Consumer Finance

In 2023, store cards in Germany faced stagnant development. Despite a brief resurgence in 2021 and 2022, the category has struggled to return to pre-pandemic levels. The decline is attributed to the growing consumer preference for alternative loyalty…

In 2023, pre-paid cards in Germany displayed a remarkable ability to adapt to post-pandemic changes. This was in contrast to 2022, when pre-paid cards witnessed a decline in transactions and value due to extraordinary circumstances, such as the…

In 2023, financial cards and payments in Germany had to navigate a complex landscape. On the one hand, there was a slow yet steady increase in transactions, particularly in industries such as travel and dining that rebounded as pandemic restrictions…

In 2023, debit cards in Germany maintain their upward trajectory, building on the momentum gained in previous years. The waning impact of the pandemic has accelerated the transition from cash to digital payments, particularly debit cards. This shift…

In 2023, credit cards in Germany witnessed a nuanced recovery characterised by a notable and consistent increase in transaction volume and value. As the nation emerged from pandemic-induced restrictions, industries such as travel and dining -…

In 2023, charge cards in Germany displayed resilience, adapting to the post-pandemic era. The category witnessed a surge in usage, particularly in the commercial segment, with value and transactions sitting marginally below pre-pandemic levels in…

In 2023, Germany’s consumer lending landscape was characterised by a complex interplay of economic challenges and consumer behaviour. While the market was recovering from the COVID-19 pandemic, it faced headwinds from ongoing geopolitical tensions…

In 2023, Germany’s consumer credit market showed signs of cautious optimism. Despite the lingering effects of the pandemic and geopolitical tensions, such as the ongoing crisis in Ukraine, there was a modest rise in consumer lending. However, German…

Consumer lending is growing at a healthy pace in India, driven by evolving lifestyle preferences where consumers strive for a higher standard of living and access to modern amenities. The country’s growing economy, rising disposable incomes, and…

In 2023, card lending - driven by increasing credit card adoption in India - remained the dominant category within consumer credit in gross lending terms. The adoption of credit cards further increased during the year, primarily as consumers’…

Pre-paid card transactions witnessed healthy double-digit growth in transaction volumes over 2021-2022. However, in 2023, the category witnessed a decline in volume of transactions as consumers became increasingly inclined to choose alternative…

A government-led financial inclusion initiative enticed a burgeoning population to embrace the formal banking sector, resulting in further uptake of financial cards, in particular, debit cards, in 2023. The Pradhan Mantri Jan Dhan Yojana (PMJDY)…

A government-led financial inclusion initiative is enticing a burgeoning population to embrace the formal banking sector, which is acting in favour of further driving debit card penetration. The government’s financial inclusion initiative, also known…

Credit cards in India witnessed healthy demand in 2023 as consumers looked to bridge their income gap through smart spending. The adoption of credit cards further increased during the year, primarily as responsibilities in the form of expenditure…

Charge cards in India remained a niche category within financial cards and payments in 2023, largely due to higher eligibility criteria for issuance. Given the higher credit score and minimum salary requirement for a charge card in comparison to…

Loans became more expensive for consumers in 2023, as a result of the European Central Bank's interest rate policy, with rates rising in response to high inflation in the EU since the energy crisis broke out in 2022 and the war in Ukraine began. The…

Consumer credit has experienced a significant drop in all areas of gross lending in 2023. In light of the sharp increases in the cost of living since 2022, Austrians have generally been frugal with expenditure. Individuals are focused on meeting…

As in so many cases, perhaps the biggest story for store cards in the US in 2023 has been the twin forces of high inflation and high interest rates. While inflation has crept down over the course of 2023 in the US, the price increases that have…

Store cards remained a niche in Austria in 2023, continuing a downward trend with a double-digit decline in transaction values despite the continuing shift to card payments. Most consumers in Austria are unfamiliar with store cards, and the usage of…

2023 is likely to go down as the first generally “normal” year of the 2020s. While 2022 saw most companies return to at least some form of hybrid working, the emergence of the Omicron variant early in the year had a significant effect on the overall…

Closed loop pre-paid card transactions in Austria are essentially merchant-issued gift cards, and demand for these continued to increase in 2023. In a time of persistently high inflation with increased prices of essentials such as food and petrol,…

The biggest news of 2023 has been administrative, with the Federal Reserve fighting inflation and the threat of recession. With inflation well above recent norms in 2022, the Fed spent roughly 18 months in a constant dance of deciding whether to…

Although cash transactions continued to play a strong role in Austria, a clear shift from cash to card payments continued in 2023. The outbreak of COVID-19 in Austria further accelerated the change, with consumers appreciating the contactless form of…

Fraud has hit debit cards hard in the US in recent years. Significant increases in card not present fraud have been recorded in the market in 2023, and are a legitimate concern for those in the financial industry. A significant threat to card usage…

Debit card transactions remained the main driver behind the shift from cash to card payments in 2023. Every bank account holder in Austria owns at least one debit card, which is heavily favoured for payments at the POS, with debit card consumers…

