エンベデッド・ファイナンス市場 – 2029年までの世界予測

Report Overview

The embedded finance market is estimated at USD 112.6 billion in 2024 to USD 237.4 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 16.1%.

エンベデッド・ファイナンス市場は、16.1%の年間平均成長率(CAGR)で、2024年に1,126億米ドル、2029年までに2,374億米ドルに達すると推定されています。

Embedded finance improves access to financial products by including them in non-financial environments. They also enable organizations to provide secure monetary exchanges as products or services within their ecosystems. Additionally, integrating embedded finance eases user experiences and optimizes value propositions in the ecosystem for providers and the end consumer.

“By type, the embedded payments are expected to have the largest market size during the forecast period. “

Embedded Payments will likely dominate the global embedded finance market owing to its integration of payments into non-financial platforms such as e-commerce sites, mobile applications, and IoT devices to refine the user experience and minimize transaction hurdles. This integration aligns well with the growing theme of digitization across various industries as it enables the swift and safe completion of transactions within digital spaces. Consumers are keen on the ability to run payments that are instant and secure; such benefits are offered by embedded payments, providing the added advantage of being scalable for firms of all sizes. Based on these analyses, it is quite clear that embedded payments will continue to remain the largest segment within the embedded finance market during the foreseen period due to the growing business focus on integration and functionality.

“By type, embedded lending is expected to hold a higher growth rate during the forecast period.” It is projected that embedded lending will have a better growth rate within the market of embedded finance since it can easily fit in with small but common transactions such as purchasing and payment of bills, which makes using the facilities more convenient. This is further complemented by the simplified user interface due to efficient big data processing and AI in credit checking and customization of loans. Moreover, embedding lending increases market access beyond the financial industry clients, targeting the SMEs and society segments not served by banks. This is through partnerships between fintech companies, the present financial organizations, and other sectors to enhance access, backed by adjusting legal structures for stability and boosting funding. All these factors combine to place embedded lending for vast growth compared to other typologies in the forecast period.

“North America is estimated to have the largest market share during the forecast period.”

North America is expected to dominate the embedded finance market globally within the given forecast period because of technological developments such as the widespread usage of the internet and owning smartphones. Moreover, adopting new technology and a supportive regulatory environment in North America empowers the development of embedded finance solutions. Also, North America is one of the largest, most consumer-centric markets with a desire for effortless financial experiences. Therefore, it will remain a catalyst for advancements and growth of embedded finance.

In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the embedded finance market.

• By Company Type: Tier 1 – 62%, Tier 2 – 23%, and Tier 3 – 15%
• By Designation: C-level –38%, D-level – 30%, and Others – 22%
• By Region: North America – 40%, Europe – 15%, Asia Pacific – 35%, and Rest of the World – 10%.

The major players in the embedded finance market are Stripe, Inc. (US), PayPal Holdings, Inc. (US), Amazon.com, Inc. (US), Plaid, Inc. (US), Klarna Bank AB (Sweden), FIS (US), Visa Inc. (US), Cross River Bank (US), Zeta Services Inc. (US), Marqeta, Inc. (US), Wise Payments Limited (UK), Goldman Sachs (UK), JPMorgan Chase & Co. (US), Alipay+ (China), Unit Finance Inc. (US), Solaris SE (Germany), Parafin, Inc. (US), Belvo (Mexico), Kasko Ltd. (UK), Tint Technologies Inc. (US), Mezu, Inc. (US), Fortis Payment Systems (US), Additiv AG (Switzerland), Galileo Financial Technologies, LLC (US), Trevipay (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their embedded finance market footprint.

Research Coverage

The market study covers embedded finance market size across different segments. It aims at estimating the market size and the growth potential across various segments, including Type (embedded payments, embedded lending, embedded insurance, embedded investment/wealth management, other types), Business Model (B2B, B2C), Industry (retail & eCommerce, healthcare, education, telecom, transportation/mobility/logistics, travel & hospitality, other industries), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The study includes an in-depth competitive analysis of the leading market players, their company profiles, key observations related to product and business offerings, recent developments, and market strategies.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants with information on the closest approximations of the global embedded finance market’s revenue numbers and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. Moreover, the report will provide insights for stakeholders to understand the market’s pulse and provide them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

1. Analysis of key drivers (digitalization of financial services, consumer demand for convenience, technological advancements), restraints (regulatory complexities, data privacy concerns, high implementation costs), opportunities (financial inclusion, enhanced customer engagement), and challenges (cybersecurity risks, interoperability issues, market competition) influencing the growth of the embedded finance market.

2. Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the embedded finance market.
3. Market Development: Comprehensive information about lucrative markets – the report analyses the embedded finance market across various regions.
4. Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the embedded finance market.
5. Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading companies including Stripe, Inc. (US), PayPal Holdings, Inc. (US), Amazon.com, Inc. (US), Plaid, Inc. (US), Klarna Bank AB (Sweden), FIS (US), Visa Inc. (US), Cross River Bank (US), Zeta Services Inc. (US), Marqeta, Inc. (US), Wise Payments Limited (UK), Goldman Sachs (UK), JPMorgan Chase & Co. (US), Alipay+ (China), Unit Finance Inc. (US), Solaris SE (Germany), Parafin, Inc. (US), Belvo (Mexico), Kasko Ltd. (UK), Tint Technologies Inc. (US), Mezu, Inc. (US), Fortis Payment Systems (US), Additiv AG (Switzerland), Galileo Financial Technologies, LLC (US), Trevipay (US).

