Global Lending and Payments Market Surges, Poised to Reach $13.42 Trillion by 2027

The Business Research Company’s Lending and Payments Global Market Report 2023 – Market Size, Trends, And Market Forecast 2023-2032

LONDON, GREATER LONDON, UK, December 6, 2023 /EINPresswire.com/ -- The global lending and payments market has witnessed substantial growth, escalating from $8,721.16 billion in 2022 to $9,585.48 billion in 2023, reflecting a robust Compound Annual Growth Rate (CAGR) of 9.9%. Projections indicate continued momentum, with the market anticipated to reach $13,415.12 billion by 2027, signaling a CAGR of 8.8%.

Artificial Intelligence Reshapes the Payments Landscape
Artificial Intelligence (AI) is emerging as a transformative force in the payments sector, offering diverse applications that enhance customer experiences. AI, involving the development of computer systems capable of human-like tasks, enables payment companies to streamline operations, reduce processing times, generate error-free insights, and increase automation. Banking and non-banking institutions are increasingly leveraging AI applications to monitor payment transactions comprehensively, from the point of payment message to the payment gateway. AI-enabled chatbots, adept at understanding customer language and providing real-time responses, are gaining prominence among payment firms. Machine learning, a subset of AI, plays a pivotal role in fraud detection, significantly improving accuracy and reducing false transactions. Notably, 54% of financial services organizations have adopted AI for payments, according to the latest Economist Intelligence Unit adoption study, emphasizing its role in strengthening customer relationships.

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Key Players Driving Market Dynamics
Major companies contributing significantly to the dynamic 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, and State Bank of India.

Rise of Alternative Lending
Alternative lending is gaining traction as it caters to individuals and businesses unable to access loans through traditional banking channels. This trend is particularly prominent as traditional banks often find offering commercial loans to small businesses unprofitable. Alternative lenders leverage advanced technologies, such as big data, to obtain data-driven insights, expediting the lending process. This technological edge allows alternative lenders to turn a profit on loans considered unprofitable by traditional counterparts. Notable examples of alternative lenders include Lending Club and OnDeck.

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Regional Dynamics:
Largest Region: Western Europe emerged as the largest region in the lending and payments market in 2022.
Second Largest Region: Asia-Pacific secured the position of the second-largest region in the lending and payments market.
The comprehensive regions covered in the global lending and payments market analysis report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation:
•Type: Lending, Cards and Payments
•Lending Channel: Offline, Online
•End User: B2B, B2C

Subsegments Covered: Corporate Lending, Household Lending, Government Lending, Cards, Payments

Lending And Payments Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Lending And Payments Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on lending and payments market size, lending and payments market drivers and trends, lending and payments market major players, lending and payments market competitors' revenues, lending and payments market positioning, and lending and payments market growth across geographies. The lending and payments market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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