Press release
Global Lending And Payments Market 2024-2033: Size, Share & Outlook Analysis
The lending and payments market size has grown strongly in recent years. It will grow from $11495.08 billion in 2023 to $12410.68 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to economic growth, expansion of banking and financial institutions, consumer demand, regulatory environment, .
The lending and payments market size is expected to see strong growth in the next few years. It will grow to $16828.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to digital transformation, fintech disruption, financial inclusion, blockchain and cryptocurrency, data analytics and artificial intelligence. Major trends in the forecast period include peer-to-peer lending, contactless and mobile payments, open banking, embedded finance, sustainable and ethical finance.
Market Overview -
Lending is the act of allowing a person or organization to use a sum of money in exchange for an agreement to repay it later, typically with interest. Payment instruments are systems that enable funds held in accounts at credit, payment or similar institutions to be transferred to a payee on receipt of a payment order.
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The Rise Of Artificial Intelligence Is Enhancing Operational Efficiency And Customer Experience In Transforming Payments
Artificial Intelligence is gaining prominence in the payments sector due to its various applications allowing businesses to synthesize data to improve customer experience. Artificial intelligence refers to the development of computer systems that can perform tasks using human intelligence. Payment companies can improve their operational efficiency through AI, such as reducing processing times, error-free insights, and increasing automation. Many banking and non-banking institutions are using AI applications to monitor payment transactions from the point of payment message to the payment gateway. For example, AI-enabled application chatbots are being adopted by payment firms as they can understand customer language and respond to customer queries on a real-time basis. AI machine learning is significantly used to improve fraud detection and reduce false transactions. For instance, according to the latest Economist Intelligence Unit adoption study, 54% of financial services organizations adopted AI for payments to strengthen customer relationships.
Competitive Landscape -
Major companies operating in the lending and payments market include China Construction Bank, Agricultural Bank Of China, JPMorgan Chase & Co., Bank of China, Industrial and Commercial Bank of China, Bank of America Corporation, Banco Santander, Citi Group, Wells Fargo & Company, State Bank of India, Klarna Inc., Funding Circle, Advanced Financial Services Private Limited, Visa Payments Limited, Mastercard Inc., Tencent Holdings Limited, Ant Financial Service Group Co. Ltd., PayPal Payments Pvt Ltd., Square Capital LLC., Coinbase Global Inc., Social Finance Inc., Coinbase Global Inc., Robinhood Markets Inc., Venmo, Affirm Inc., Afterpay Australia Pty Ltd., LendingClub Bank., Camden Town Technologies Pvt Ltd., Kabbage Inc., On Deck Capital Inc., Avant LLC., Upstart Network Inc., Lendio.
The Rise Of Alternative Lending In The Financial Services Industry
Alternative lending is gaining traction as it gives loans to individuals and businesses who cannot access loans through traditional banking platforms. Alternative lending is becoming popular mainly because offering commercial loans to small businesses is deemed unprofitable by traditional banks. Alternative lenders rely on advanced technologies such as big data to obtain data-driven insights, which can be used to quicken the overall lending process. This allows alternative lenders to earn profits on loans that are conventionally considered unprofitable by traditional lenders. Examples of alternative lenders include Lending Club and OnDeck.
Browse Full Report @
https://www.thebusinessresearchcompany.com/report/lending-and-payments-global-market-report
Key Segments -
The lending and payments market covered in this report is segmented -
1) By Type: Lending, Cards And Payments
2) By Lending Channel: Offline, Online
3) By End User: B2B, B2C
Subsegments Covered: Corporate Lending, Household Lending, Government Lending, Cards, Payments
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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Europe: +44 207 1930 708
Asia: +91 88972 63534
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps
The lending and payments market size is expected to see strong growth in the next few years. It will grow to $16828.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to digital transformation, fintech disruption, financial inclusion, blockchain and cryptocurrency, data analytics and artificial intelligence. Major trends in the forecast period include peer-to-peer lending, contactless and mobile payments, open banking, embedded finance, sustainable and ethical finance.
Market Overview -
Lending is the act of allowing a person or organization to use a sum of money in exchange for an agreement to repay it later, typically with interest. Payment instruments are systems that enable funds held in accounts at credit, payment or similar institutions to be transferred to a payee on receipt of a payment order.
Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=1886&type=smp
The Rise Of Artificial Intelligence Is Enhancing Operational Efficiency And Customer Experience In Transforming Payments
Artificial Intelligence is gaining prominence in the payments sector due to its various applications allowing businesses to synthesize data to improve customer experience. Artificial intelligence refers to the development of computer systems that can perform tasks using human intelligence. Payment companies can improve their operational efficiency through AI, such as reducing processing times, error-free insights, and increasing automation. Many banking and non-banking institutions are using AI applications to monitor payment transactions from the point of payment message to the payment gateway. For example, AI-enabled application chatbots are being adopted by payment firms as they can understand customer language and respond to customer queries on a real-time basis. AI machine learning is significantly used to improve fraud detection and reduce false transactions. For instance, according to the latest Economist Intelligence Unit adoption study, 54% of financial services organizations adopted AI for payments to strengthen customer relationships.
Competitive Landscape -
Major companies operating in the lending and payments market include China Construction Bank, Agricultural Bank Of China, JPMorgan Chase & Co., Bank of China, Industrial and Commercial Bank of China, Bank of America Corporation, Banco Santander, Citi Group, Wells Fargo & Company, State Bank of India, Klarna Inc., Funding Circle, Advanced Financial Services Private Limited, Visa Payments Limited, Mastercard Inc., Tencent Holdings Limited, Ant Financial Service Group Co. Ltd., PayPal Payments Pvt Ltd., Square Capital LLC., Coinbase Global Inc., Social Finance Inc., Coinbase Global Inc., Robinhood Markets Inc., Venmo, Affirm Inc., Afterpay Australia Pty Ltd., LendingClub Bank., Camden Town Technologies Pvt Ltd., Kabbage Inc., On Deck Capital Inc., Avant LLC., Upstart Network Inc., Lendio.
The Rise Of Alternative Lending In The Financial Services Industry
Alternative lending is gaining traction as it gives loans to individuals and businesses who cannot access loans through traditional banking platforms. Alternative lending is becoming popular mainly because offering commercial loans to small businesses is deemed unprofitable by traditional banks. Alternative lenders rely on advanced technologies such as big data to obtain data-driven insights, which can be used to quicken the overall lending process. This allows alternative lenders to earn profits on loans that are conventionally considered unprofitable by traditional lenders. Examples of alternative lenders include Lending Club and OnDeck.
Browse Full Report @
https://www.thebusinessresearchcompany.com/report/lending-and-payments-global-market-report
Key Segments -
The lending and payments market covered in this report is segmented -
1) By Type: Lending, Cards And Payments
2) By Lending Channel: Offline, Online
3) By End User: B2B, B2C
Subsegments Covered: Corporate Lending, Household Lending, Government Lending, Cards, Payments
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps
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