Table of Contents

1            INTRODUCTION            25

1.1         STUDY OBJECTIVES      25

1.2         MARKET DEFINITION   25

1.3         STUDY SCOPE  26

1.3.1      MARKET SEGMENTATION         26

1.3.2      REGIONS COVERED      26

1.3.3      INCLUSIONS & EXCLUSIONS     27

1.3.4      YEARS CONSIDERED     27

1.4         CURRENCY CONSIDERED          28

1.5         STAKEHOLDERS            28

1.6         RECESSION IMPACT      28

2            RESEARCH METHODOLOGY     29

2.1         RESEARCH DATA           29

2.1.1      SECONDARY DATA       30

2.1.1.1   Key data from secondary sources     30

2.1.2      PRIMARY DATA 30

2.1.2.1   Breakup of primary interviews         31

2.1.2.2   Key primary interview participants   31

2.1.2.3   Key insights from industry experts   31

2.2         MARKET BREAKUP AND DATA TRIANGULATION           32

2.3         MARKET SIZE ESTIMATION METHODOLOGY    33

2.3.1      TOP-DOWN APPROACH             33

2.3.1.1   Supply-side analysis           33

2.3.2      BOTTOM-UP APPROACH           34

2.3.3      EMBEDDED FINANCE MARKET ESTIMATION: DEMAND-SIDE ANALYSIS          34

2.4         RESEARCH ASSUMPTIONS         35

2.5         LIMITATIONS   36

2.6         RISK ASSESSMENT         36

2.7         IMPLICATION OF RECESSION ON EMBEDDED FINANCE MARKET              37

3            EXECUTIVE SUMMARY 38

4            PREMIUM INSIGHTS      40

4.1         ATTRACTIVE OPPORTUNITIES FOR KEY PLAYERS IN EMBEDDED FINANCE MARKET         40

4.2         EMBEDDED FINANCE MARKET: TOP GROWING SEGMENTS      40

4.3         EMBEDDED FINANCE MARKET, BY INDUSTRY  41

4.4         EMBEDDED FINANCE MARKET, BY BUSINESS MODEL   41

4.5         EMBEDDED FINANCE MARKET, BY TYPE            42

4.6         NORTH AMERICA: EMBEDDED FINANCE MARKET, BY TYPE AND BUSINESS MODEL         42

5            MARKET OVERVIEW AND INDUSTRY TRENDS   43

5.1         INTRODUCTION            43

5.2         MARKET DYNAMICS     43

5.2.1      DRIVERS            44

5.2.1.1   Digitalization of financial services    44

5.2.1.2   Consumer demand for convenience 44

5.2.1.3   Technological advancements           44

5.2.2      RESTRAINTS     44

5.2.2.1   Regulatory complexities     44

5.2.2.2   Data privacy concerns        44

5.2.2.3   High implementation costs 45

5.2.3      OPPORTUNITIES           45

5.2.3.1   Financial inclusion             45

5.2.3.2   Enhanced customer engagement      45

5.2.4      CHALLENGES   45

5.2.4.1   Cybersecurity risks             45

5.2.4.2   Interoperability issues        45

5.2.4.3   Market competition           45

5.3         INDUSTRY TRENDS       46

5.3.1      BRIEF HISTORY OF EMBEDDED FINANCE          46

5.3.2      ECOSYSTEM ANALYSIS 47

5.3.3      CASE STUDY ANALYSIS 49

5.3.3.1   Booksy switched to Stripe for faster payouts and omnichannel payments  49

5.3.3.2   With Plaid, Zip automated essential compliance work, securing shopping experience for millions of customers 49

5.3.3.3   Shopify built Shopify Balance with Stripe to give small businesses easier way to manage money     50

5.3.3.4   Adorama and PayPal’s solutions created picture-perfect portrait of success              50

5.3.4      VALUE CHAIN ANALYSIS            51

5.3.5      REGULATORY LANDSCAPE       52

5.3.5.1   Regulatory Bodies, Government Agencies, and Other Organizations       52

5.3.5.1.1 Financial Stability Board (FSB)       52

5.3.5.1.2 Consumer Financial Protection Bureau (CFPB)          52

5.3.5.2   North America     54

5.3.5.2.1 US         54

5.3.5.2.2 Canada  54

5.3.5.3   Europe  54

5.3.5.4   Asia Pacific          54

5.3.5.4.1 Australia 54

5.3.5.4.2 Singapore            54

5.3.5.4.3 Hong Kong          54

5.3.5.5   Middle East & Africa          55

5.3.5.5.1 UAE      55

5.3.5.5.2 South Africa        55

5.3.5.6   Latin America      55

5.3.5.6.1 Brazil     55

5.3.6      PRICING ANALYSIS        55

5.3.6.1   Indicative pricing analysis, by type   55

