- Nearly half (48%) of UK respondents to Marqeta’s survey
confirmed that none of their credit cards currently accrue rewards,
loyalty points or other benefits.
- 30% of UK consumers said they own a credit card affiliated with
a retailer, a 25% increase in just 12 months.
- 63% of UK Buy Now Pay Later users confirmed that BNPL helped
them make ends meet during the last 12 months.
Consumers are increasingly seeking more personalised benefits
from their credit card providers, such as rewards and loyalty
points, according to a new survey published today by Marqeta
(NASDAQ: MQ), the global modern card issuing platform that enables
embedded finance solutions for the world’s innovators. The company
has published its fourth annual 2024 State of Credit report which
polled 3,000 consumers globally – including 1,000 in the United
Kingdom – revealing that customer loyalty to credit cards is
shifting, as the public explore new financial products and services
that better meet their individual needs.
Consumers demand more from traditional credit cards
Over half (53%) of UK respondents confirmed that their credit
card helped them to make ends meet in the last year, yet nearly
half (48%) confirmed that none of their credit cards currently
accrue rewards, loyalty points or other benefits. Of people that
reported using more than one credit card, 43% confirmed they would
use a credit card more frequently if better rewards were
offered.
Embedded finance is also driving more demand in the UK for
rewards and personalisation, with more consumers using financial
services offered by non-financial providers to access benefits and
loyalty points. For example, 30% of UK respondents confirm they own
a credit card affiliated with a brand of store, a 25% increase in
just 12 months since Marqeta’s 2023 State of Credit report.
Traditional idea of ‘customer loyalty’ is shifting amid
competitive landscape
As people demand more from their financial services, traditional
approaches to credit card loyalty are shifting, and consumers are
increasingly on the lookout for new offers. For example, 45% of
millennials (ages 28-43) are planning to apply for a credit card in
the next 12 months. Even those without plans to apply for a card
confirmed that they could be swayed by the right offer, including a
cash back reward of £100 or more (47%) and zero interest rate for
the first 12 months (40%). Similarly, among the 26% of respondents
who stopped using a credit card in the past year, 27% said they did
so because they found a new card that better suited their
needs.
There has also been a noticeable shift in consumer attitudes
toward the opportunities provided by emerging financial services,
such as Buy Now, Pay Later (BNPL). For example, 63% of UK BNPL
users confirmed that the service helped them make ends meet during
the last 12 months, and this rose to 70% amongst 44-59 year olds.
People reported using BNPL due to the fact they helped them budget
(44%), offered convenience (43%) and charged zero interest (39%).
Additionally, the study goes on to reveal consumer appetite for
choice and flexibility in new financial services, with 44% of UK
respondents stating that they are interested in using a payment
card that can switch between debit, credit and BNPL features.
“Financial services companies need to look at the way the market
is going and reinvent their approach to reflect the highly
personalised, flexible financial experiences that consumers are now
demanding,” said Marcin Glogowski, SVP, Managing Director Europe
and UK CEO at Marqeta.
High interest rates create consumer credit card
challenges
While credit is critical for consumers to maintain financial
stability, Marqeta’s new report shows that the UK public is
struggling with high interest rates. According to the Moneyfacts
Treasury Reports, the average purchase annual percentage rate (APR)
on credit cards rose from 31.8% at the start of September 2023 to
35.5% at the start of September 2024, and respondents confirmed
that a high number of people were struggling with credit card debt.
Thirty percent of UK consumers revealed their debt was higher than
it was this time last year, and nearly three quarters of people
surveyed (74%) reported struggling to meet minimum monthly credit
card payments during the last 12 months. Additionally, 13% of
respondents reported that they’d missed a credit card payment in
the past 12 months – for 66% of those, this was the first time they
had ever missed a credit card payment.
“Banks have done a very good job at monetising loans and credit,
but by managing risk so effectively, the system has catered to
wealthier people who have more assets,” said Marcin Glogowski, SVP,
Managing Director Europe and UK CEO at Marqeta. “Expanding
purchasing power to everybody requires significant investment in
technology. For example, upgrading solutions to analyse reams of
data to determine more about an applicant's credit request and
personal requirements than has previously been possible. As the
trend towards instant, digital, flexible, personalised payments
accelerates, this will become a necessity to keep up with consumer
demand.”
To download the full report, please click here.
About Marqeta (NASDAQ: MQ)
Marqeta makes it possible for companies to build and embed
financial services into their branded experience—and unlock new
ways to grow their business and delight users. The Marqeta platform
puts businesses in control of building financial solutions,
enabling them to turn real-time data into personalized, optimized
solutions for everything from consumer loyalty to capital
efficiency. With compliance and security built-in, Marqeta’s
platform has been proven at scale, processing more than $200
billion in annual payments volume in 2023. Marqeta is certified to
operate in more than 40 countries worldwide and counting. Visit
www.marqeta.com to learn more.
About The 2024 State of Credit Report
Marqeta’s 2024 State of Credit survey was fielded by Propeller
Research in August 2024 on behalf of Marqeta, surveying 3,021
consumers ages 18 and up (2,020 in the US, 1,001 in the UK).
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements expressed or implied in this press release include, but
are not limited to, quotations and statements relating to changing
consumer preferences; increasing consumer adoption of certain
digital payment methods, products, and solutions; which payment,
banking, and financial services products and solutions may succeed;
technological and market trends; Marqeta’s business; Marqeta’s
products and services; and statements made by Marqeta’s senior
leadership. Actual results may differ materially from the
expectations contained in these statements due to risks and
uncertainties, including, but not limited to, the following: any
factors creating issues with changes in domestic and international
business, market, financial, political and legal conditions; and
those risks and uncertainties included in the “Risk Factors”
disclosed in Marqeta's Annual Report on Form 10-K, as may be
updated from time to time in Marqeta’s periodic filings with the
SEC, available at www.sec.gov and Marqeta’s website at
http://investors.marqeta.com. The forward-looking statements in
this press release are based on information available to Marqeta as
of the date hereof. Marqeta disclaims any obligation to update any
forward-looking statements, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20241029436201/en/
James Robinson press@marqeta.com
Marqeta (NASDAQ:MQ)
過去 株価チャート
から 10 2024 まで 11 2024
Marqeta (NASDAQ:MQ)
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