Lending And Payments Market Characteristics
The lending and payments market consists of sales of lending and payments services by entities (organizations, sole traders and partnerships) that engage in lending and payments related activities such as lending, payments and money transfer services. The lending and payments industry is categorized on the basis of 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.
Competitive Landscape of the Lending And Payments Market
Major players in the global lending and payments market include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, JP Morgan, Wells Fargo.
Lending And Payments Market Size
The lending and payments market size is expected to reach $9 trillion by 2022, significantly growing at a CAGR of around 7% during the forecast period. The growth in the lending and payments market is due to recent legislations in Europe and China which limit the fees charged on card-based payments and increasing demand for loans in developing countries such as Brazil, Russia, India and China (BRIC).
However, the market for lending and payments is expected to face certain restraints from several factors such as interest rate increases, workforce issues.
Lending And Payments Market Segmentation
The global lending and payments market is further segmented based on type and geography.
By Type - The lending and payments market is segmented into lending and cards & payments, among these segments, the lending market accounts for the largest share in the global lending and payments market.
By Geography - The global lending and payments is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific Lending and Payments market accounts the largest share in the global lending and payments market.
Trends in the Lending And Payments Market
Growing adoption of europay, MasterCard, and visa (EMV) technology, strong growth potential for near-field communication (NFC) based mobile payments are the major trends witnessed in the global lending and payments market.
Potential Opportunities in the Lending And Payments Market
With increase in positive economic outlook, government policies, the scope and potential for the global market is expected to significantly rise in the forecast period.