5.3.6.2   Average pricing analysis, by solution 56

5.3.7      TECHNOLOGY ANALYSIS           57

5.3.7.1   Key Technologies 57

5.3.7.1.1 Application Programming Interfaces (APIs)  57

5.3.7.1.2 Cloud Computing 57

5.3.7.1.3 Artificial Intelligence (AI) and Machine Learning (ML)            57

5.3.7.2   Complementary Technologies         57

5.3.7.2.1 Open Banking      58

5.3.7.2.2 Biometrics           58

5.3.7.2.3 Blockchain           58

5.3.7.3   Adjacent Technologies      58

5.3.7.3.1 Internet of Things (IoT)    58

5.3.7.3.2 Big Data Analytics             58

5.3.7.3.3 Regulatory Technology (RegTech)  59

5.3.8      PATENT ANALYSIS        59

5.3.8.1   List of major patents          60

5.3.9      PORTER’S FIVE FORCES’ ANALYSIS        62

5.3.9.1   Threat of new entrants       63

5.3.9.2   Threat of substitutes          63

5.3.9.3   Bargaining power of suppliers          63

5.3.9.4   Bargaining power of buyers             63

5.3.9.5   Intensity of competitive rivalry        64

5.3.10    TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 64

5.3.11    KEY STAKEHOLDERS AND BUYING CRITERIA    64

5.3.11.1 Key stakeholders in buying process  64

5.3.11.2 Buying criteria     65

5.3.12    KEY CONFERENCES AND EVENTS          66

5.3.13    TECHNOLOGY ROADMAP FOR EMBEDDED FINANCE MARKET 67

5.3.13.1 Short-term roadmap (2023–2025)   67

5.3.13.2 Mid-term roadmap (2026–2028)     67

5.3.13.3 Long-term roadmap (2029–2030)   67

5.3.14    BEST PRACTICES IN EMBEDDED FINANCE MARKET      68

5.3.14.1 Integrate Financial Services Seamlessly          68

5.3.14.2 Prioritize Compliance and Security  68

5.3.14.3 Offer Personalized Financial Services            68

5.3.14.4 Focus on User-centric Design          68

5.3.14.5 Leverage Data Analytics and Insights             68

5.3.15    CURRENT AND EMERGING BUSINESS MODELS 69

5.3.15.1 Subscription-based Model 69

5.3.15.2 Pay-per-use Model            69

5.3.15.3 Freemium Model 69

5.3.15.4 Transaction-based Model  69

5.3.15.5 Advertising-based Model   69

5.3.16    THREE MODELS OF EMBEDDED PAYMENTS     69

5.3.16.1 Referral partnership           69

5.3.16.2 Payment facilitation           70

5.3.16.3 Payment facilitation-as-a-service     70

5.3.17    EMBEDDED FINANCE MARKET: TOOLS, FRAMEWORKS, AND TECHNIQUES   70

5.3.18    INVESTMENT AND FUNDING SCENARIO            70

6            EMBEDDED FINANCE MARKET, BY TYPE            71

6.1         INTRODUCTION            72

6.1.1      TYPE: EMBEDDED FINANCE MARKET DRIVERS 73

6.2         EMBEDDED PAYMENTS             74

6.2.1      STREAMLINED INTEGRATION OF PAYMENT PROCESSING INTO NON-FINANCIAL PLATFORMS TO ENHANCE USER EXPERIENCE AND BOOST TRANSACTION EFFICIENCY      74

6.3         EMBEDDED LENDING  75

6.3.1      SIMPLIFIES FINANCING OPTIONS AND BOOSTS CONSUMER SPENDING AND LOYALTY BY INTEGRATING CREDIT AND LOAN SERVICES DIRECTLY WITHIN PLATFORMS             75

6.4         EMBEDDED INSURANCE            76

6.4.1      IMPROVES CUSTOMER SATISFACTION AND TRANSACTION VALUE BY OFFERING PERSONALIZED COVERAGE SOLUTIONS SEAMLESSLY INTEGRATED INTO TRANSACTIONS     76

6.5         EMBEDDED INVESTMENT/WEALTH MANAGEMENT     77

6.5.1      INTEGRATION OF FINANCIAL ADVISORY AND INVESTMENT SERVICES WITHIN DIGITAL PLATFORMS TO PROVIDE COMPREHENSIVE FINANCIAL SOLUTIONS, ENHANCING USER ENGAGEMENT AND SATISFACTION     77

6.6         OTHER TYPES  78

7            EMBEDDED FINANCE MARKET, BY BUSINESS MODEL   79

7.1         INTRODUCTION            80

7.1.1      BUSINESS MODEL: EMBEDDED FINANCE MARKET DRIVERS      80

7.2         B2B       81

7.2.1      ENHANCES EFFICIENCY AND SCALABILITY IN BUSINESS OPERATIONS, DRIVING INNOVATION IN TRANSACTION MANAGEMENT AND FINANCIAL INSIGHTS.         81

7.3         B2C       82

7.3.1      IMPROVES CONVENIENCE AND LOYALTY IN CONSUMER-FACING PLATFORMS, ENHANCING SHOPPING EXPERIENCES WITH SEAMLESS PAYMENT SOLUTIONS. 82

