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U.S. Consumer Debt Hits $18.2 Trillion; BNPL Market $175 Billion, Credit Card Delinquencies at 12.31%

Business Bytes

Business Bytes · 2m ago

U.S. Consumer Debt Hits $18.2 Trillion; BNPL Market $175 Billion, Credit Card Delinquencies at 12.31%

U.S. consumer debt has reached a staggering $18.2 trillion, including a rapidly growing Buy Now, Pay Later (BNPL) market worth $175 billion and credit card debt becoming increasingly problematic. Notably, 20% of lower-income individuals and 7% of those in higher income brackets have credit card debts overdue by 90 days or more, the highest since the financial crisis. This trend poses a potential risk of another financial crisis if household debt continues to worsen.

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Rupay credit card payments through UPI hits the MDR speedbreaker

Money Control

Money Control · 1y ago

Rupay credit card payments through UPI hits the MDR speedbreaker

Rupay credit card transactions on UPI have increased from Rs 50-60 crore daily in May to Rs 100 crore daily in October, with Rupay's share of new credit card issuances growing to 25%. However, around 15-20% of merchants have requested their banks to disable Rupay credit card payments on UPI due to the higher merchant discount rate (MDR). The fear of lower or zero MDR for Rupay credit cards on UPI has led to a scramble among banks to distribute more Rupay credit cards to safeguard their interchange fees.

No-cost EMIs and BNPL schemes are attracting younger consumers who desire flexibility, ease, and control over their payments: Raj Khosla

Money Control

Money Control · 11m ago

No-cost EMIs and BNPL schemes are attracting younger consumers who desire flexibility, ease, and control over their payments: Raj Khosla

Raj Khosla, Managing Director of MyMoneyMantra, suggests creating a budget and sticking to it to effectively manage credit cards during the festive season. He advises tracking expenses regularly through mobile apps, utilizing credit cards with benefits like no-cost EMI and cashback rewards, and using credit responsibly to build a good credit score. The choice between credit cards, no-cost EMIs, and Buy Now, Pay Later (BNPL) schemes depends on individual preferences. To maintain a good credit score, Khosla recommends paying bills and EMIs on time, keeping credit utilization below 30%, and avoiding debt traps. Future credit card rewards programs may focus on personalized experiences, cashback incentives, and partnerships with lifestyle brands. Financial independence requires saving 25-30 times one's current annual expenses, and a diversified investment strategy across equities, real estate, and gold can lead to long-term wealth creation.

Klarna's Losses Surge 110% Amid 17% Credit Loss Increase, 100 Million Users Face UK Regulatory Changes | DeepNewz Economics

Business Bytes

Business Bytes · 2m ago

Klarna's Losses Surge 110% Amid 17% Credit Loss Increase, 100 Million Users Face UK Regulatory Changes | DeepNewz Economics

Klarna experienced a 17% increase in credit losses, amounting to $136 million in the first quarter of 2025, as more Americans find it challenging to repay buy now, pay later (BNPL) loans. The service, with over 100 million users, is increasingly being utilized for essential purchases such as groceries. However, this growth in usage is paralleled by a rising debt issue, with 41% of BNPL users reporting missed payments.

OneCard raises Rs 95 Cr debt from Alteria

Entrackr

Entrackr · 1y ago

OneCard raises Rs 95 Cr debt from Alteria

Mobile-first credit card startup OneCard has secured Rs 95 crore ($11.44 million) in debt funding from Alteria Capital. The company, which offers co-branded credit cards and a credit score tracking app, will issue 9,500 Series B debentures to raise the funds. The debt funding will be used for business operations. OneCard became a unicorn in 2022 after a Series D funding round and has seen significant growth in revenue, but also a rise in losses. It competes with Slice and Uni in the co-branded credit card space.

Alteria Capital infuses 120 crore in OneCard's parent

Livemint

Livemint · 1y ago

Alteria Capital infuses 120 crore in OneCard's parent

Alteria Capital has invested ₹120 crore ($16.2 million) as debt in OneCard's parent company, FPL Technologies. OneCard, a digital credit card platform, aims to improve customer experience through innovative products and personalized offerings. This partnership will accelerate OneCard's growth and expansion in the digital credit card landscape. Alteria Capital, a major debt provider in India, manages around ₹4,250 crores ($571 million) across three funds, with a diverse portfolio of over 170 companies.

Got a new credit card? Here are 5 important things to bear in mind

Money Control

Money Control · 1y ago

Got a new credit card? Here are 5 important things to bear in mind

New credit card users often make the mistake of paying only the minimum amount due rather than clearing the entire bill amount. It is important to understand the basics of responsible card usage to avoid heavy debt. When getting a credit card, make use of introductory offers and sign-up bonuses, understand the rewards program and bonus categories, spend only as much as you can repay on time, avoid cash withdrawals, and study and utilize additional perks offered by the card. With smart and disciplined usage, credit cards can help save a substantial amount.

MobiKwik shelves BNPL play amid margin pressure and lender scarcity

YourStory

YourStory · 2m ago

MobiKwik shelves BNPL play amid margin pressure and lender scarcity

MobiKwik is discontinuing its own BNPL service, Zip, due to regulatory and economic pressures. The company is pivoting towards long-term, secured lending, evidenced by the growing focus on its Zip EMI product. Despite a decline in overall lending GMV and financial services revenue, MobiKwik is enhancing its product suite with offerings like the Rupay Credit Card. The firm aims to restore profitability by focusing on sustainable credit models and expects an eventual rebound in lending margins.

Credit card spending drops to 8-month low amid exams & market slump, RBI data shows

Business Today

Business Today · 4m ago

Credit card spending drops to 8-month low amid exams & market slump, RBI data shows

Credit card spending in India dropped to Rs 1.67 lakh crore in February, with major issuers reporting fewer new cards. New issuances fell from 820,000 in January to 440,000 in February. The total number of credit cards reached 109.3 million by February's end. Both point of sale transactions and e-commerce payments declined, from Rs 69,429.4 crore to Rs 62,124.91 crore, and Rs 1.15 trillion to Rs 1.05 trillion, respectively. Despite challenges, the industry anticipates continued growth.

Apple shuts Goldman credit-card partnership

Livemint

Livemint · 1y ago

Apple shuts Goldman credit-card partnership

Apple has decided to end its credit-card partnership with Goldman Sachs, effectively terminating the Wall Street bank's foray into consumer lending. Apple sent a proposal to Goldman Sachs to terminate the contract within the next 12-15 months, which includes the credit card launched in 2019 and the savings account launched this year. It is unclear if Apple has already found a new issuer for the card. Goldman Sachs had been looking to offload the partnership since early this year after facing significant losses in its consumer operation.

Indian start-ups raised $1.2-b venture debt in 2023: Report

Thehindubusinessline

Thehindubusinessline · 1y ago

Indian start-ups raised $1.2-b venture debt in 2023: Report

India's venture debt market reached the $1 billion mark in 2023, indicating a 50% increase from the previous year. The total investment, made through approximately 175-190 deals, reflects a compound annual growth rate of 34% from 2017 to 2023. Consumer and fintech sectors are the top sectors for venture debt investments, with fintech leading with over 55% of the total funding. Founders and venture debt firms expect clean tech, consumer, and fintech sectors to raise more venture debt in 2024. The Indian venture debt market shows promising growth and strategic adoption, with expectations of reaching $1.8-2 billion by 2026.

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