Dublin, Dec. 09, 2024 (GLOBE NEWSWIRE) -- The "Cash Advance Services Market 2024" report has been added to ResearchAndMarkets.com's offering.
The cash advance services market size has grown strongly in recent years. It will grow from $83.26 billion in 2023 to $91.02 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth during the historic period can be attributed to economic instability, high levels of consumer debt, restricted access to traditional credit, a heightened demand for quick cash solutions, increasing use of credit cards, and elevated interest rates on personal loans.
This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The cash advance services market size is expected to see strong growth in the next few years. It will grow to $131.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth expected during the forecast period can be attributed to rising consumer demand for instant financial solutions, the expansion of fintech companies providing alternative credit products, increased awareness of flexible repayment options, economic uncertainty impacting consumer spending, and a higher use of credit and debit cards.
Major trends for this period include the growing adoption of digital platforms for quick access to funds, greater integration of artificial intelligence for credit assessment, increasing demand for flexible repayment options, the expansion of cash advance services into emerging markets, improved regulatory frameworks for consumer protection, and a rise in partnerships between fintech companies and traditional financial institutions.
The growing demand for immediate cash access is anticipated to drive the expansion of the cash advance services market. For example, in January 2023, Link Scheme Holdings Ltd., a UK-based cash access and ATM network company, reported that the total value of cash withdrawals at ATMs reached £83 billion ($106.54 billion) in 2022, an increase from £79 billion in 2021. Consequently, the high demand for immediate cash access is fueling the growth of the cash advance services market.
Leading companies in the cash advance services market are concentrating on developing innovative technologies, such as point-of-sale (POS) cash advances, to enhance user experiences. For instance, in August 2023, SumUp, a UK-based fintech company, introduced SumUp Cash Advance, a point-of-sale cash advance solution designed to provide short-term financing to merchants based on their payment history. This service is supported by a $100 million credit facility from the alternative investment firm Victory Park Capital (VPC), allowing SumUp to offer advance payments to merchants, with an initial launch in the UK market and plans for expansion to other European countries.
In February 2024, Capital One Financial Corporation, a US-based financial services company, acquired Discover Financial Services for $35.3 billion. This acquisition aims to enhance Capital One's payments and banking capabilities, thereby strengthening its position in the payment network sector. Discover Financial Services is a US-based company specializing in lending products and payment services.
North America was the largest region in the cash advance services market in 2023. The regions covered in the cash advance services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cash advance services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Research Scope
Markets Covered:
1) By Type: Credit Card Cash Advance; Merchant Cash Advance; Payday Loans; Other Types
2) By Deployment: Online; Offline
3) By Service Provider: Bank; Credit Card Companies; Other Service Providers
4) By End User: Personal; Commercial
Key Cash Advance Services Companies: Wells Fargo & Co.; American Express Company; PayPal Holdings Inc.; Square Inc.; Stripe Inc.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $91.02 Billion |
| Forecasted Market Value (USD) by 2028 | $131.5 Billion |
| Compound Annual Growth Rate | 9.6% |
| Regions Covered | Global |
Major Companies Profiled in the Report
- Wells Fargo & Co.
- American Express Company
- PayPal Holdings Inc.
- Square Inc.
- Stripe Inc.
- Worldpay Inc.
- Advance America Cash Advance Centers Inc.
- SoFi Technologies Inc.
- TMX Finance LLC
- ACE Cash Express Inc.
- Speedy Cash LLC
- Lendio Inc.
- Moneytree Inc.
- CAN Capital Inc.
- BlueVine Inc.
- National Business Capital and Services Inc.
- LendNation Inc.
- Fundbox Inc.
- MoneyMutual Inc.
- LendUp Inc.
- Blue Trust Loans LLC
- CashNetUSA Inc.
- Finova Capital LLC
- Payday Express Inc.
For more information about this report visit https://www.researchandmarkets.com/r/rzril3
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