8            EMBEDDED FINANCE MARKET, BY INDUSTRY  84

8.1         INTRODUCTION            85

8.1.1      INDUSTRY: EMBEDDED FINANCE MARKET DRIVERS     86

8.2         RETAIL & E-COMMERCE            87

8.2.1      ENHANCING SALES AND CHECKOUT EXPERIENCES WITH SEAMLESS PAYMENTS AND CREDIT SERVICES       87

8.2.2      USE CASES        88

8.2.2.1   E-commerce platforms enabling embedded lending solutions for MSMEs 88

8.3         HEALTHCARE  88

8.3.1      SIMPLIFYING MEDICAL BILLING AND IMPROVING AFFORDABILITY THROUGH INSTALLMENT PLANS AND SPECIALIZED FINANCING SOLUTIONS              88

8.3.2      USE CASES        89

8.3.2.1   Optional add-on travel insurance offered by Indian Railways while booking tickets online    89

8.4         EDUCATION     89

8.4.1      STREAMLINING GLOBAL TUITION PAYMENTS AND STUDENT LOANS, IMPROVING FINANCIAL MANAGEMENT FOR INSTITUTIONS AND STUDENTS.              89

8.4.2      USE CASES        90

8.4.2.1   Personalized education finance solutions by EdTech companies 90

8.5         TELECOM         90

8.5.1      EXPANDING MOBILE BANKING AND DIGITAL PAYMENTS, FOSTERING FINANCIAL INCLUSION THROUGH PARTNERSHIPS WITH TELECOM OPERATORS     90

8.6         TRANSPORTATION, MOBILITY, AND LOGISTICS            91

8.6.1      OPTIMIZING PAYMENTS FOR RIDESHARING AND LOGISTICS,

ENHANCING OPERATIONAL EFFICIENCY           91

8.6.2      USE CASES        92

8.6.2.1   Seamless payments and micro-insurance integration in ride-hailing apps 92

8.7         TRAVEL & HOSPITALITY            92

8.7.1      OFFERING SEAMLESS PAYMENT OPTIONS AND ENHANCING BOOKING EXPERIENCES            92

8.8         OTHER INDUSTRIES      93

8.8.1      USE CASES        94

8.8.1.1   Integrated payments and home loan services on real estate aggregator platforms              94

8.8.1.2   AgriTech platforms offering integrated finance for farmers        94

9            EMBEDDED FINANCE MARKET, BY REGION       95

9.1         INTRODUCTION            96

9.2         NORTH AMERICA          97

9.2.1      NORTH AMERICA: EMBEDDED FINANCE MARKET DRIVERS       97

9.2.2      NORTH AMERICA: RECESSION IMPACT 97

9.2.3      US         101

9.2.3.1   Embedded finance platforms to fundamentally reshape traditional banking services in US by embedding financial capabilities into everyday consumer experiences              101

9.2.4      CANADA            103

9.2.4.1   Uptake of embedded finance solutions in Canada to reflect growing preference among tech-savvy consumers for integrated financial experiences that simplify transactions and enhance financial management 103

9.3         EUROPE             103

9.3.1      EUROPE: EMBEDDED FINANCE MARKET DRIVERS         104

9.3.2      EUROPE: RECESSION IMPACT   104

9.3.3      UK         107

9.3.3.1   Consumers to favor convenience and accessibility offered by mobile banking apps that provide traditional banking services as well as incorporate advanced features  107

9.3.4      GERMANY         109

9.3.4.1   Fintech startups partnering with traditional financial institutions to integrate banking services into retail and digital platforms, catering to evolving consumer preferences for convenience and efficiency         109

9.3.5      FRANCE             109

9.3.5.1   French regulators to play pivotal role in creating favorable environment for fintech innovations          109

9.3.6      ITALY   110

9.3.6.1   Key stakeholders in Italy’s embedded finance ecosystem encompass adapting to digital transformation alongside agile fintech enterprises leveraging technology to innovate financial solutions 110

9.3.7      SPAIN   112

9.3.7.1   Spain witnessing surge in adoption of embedded finance solutions, underscoring broader trend toward integrating financial services into non-financial digital platforms              112

9.3.8      REST OF EUROPE           112

9.4         ASIA PACIFIC    113

9.4.1      ASIA PACIFIC: EMBEDDED FINANCE MARKET DRIVERS 113

9.4.2      ASIA PACIFIC: RECESSION IMPACT        113

9.4.3      CHINA  117

9.4.3.1   Consumers increasingly rely on digital platforms for everything,

from everyday purchases to sophisticated financial planning      117

9.4.4      JAPAN  119

9.4.4.1   Plaid, Stripe, and Wallester to be pivotal in shaping future of financial services in Japan     119

9.4.5      INDIA   119

9.4.5.1   Digital payments through embedded finance solutions in India witnessed remarkable surge of 183% year-on-year in transaction volumes 119

9.4.6      AUSTRALIA & NEW ZEALAND   121

9.4.6.1   Adoption of embedded finance solutions in Australia witnessed notable uptick, with 30% increase in digital wallet transactions compared to previous year            121

9.4.7      REST OF ASIA PACIFIC  122

9.5         MIDDLE EAST & AFRICA             122

9.5.1      MIDDLE EAST & AFRICA: EMBEDDED FINANCE MARKET DRIVERS              122

9.5.2      MIDDLE EAST & AFRICA: RECESSION IMPACT   122

9.5.3      GCC COUNTRIES           125

9.5.3.1   GCC’s strategic location and role as global business hub to amplify potential of embedded finance to drive economic diversification and enhance financial inclusion              125

9.5.3.2   UAE      128

9.5.3.2.1 Partnerships between e-commerce platforms and financial institutions to enable seamless payment experiences and enhanced customer satisfaction          128

