The global lending and payments market size is expected to grow from $7.83 trillion in 2021 to $8.68 trillion in 2022 at a compound annual growth rate (CAGR) of 10.8%. The global lending and payment market size is then expected to grow to $12.55 trillion in 2026 at a CAGR of 9.7%.
What is the Global Lending and Payments Market?
The lending and payments market consists of sales of lending and payments services by entities (organizations, sole traders, and partnerships) that are engaged in the lending and payments-related activities such as lending, payments, and money transfer services. The lending and payments industry is categorized based on the business model of the firms present in the industry. Some firms offering lending services may offer other services, financial or otherwise. Revenues from lending and payments services include interest on loans, margins, or commissions charged on transactions, and not the loan or repayment values themselves.
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What drives the Global Lending and Payments Market?
Artificial Intelligence is gaining prominence in the payments sector due to its various applications allowing businesses in synthesizing data to improve customer experience which is contributing to the lending and payments market growth. Artificial Intelligence refers to the development of computer systems that can perform tasks using human intelligence. AI enables payment companies to improve their operational efficiency such as reducing processing times, error-free insights, and increased 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 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 the payments for strengthening customer relationships.
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Global Lending and Payments Market Segments
The global lending and payments market is segmented:
By Type: Lending, Cards and Payments
By Lending Channel: Offline, Online
By End-User: B2B, B2C
By Geography: The regions covered in the lending and payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Lending and Payments Global Market Report 2022provides market size and growth forecasts for the global lending and payments market, global lending and payments market share, lending and payments market segments and geographies, lending and payments market competitive landscape including leading competitors’ revenues, profiles and market shares. The lending and payments market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Lending and Payments Industry Playersinclude 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, and State Bank of India. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
