Major companies in the loans 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 the State Bank of India.
New York, May 20, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Lending And Payments Global Market Report 2022” – https://www.reportlinker.com/p06277919/?utm_source=GNW
The global loans and payments market is expected to grow from $7,833.28 billion in 2021 to $8,681.44 billion in 2022 at a compound annual growth rate (CAGR) of 10.8%. The market is expected to reach $12,554.28 billion in 2026 at a compound annual growth rate (CAGR) of 9.7%.
The Loans and Payments market includes sales of loan and payment services by entities (organizations, sole proprietorships, and partnerships) that engage in loan and payment-related activities, such as lending services, payment and money transfer. The industry is categorized based on the business model of the companies present in the industry.
Some companies offering loan services may offer other services, financial or otherwise. Revenues from lending and payment services include interest on loans, margins or fees charged on transactions, not the loan or redemption values themselves.
The main types of loans and payments are loans, cards and payments. Cards and Payments refers to the payment process through different types of cards.
The different lending channels are offline and online channels used by B2B and B2C end users.
Western Europe was the largest region in the loans and payments market in 2020. Asia-Pacific was the second largest region in the loans and payments market.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Artificial intelligence is gaining prominence in the payments industry due to its various applications allowing businesses to synthesize data to improve customer experience. Artificial intelligence refers to the development of computer systems capable of performing tasks using human intelligence.
AI enables payment companies to improve operational efficiency, including reducing processing times, providing error-free insights and increasing automation. Many banking and non-banking institutions use AI applications to monitor payment transactions from the payment point message to the payment gateway.
For example, AI-enabled app chatbots are being adopted by payment companies because they can understand customer language and respond to customer queries in real time. AI machine learning is widely used to improve fraud detection and reduce false transactions. For example, according to the Economist Intelligence Unit’s latest adoption study, 54% of financial services organizations have adopted AI for payments to strengthen customer relationships.
Alternative loans are gaining traction as they provide loans to individuals and businesses that cannot access loans through traditional banking platforms. Alternative loans are 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 gain data-driven insights, which can be used to speed up the overall lending process. This allows alternative lenders to make profits on loans that are traditionally considered unprofitable by traditional lenders.
Examples of alternative lenders include Lending Club and OnDeck.
The countries covered by the loans and payments market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam .
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