9.5.3.3   KSA       128

9.5.3.3.1 Surge in partnerships between fintech companies and traditional businesses in KSA to drive market growth             128

9.5.3.4   Rest of GCC Countries      131

9.5.4      SOUTH AFRICA 131

9.5.4.1   Mobile-centric economy where significant portion of population accesses financial services through smartphones to drive market growth in South Africa      131

9.5.5      REST OF MIDDLE EAST & AFRICA           131

9.6         LATIN AMERICA             132

9.6.1      LATIN AMERICA: EMBEDDED FINANCE MARKET DRIVERS         132

9.6.2      LATIN AMERICA: RECESSION IMPACT   132

9.6.3      BRAZIL 135

9.6.3.1   Brazil’s robust digital infrastructure, including high smartphone penetration and increasing internet connectivity, to drive market growth            135

9.6.4      MEXICO             137

9.6.4.1   Mexico’s supportive regulatory environment and growing fintech ecosystem, facilitating collaborations, to drive innovation and broaden scope of financial solutions available to consumers       137

9.6.5      REST OF LATIN AMERICA          137

10          COMPETITIVE LANDSCAPE       138

10.1       INTRODUCTION            138

10.2       KEY PLAYER STRATEGIES/RIGHT TO WIN          138

10.3       REVENUE ANALYSIS      140

10.4       MARKET SHARE ANALYSIS         141

10.4.1    MARKET RANKING ANALYSIS   142

10.5       COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023   142

10.5.1    STARS  142

10.5.2    EMERGING LEADERS    142

10.5.3    PERVASIVE PLAYERS     142

10.5.4    PARTICIPANTS 142

10.5.5    COMPANY FOOTPRINT: KEY PLAYERS, 2023      144

10.6       COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023          149

10.6.1    PROGRESSIVE COMPANIES       149

10.6.2    RESPONSIVE COMPANIES          149

10.6.3    DYNAMIC COMPANIES 149

10.6.4    STARTING BLOCKS       149

10.6.5    COMPETITIVE BENCHMARKING            151

10.7       COMPETITIVE SCENARIO AND TRENDS             153

10.7.1    PRODUCT LAUNCHES  153

10.7.2    DEALS  154

10.8       BRAND/PRODUCT COMPARISON ANALYSIS      155

10.9       COMPANY VALUATION AND FINANCIAL METRICS OF KEY EMBEDDED FINANCE PROVIDERS   156

11          COMPANY PROFILES    157

11.1       KEY PLAYERS   157

11.1.1    STRIPE, INC.      157

11.1.1.1 Business overview 157

11.1.1.2 Products/Solutions/Services offered 157

11.1.1.3 Recent developments         159

11.1.1.4 MnM view           160

11.1.1.4.1            Right to win         160

11.1.1.4.2            Strategic choices  160

11.1.1.4.3            Weaknesses and competitive threats 160

11.1.2    PAYPAL HOLDINGS, INC.           161

11.1.2.1 Business overview 161

11.1.2.2 Products/Solutions/Services offered 163

11.1.2.3 Recent developments         164

11.1.2.4 MnM view           165

11.1.2.4.1            Right to win         165

11.1.2.4.2            Strategic choices  165

11.1.2.4.3            Weaknesses and competitive threats 165

11.1.3    AMAZON.COM, INC.      166

11.1.3.1 Business overview 166

11.1.3.2 Products/Solutions/Services offered 168

11.1.3.3 Recent developments         169

11.1.3.4 MnM view           170

11.1.3.4.1            Right to win         170

11.1.3.4.2            Strategic choices  170

11.1.3.4.3            Weaknesses and competitive threats 170

11.1.4    FIS         171

11.1.4.1 Business overview 171

11.1.4.2 Products/Solutions/Services offered 172

11.1.4.3 Recent developments         174

11.1.4.4 MnM view           175

11.1.4.4.1            Right to win         175

11.1.4.4.2            Strategic choices  175

11.1.4.4.3            Weaknesses and competitive threats 175

11.1.5    VISA INC.           176

11.1.5.1 Business overview 176

11.1.5.2 Products/Solutions/Services offered 178

11.1.5.3 Recent developments         179

11.1.5.4 MnM view           180

11.1.5.4.1            Right to win         180

11.1.5.4.2            Strategic choices  180

11.1.5.4.3            Weaknesses and competitive threats 180

11.1.6    PLAID, INC.       181

11.1.6.1 Business overview 181

11.1.6.2 Products/Solutions/Services offered 181

11.1.6.3 Recent developments         182

11.1.7    KLARNA BANK AB          184

11.1.7.1 Business overview 184

11.1.7.2 Products/Solutions/Services offered 184

11.1.7.3 Recent developments         185

11.1.8    CROSS RIVER BANK       187

11.1.8.1 Business overview 187

