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Lending and Payments Market Dynamics and Forecast 2024
Lending and Payments Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Lending And Payments Market 2024 Key Insights:
• 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 Rise Of Artificial Intelligence Is Enhancing Operational Efficiency And Customer Experience In Transforming Payments
• The Rise Of Alternative Lending In The Financial Services Industry
• Western Europe was the largest region in the lending and payments market in 2023
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