The Business Research Company’s Lending And Payments Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, June 28, 2021 /EINPresswire.com/ — 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 which are conventionally considered unprofitable by traditional lenders. Examples of alternative lenders include Lending Club and OnDeck.
Major companies in the lending and payments industry include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, JP Morgan, Wells Fargo.
Western Europe is the largest region in the global lending and payments market, accounting for 34% of the market in 2020. Asia Pacific is the second largest region accounting for 28% of the global market. Africa is the smallest region in the general and digital lending and payments market.
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The global lending and payments market is expected to grow from $6708.1 billion in 2020 to $7662.19 billion in 2021 at a compound annual growth rate (CAGR) of 14.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9770.89 billion in 2025 at a CAGR of 6%.
The lending and payments market consists of sales of lending and payments services by entities (organizations, sole traders and partnerships) that are engaged 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. The lending and payments market is segmented into lending; and cards & payments.
TBRC’s lending and payments market report is segmented by type into lending, cards & payments and by end user into B2B, B2C. Subsegments covered are corporate lending, household lending, government lending, cards, payments.
Lending And Payments Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides lending and payments market overview, forecast lending and payments market size and growth for the whole market, lending and payments market segments, and geographies, lending and payments market trends, lending and payments market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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