11.1.8.2 Products/Solutions/Services offered 187

11.1.8.3 Recent developments         188

11.1.9    ZETA SERVICES INC.      190

11.1.9.1 Business overview 190

11.1.9.2 Products/Solutions/Services offered 190

11.1.9.3 Recent developments         191

11.1.10  MARQETA, INC. 192

11.1.10.1             Business overview 192

11.1.10.2             Products/Solutions/Services offered 193

11.1.10.3             Recent developments         194

11.1.11  WISE PAYMENTS LIMITED         196

11.1.12  GOLDMAN SACHS         197

11.1.13  JPMORGAN CHASE & CO.           198

11.1.14  ALIPAY+            199

11.2       STARTUPS/SMES           200

11.2.1    UNIT FINANCE INC.       200

11.2.2    SOLARIS SE       201

11.2.3    PARAFIN, INC.   202

11.2.4    BELVO 203

11.2.5    KASKO LTD.      204

11.2.6    TINT TECHNOLOGIES INC.        205

11.2.7    MEZU, INC.        206

11.2.8    FORTIS PAYMENT SYSTEMS      207

11.2.9    ADDITIV AG      208

11.2.10  GALILEO FINANCIAL TECHNOLOGIES, LLC       209

11.2.11  TREVIPAY         210

12          ADJACENT/RELATED MARKETS             211

12.1       INTRODUCTION            211

12.1.1    LIMITATIONS   211

12.2       DIGITAL PAYMENT MARKET    211

12.2.1    MARKET DEFINITION   211

12.2.2    MARKET OVERVIEW     211

12.3       SOLUTIONS      212

12.3.1    DIGITAL PAYMENT MARKET, BY TRANSACTION TYPE  213

12.3.2    DIGITAL PAYMENT MARKET, BY PAYMENT MODE        214

12.3.3    DIGITAL PAYMENT MARKET, BY VERTICAL       215

12.3.4    DIGITAL PAYMENT MARKET, BY REGION           216

12.4       PAYMENT PROCESSING SOLUTIONS MARKET  216

12.4.1    MARKET DEFINITION   216

12.4.2    MARKET OVERVIEW     217

12.4.3    PAYMENT PROCESSING SOLUTIONS, BY PAYMENT METHOD   217

12.4.4    PAYMENT PROCESSING SOLUTIONS MARKET, BY VERTICAL     218

12.4.5    PAYMENT PROCESSING SOLUTIONS MANAGEMENT MARKET, BY REGION             219

13          APPENDIX         220

13.1       DISCUSSION GUIDE      220

13.2       KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL             223

13.3       CUSTOMIZATION OPTIONS      225

13.4       RELATED REPORTS       225

13.5       AUTHOR DETAILS         226

LIST OF TABLES

TABLE 1             USD EXCHANGE RATES, 2021–2023         28

TABLE 2             KEY PRIMARY INTERVIEW PARTICIPANTS         31

TABLE 3             RESEARCH ASSUMPTIONS         35

TABLE 4             RISK ASSESSMENT         36

TABLE 5             EMBEDDED FINANCE MARKET: ECOSYSTEM    48

TABLE 6             NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 52

TABLE 7             EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 53

TABLE 8             ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 53

TABLE 9             REST OF THE WORLD: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 53

TABLE 10           INDICATIVE PRICING ANALYSIS OF EMBEDDED FINANCE, BY TYPE (USD)       55

TABLE 11           AVERAGE PRICING ANALYSIS OF KEY PLAYERS, BY SOLUTION (USD)   56

TABLE 12           PORTER’S FIVE FORCES’ IMPACT ON EMBEDDED FINANCE MARKET            62

TABLE 13           INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR INDUSTRIES      65

TABLE 14           KEY BUYING CRITERIA FOR INDUSTRIES            66

TABLE 15           EMBEDDED FINANCE MARKET: LIST OF KEY CONFERENCES

AND EVENTS, 2024–2025             66

TABLE 16           EMBEDDED FINANCE MARKET, BY TYPE, 2020–2023 (USD BILLION)           73

TABLE 17           EMBEDDED FINANCE MARKET, BY TYPE, 2024–2029 (USD BILLION)           73

TABLE 18           EMBEDDED PAYMENTS: EMBEDDED FINANCE MARKET,

BY REGION, 2020–2023 (USD BILLION)   74

TABLE 19           EMBEDDED PAYMENTS: EMBEDDED FINANCE MARKET,

BY REGION, 2024–2029 (USD BILLION)   74

TABLE 20           EMBEDDED LENDING: EMBEDDED FINANCE MARKET,

BY REGION, 2020–2023 (USD BILLION)   75

TABLE 21           EMBEDDED LENDING: EMBEDDED FINANCE MARKET,

BY REGION, 2024–2029 (USD BILLION)   75

TABLE 22           EMBEDDED INSURANCE: EMBEDDED FINANCE MARKET,

BY REGION, 2020–2023 (USD BILLION)   76

TABLE 23           EMBEDDED INSURANCE: EMBEDDED FINANCE MARKET,

BY REGION, 2024–2029 (USD BILLION)   76

TABLE 24           EMBEDDED INVESTMENT/WEALTH MANAGEMENT: EMBEDDED FINANCE MARKET, BY REGION, 2020–2023 (USD BILLION)  77

TABLE 25           EMBEDDED INVESTMENT/WEALTH MANAGEMENT: EMBEDDED FINANCE MARKET, BY REGION, 2024–2029 (USD BILLION)  77

