Digital Lending Platform Market: Analysis | Leading Players, Industry Updates, Future Growth, Business Prospects 2020–2030

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Global Digital Lending Platform Market: Introduction

Digital lending platform enables an individual or a separate legal entity to offer loans (short-term/long-term). The whole process of lending is disbursed and managed through digital channels. Rise in adoption of internet, smartphones, peer-to-peer platform, and independent platforms is driving the digital lending platform market.

Global Digital Lending Platform Market – Dynamics

Rapid Increase in Financial Inclusion Specifically in Developing Countries

The fintech industry has witnessed significant expansion across the globe. Expansion is majorly driven by Asia Pacific and Middle East. Some factors driving the market in Asia Pacific are increased internet penetration, increased government focus, and initiatives for the adoption of digitization to maintain transparency within the financial system of countries in the region. Rapid increase in the number of bank accounts has prompted financial institutions and other industries to adopt digital payment solutions to minimize the risk and to efficiently monitor and control transactions.

Threat of Cyber-attack

Advancements in technology have resulted in high threat of security breach and cyber-attacks. This may lead to breach of personal information and financial information of customers such as names, bank details, credentials, IDs, and phone numbers. Developers are adopting measures to tackle the issue of cyber-attacks. However, risks related to data breach by hackers are still very high. The data breach could lead to serious security concern in any event or at a public area.

North America to Dominate Global Digital Lending Platform Market

In terms of region, the global digital lending platform market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the digital lending platform market during the forecast period due to strong adoption of financial technology across the population in the region.

COVID-19 Impact on the Global Digital Lending Platform Market

The COVID-19 pandemic is expected to boost the global digital lending platform market. Social distancing and virtual payments volume has increased significantly in 2020. Increased adoption among the public has created considerable opportunity for the digital lending platform market.

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Global Digital Lending Platform Market – Competition Landscape

  • In July 2020, Paisabazaar launched digital lending in partnership with IndusInd Bank to offer a platform to eliminate all paper-based and physical documentation process from the loan origination process

Global Digital Lending Platform Market: Segmentation

The global digital lending platform market can be segmented based on:

  • Payment Type
  • Application
  • Region

Global Digital Lending Platform Market, by Payment Type

Based on payment type, the global digital lending platform market can be divided into:

  • Customer to Customer
  • Customer to Business
  • Business to Business

Global Digital Lending Platform Market, by Application

In terms of application, the global digital lending platform market can be segregated into:

  • Restaurants
  • Travel & Booking
  • Gaming
  • Healthcare
  • Retail
  • Ecommerce
  • Entertainment
  • BFSI
  • Telecommunications
  • Others (Government, Transportation)

Get More Press Release by TMR@ https://www.prnewswire.co.uk/news-releases/digital-bss-market-to-advance-at-cagr-of-11-9-during-forecast-period-finds-tmr-study-882494358.html

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Transparency Market Research is a global market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for several decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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