All Insights|Future Nexus
fintechMarch 4, 2019

What’s the Outlook on Point of Sale Finance as JPMorgan Enters the Market?

It was recently reported that JPMorgan Chase was entering the POS financing market; their entrance comes at a time when consumer demand for POS finance is increasing; in 2016 there were over 160 million POS loan applications but only 53% were approved, driven in part by younger consumers; one research institute estimates the annual size of the POS financing market at $391 billion or 3.5% of annual consumer spending; healthcare, electronics and home goods are the leading categories and over a quarter of consumers have used point of sale lending; Forbes digs into consumer preferences and the banks currently in the space. Source