TABLE 26           OTHER TYPES: EMBEDDED FINANCE MARKET,

BY REGION, 2020–2023 (USD BILLION)   78

TABLE 27           OTHER TYPES: EMBEDDED FINANCE MARKET,

BY REGION, 2024–2029 (USD BILLION)   78

TABLE 28           EMBEDDED FINANCE MARKET, BY BUSINESS MODEL, 2020–2023 (USD BILLION)      80

TABLE 29           EMBEDDED FINANCE MARKET, BY BUSINESS MODEL, 2024–2029 (USD BILLION)      81

TABLE 30           B2B: EMBEDDED FINANCE MARKET, BY REGION, 2020–2023 (USD BILLION) 81

TABLE 31           B2B: EMBEDDED FINANCE MARKET, BY REGION, 2024–2029 (USD BILLION) 82

TABLE 32           B2C: EMBEDDED FINANCE MARKET, BY REGION, 2020–2023 (USD BILLION) 82

TABLE 33           B2C: EMBEDDED FINANCE MARKET, BY REGION, 2024–2029 (USD BILLION) 83

TABLE 34           EMBEDDED FINANCE MARKET, BY INDUSTRY, 2020–2023 (USD BILLION)           86

TABLE 35           EMBEDDED FINANCE MARKET, BY INDUSTRY, 2024–2029 (USD BILLION)           86

TABLE 36           RETAIL & E-COMMERCE: EMBEDDED FINANCE MARKET,

BY REGION, 2020–2023 (USD BILLION)   87

TABLE 37           RETAIL & E-COMMERCE: EMBEDDED FINANCE MARKET,

BY REGION, 2024–2029 (USD BILLION)   87

TABLE 38           HEALTHCARE: EMBEDDED FINANCE MARKET,

BY REGION, 2020–2023 (USD BILLION)   88

TABLE 39           HEALTHCARE: EMBEDDED FINANCE MARKET,

BY REGION, 2024–2029 (USD BILLION)   88

TABLE 40           EDUCATION: EMBEDDED FINANCE MARKET,

BY REGION, 2020–2023 (USD BILLION)   89

TABLE 41           EDUCATION: EMBEDDED FINANCE MARKET,

BY REGION, 2024–2029 (USD BILLION)   89

TABLE 42           TELECOM: EMBEDDED FINANCE MARKET, BY REGION, 2020–2023 (USD BILLION)      90

TABLE 43           TELECOM: EMBEDDED FINANCE MARKET, BY REGION, 2024–2029 (USD BILLION)      90

TABLE 44           TRANSPORTATION, MOBILITY, AND LOGISTICS: EMBEDDED FINANCE MARKET,

BY REGION, 2020–2023 (USD BILLION)   91

TABLE 45           TRANSPORTATION, MOBILITY, AND LOGISTICS: EMBEDDED FINANCE MARKET,

BY REGION, 2024–2029 (USD BILLION)   91

TABLE 46           TRAVEL & HOSPITALITY: EMBEDDED FINANCE MARKET,

BY REGION, 2020–2023 (USD BILLION)   92

TABLE 47           TRAVEL & HOSPITALITY: EMBEDDED FINANCE MARKET,

BY REGION, 2024–2029 (USD BILLION)   92

TABLE 48           OTHER INDUSTRIES: EMBEDDED FINANCE MARKET,

BY REGION, 2020–2023 (USD BILLION)   93

TABLE 49           OTHER INDUSTRIES: EMBEDDED FINANCE MARKET,

BY REGION, 2024–2029 (USD BILLION)   93

TABLE 50           EMBEDDED FINANCE MARKET, BY REGION, 2020–2023 (USD BILLION)           96

TABLE 51           EMBEDDED FINANCE MARKET, BY REGION, 2024–2029 (USD BILLION)           97

TABLE 52           NORTH AMERICA: EMBEDDED FINANCE MARKET,

BY TYPE, 2020–2023 (USD BILLION)        98

TABLE 53           NORTH AMERICA: EMBEDDED FINANCE MARKET,

BY TYPE, 2024–2029 (USD BILLION)        99

TABLE 54           NORTH AMERICA: EMBEDDED FINANCE MARKET,

BY BUSINESS MODEL, 2020–2023 (USD BILLION)             99

TABLE 55           NORTH AMERICA: EMBEDDED FINANCE MARKET,

BY BUSINESS MODEL, 2024–2029 (USD BILLION)             99

TABLE 56           NORTH AMERICA: EMBEDDED FINANCE MARKET,

BY INDUSTRY, 2020–2023 (USD BILLION)            100

TABLE 57           NORTH AMERICA: EMBEDDED FINANCE MARKET,

BY INDUSTRY, 2024–2029 (USD BILLION)            100

TABLE 58           NORTH AMERICA: EMBEDDED FINANCE MARKET,

BY COUNTRY, 2020–2023 (USD BILLION)             100

TABLE 59           NORTH AMERICA: EMBEDDED FINANCE MARKET,

BY COUNTRY, 2024–2029 (USD BILLION)             101

TABLE 60           US: EMBEDDED FINANCE MARKET, BY TYPE, 2020–2023 (USD BILLION)           101

TABLE 61           US: EMBEDDED FINANCE MARKET, BY TYPE, 2024–2029 (USD BILLION)           102

TABLE 62           US: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2020–2023 (USD BILLION)           102

TABLE 63           US: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2024–2029 (USD BILLION)           102

TABLE 64           US: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2020–2023 (USD BILLION) 102

TABLE 65           US: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2024–2029 (USD BILLION) 103

