More than half of trade loans are issued via the Internet

This year, the POS lending market will set a record for the number and volume of loans issued in the entire history of observation. According to bankers, growth was stimulated by the transition to online – the share of such issues exceeded 50% for the first time and will increase. However, experts expect a slowdown in growth due to higher rates and tighter regulation.

Frank RG estimates that this year will set an absolute record for the issuance of point-of-sale loans (POS loans). Already based on the results of 11 months, the volume for the first time in history exceeded 400 billion rubles, reaching 447.6 billion rubles. Issues in October and November also turned out to be the largest for the month (49.9 billion and 49.8 billion rubles, respectively) – so far they have never exceeded 49 billion rubles. per month. Also, based on the results of 11 months, an absolute record was set for the number of POS loans issued (13.6 million units) – for the first time their number exceeded 13 million.

At the same time, as a source told Kommersant in the banking market, the model of banks’ work in the POS lending market has noticeably changed. In previous years, the most common disbursement option at electronics and appliance stores was a model in which the store and appliance manufacturer subsidized part of the interest rate, and sometimes all of it, by providing the customer with an installment plan. Now, according to Kommersant’s interlocutor, the main model has become when the client pays the entire bet, and the bank gives the store a commission.

“The change in mechanism was the result of last year’s rush, when citizens bought several televisions and refrigerators and took out all the leftovers in warehouses, as a result of which the chains were forced to purchase goods at high prices due to the fall in the ruble exchange rate,” says Kommersant’s interlocutor.

Director of Partnership Network Development at Pochta Bank Andrey Pavlov argues that in the POS lending market “there have always been several schemes for the relationship between the bank and the store – it all depends on the agreements.” According to the expert, one of the important reasons for the increase in issuances was the change in the method of obtaining a loan: “This year, the main trend can be called the development of online lending against the backdrop of active growth in sales on marketplaces – according to our data, this year, for the first time, online loans have surpassed offline ones, and today the ratio in their favor on the market is 52% to 48%.” Mr. Pavlov believes that the trend will continue in 2024.

Bankers also confirm the trend. Thus, Sberbank reported last week that it had taken first place in the country in issuing POS loans online and third place in the total volume of loans issued in the POS lending market. “According to experts, back in 2021, the share of online issuance of POS loans was 33%, but at the same time it grew by 10 percentage points every year, so that by the end of 2023 the volumes of the offline and online markets were equal,” says in a message from the bank. As Sberbank clarified to Kommersant, its portfolio of POS loans increased by 60% in 2023, while the online segment grew faster than offline issues.

“We have assessed the high potential of online lending, and the strategy for 2024–2025 will be based on this direction,” confirms Ilya Kovyazin, director of the sales department in the Renaissance Bank partner network. “The bank is preparing a technological platform to expand online distribution in 2024.” According to him, “modern banking technologies are moving away from paper signing,” and not only in Russia. For example, in Kazakhstan and Uzbekistan these technologies have already been implemented and are working successfully, Mr. Kovyazin emphasized.

Market participants note that POS lending itself is “planned to be unprofitable,” but remains one of the most inexpensive and effective ways to expand the customer base. Thus, according to the chief analyst of Sovcombank Anna Zemlyanova, POS lending is attractive for banks from the point of view of increasing the number of clients who can subsequently be offered more marginal products: “With the help of a credit broker, a bank can gain access to a database of retail outlets, bypassing the need to enter into an agreement separately with each retailer.” However, in her opinion, POS lending carries additional risks for banks, since buyer scoring “takes place in a truncated format.”

The head of Tinkoff Credit Broker, Maxim Zaitsev, estimates the growth of the POS lending market in 2023 at 25%: “The growth drivers were both the penetration of POS lending services into new business segments and the demand for such financial services from the population.” In 2024, Mr. Zaitsev believes, the market will continue to develop, but “no significant growth should be expected” – the volume of POS lending will increase by 5-10%. According to the expert, this is primarily due to the dynamics of interest rates and tightening regulation.

Maxim Builov