and open-end credits. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

Key Attributes:

Report AttributeDetails
No. of Pages250
Forecast Period2023 - 2027
Estimated Market Value (USD) in 2023$11.17 billion
Forecasted Market Value (USD) by 2027$13.91 billion
Compound Annual Growth Rate5.6%
Regions CoveredGlobal

Key Topics Covered:

1. Executive Summary

2. Consumer Credit Market Characteristics

3. Consumer Credit Market Trends And Strategies

4. Consumer Credit Market - Macro Economic Scenario
4.1. COVID-19 Impact On Consumer Credit Market
4.2. Ukraine-Russia War Impact On Consumer Credit Market
4.3. Impact Of High Inflation On Consumer Credit Market

5. Consumer Credit Market Size And Growth
5.1. Global Consumer Credit Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Consumer Credit Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Consumer Credit Market Segmentation
6.1. Global Consumer Credit Market, Segmentation By Service Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Credit Services
  • Software And IT Support Services

6.2. Global Consumer Credit Market, Segmentation By Credit Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Revolving Credits
  • Non-Revolving Credits

6.3. Global Consumer Credit Market, Segmentation By Issuer, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Banks And Finance Companies
  • Credit Unions
  • Other Issuers

6.4. Global Consumer Credit Market, Segmentation By Payment Method, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Direct Deposit
  • Debit Card
  • Other Payment Methods

6.5. Global Consumer Credit Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Individual
  • Enterprise
  • Other Applications

7. Consumer Credit Market Regional And Country Analysis
7.1. Global Consumer Credit Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Consumer Credit Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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Global Consumer Credit Market

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