Credit cards in the US is set to continue to see robust growth by all measures in 2023. While inflation in the country has generally been at lower levels than in the extreme outlier year of 2022, prices have still grown considerably, and some US…

Driven by a general shift from cash to card payments, which was accelerated by the outbreak of COVID-19, and the continuing travel recovery, credit card transactions saw strong growth in 2023; in both the number of transactions and transition value…

Charge cards as a whole has been performing well in 2023, and it is expected to continue to grow beyond pandemic lows. Consumer spending in 2023 has driven payments across all card types, with the return to travel remaining an important storyline – a…

Driven by a shift from cash to card payments, boosted by the outbreak of COVID-19 and the continuing recovery of travel, charge cards saw solid growth in transaction and value terms. However, growth was at a slower pace compared to credit and debit…

Pre-paid cards in the United Arab Emirates is experiencing a surge in innovation and growth, driven by evolving consumer preferences, technological advances, and the increasing popularity of digital payments. Mobile reloading options, such as bank…

The United Arab Emirates continues its journey towards a cashless society, with the continued adoption of digital payment solutions, contactless cards, and the emergence of supplementary payment platforms or solutions in pre-paid cards that support…

Contactless payments are becoming increasingly popular in the United Arab Emirates, driven by the convenience and safety they offer. Banks are accelerating the adoption of contactless payment technology, embedding NFC (Near Field Communication) chips…

The credit cards category in the United Arab Emirates is set to experience strong growth by all measures in 2023, fuelled by a combination of favourable economic conditions, evolving consumer preferences, and the adoption of new technologies. The…

Aligned with historical patterns, there is expected to be an ongoing decrease in the number of charge cards in circulation in the United Arab Emirates in 2023, even though transaction value is set to show growth across both the commercial and…

Despite rising inflation, increasing mortgage rates and interest rates, consumer lending in the United Arab Emirates remains buoyant in 2023. The local economy’s recovery and expansion are influencing the momentum of consumer lending, but…

Banks in the United Arab Emirates continue to offer attractive card lending offers in 2023. With many credit cards now having appealing credit limits depending on the salary range and credit score of consumers, many banks are offering to convert…

Store cards in South Korea is experiencing a trend of stagnant growth. Despite the enduring appeal of store cards and their unique set of benefits, the growth rates in both 2022 and 2023 feature stabilisation rather than substantial expansion.…

In 2022, South Korea witnessed growth in both the issuance and usage of pre-paid cards in line with greater mobility outside of the home. Shinhan Card, in particular, played a role in driving this growth, reporting a remarkable increase in the retail…

The landscape of card transactions in South Korea is undergoing a remarkable transformation marked by a gradual decline in cash usage. This paradigm shift is primarily driven by the widespread adoption of mobile financial services, a trend that has…

In 2023, the number of debit cards in circulation in South Korea continues to gradually decline following a steady upward trend over 2019-2021. The decline is primarily underpinned by two fundamental factors; namely the declining teenage population…

In 2022, the relaxation of pandemic-related restrictions, including the easing of social distancing rules, heralded a significant shift in local consumers’ behaviour. With a newfound freedom to venture outdoors, a growing number of individuals opted…

Gross consumer lending’s growth is continuing to outperform outstanding balance, driven by card lending, as local consumers spend more with the reopening of society and cross-border travel. However, outstanding balance on card lending (encompassing…

One of the most significant global issues concerning consumer credit is BNPL (Buy Now Pay Later) services, which enable consumers without sufficient funds to make an immediate purchase, locally known as “thin filers”, to obtain goods and pay at a…

At the beginning of 2023, the Thai government launched the Shop Dee Mee Khuen (Shop and Pay tax deductions program) allowing a personal income tax deduction of up to THB40,000. This programme covers a variety of goods and services such as fuel, food…

Store cards continued to register a negative performance in 2023, in terms of both the number of cards in circulation and the value of transactions, continuing the trend established during the review period. This was due to strong competition from…

The Coronavirus (COVID-19) pandemic led to a series of government aid initiatives distributed through pre-paid cards. This contributed to rising awareness among consumers about these financial products and their convenience, especially for…

Pre-paid cards are largely used for commuting and travelling in Thailand, with a considerable amount of closed loop pre-paid card usage accounted for by electronic ticketing on the Thai capital’s public transportation systems BTS and MRT. During the…

Pre-paid cards are benefitting from the Kingdom’s move towards a cashless society – especially so in certain areas. For example, as seen with the uptake of pre-paid cards for the payment of workers’ salaries, notably so for domestic workers. In this…

Despite increased competition from other payment methods, pre-paid cards retains the potential for growth as Malaysia continues to shift towards a cashless society. With the use of cash in long-term decline, a trend accelerated by the Coronavirus…

Pre-paid cards continued to be one of the most popular types of financial card in Italy, particularly in the case of young adults or those without a bank account. However, as with other financial cards, the rise of contactless payments expanded usage…