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