TABLE 66           EUROPE: EMBEDDED FINANCE MARKET, BY TYPE, 2020–2023 (USD BILLION) 104

TABLE 67           EUROPE: EMBEDDED FINANCE MARKET, BY TYPE, 2024–2029 (USD BILLION) 104

TABLE 68          EUROPE: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2020–2023 (USD BILLION)           105

TABLE 69          EUROPE: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2024–2029 (USD BILLION)           105

TABLE 70           EUROPE: EMBEDDED FINANCE MARKET, BY INDUSTRY,

2020–2023 (USD BILLION)           105

TABLE 71           EUROPE: EMBEDDED FINANCE MARKET, BY INDUSTRY,

2024–2029 (USD BILLION)           106

TABLE 72           EUROPE: EMBEDDED FINANCE MARKET, BY COUNTRY, 2020–2023 (USD BILLION)      106

TABLE 73           EUROPE: EMBEDDED FINANCE MARKET, BY COUNTRY, 2024–2029 (USD BILLION)      106

TABLE 74           UK: EMBEDDED FINANCE MARKET, BY TYPE, 2020–2023 (USD BILLION)           107

TABLE 75           UK: EMBEDDED FINANCE MARKET, BY TYPE, 2024–2029 (USD BILLION)           107

TABLE 76           UK: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2020–2023 (USD BILLION)           108

TABLE 77           UK: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2024–2029 (USD BILLION)           108

TABLE 78           UK: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2020–2023 (USD BILLION) 108

TABLE 79           UK: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2024–2029 (USD BILLION) 109

TABLE 80           ITALY: EMBEDDED FINANCE MARKET, BY TYPE, 2020–2023 (USD BILLION) 110

TABLE 81           ITALY: EMBEDDED FINANCE MARKET, BY TYPE, 2024–2029 (USD BILLION) 111

TABLE 82           ITALY: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2020–2023 (USD BILLION)           111

TABLE 83           ITALY: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2024–2029 (USD BILLION)           111

TABLE 84           ITALY: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2020–2023 (USD BILLION)      111

TABLE 85           ITALY: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2024–2029 (USD BILLION)      112

TABLE 86           ASIA PACIFIC: EMBEDDED FINANCE MARKET, BY TYPE, 2020–2023 (USD BILLION)      114

TABLE 87           ASIA PACIFIC: EMBEDDED FINANCE MARKET, BY TYPE, 2024–2029 (USD BILLION)      115

TABLE 88           ASIA PACIFIC: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2020–2023 (USD BILLION)           115

TABLE 89           ASIA PACIFIC: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2024–2029 (USD BILLION)           115

TABLE 90           ASIA PACIFIC: EMBEDDED FINANCE MARKET, BY INDUSTRY,

2020–2023 (USD BILLION)           115

TABLE 91           ASIA PACIFIC: EMBEDDED FINANCE MARKET, BY INDUSTRY,

2024–2029 (USD BILLION)           116

TABLE 92           ASIA PACIFIC: EMBEDDED FINANCE MARKET, BY COUNTRY,

2020–2023 (USD BILLION)           116

TABLE 93           ASIA PACIFIC: EMBEDDED FINANCE MARKET, BY COUNTRY,

2024–2029 (USD BILLION)           116

TABLE 94           CHINA: EMBEDDED FINANCE MARKET, BY TYPE, 2020–2023 (USD BILLION) 117

TABLE 95           CHINA: EMBEDDED FINANCE MARKET, BY TYPE, 2024–2029 (USD BILLION) 117

TABLE 96           CHINA: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2020–2023 (USD BILLION)           118

TABLE 97           CHINA: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2024–2029 (USD BILLION)           118

TABLE 98           CHINA: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2020–2023 (USD BILLION)      118

TABLE 99           CHINA: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2024–2029 (USD BILLION)      119

TABLE 100         INDIA: EMBEDDED FINANCE MARKET, BY TYPE, 2020–2023 (USD BILLION) 120

TABLE 101         INDIA: EMBEDDED FINANCE MARKET, BY TYPE, 2024–2029 (USD BILLION) 120

TABLE 102         INDIA: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2020–2023 (USD BILLION)           120

TABLE 103         INDIA: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2024–2029 (USD BILLION)           120

TABLE 104         INDIA: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2020–2023 (USD BILLION)      121

TABLE 105         INDIA: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2024–2029 (USD BILLION)      121

TABLE 106         MIDDLE EAST & AFRICA: EMBEDDED FINANCE MARKET,

BY TYPE, 2020–2023 (USD BILLION)        123

TABLE 107         MIDDLE EAST & AFRICA: EMBEDDED FINANCE MARKET,

BY TYPE, 2024–2029 (USD BILLION)        123

TABLE 108         MIDDLE EAST & AFRICA: EMBEDDED FINANCE MARKET,

BY BUSINESS MODEL, 2020–2023 (USD BILLION)             123

TABLE 109         MIDDLE EAST & AFRICA: EMBEDDED FINANCE MARKET,

BY BUSINESS MODEL, 2024–2029 (USD BILLION)             124

TABLE 110         MIDDLE EAST & AFRICA: EMBEDDED FINANCE MARKET,

BY INDUSTRY, 2020–2023 (USD BILLION)            124

TABLE 111         MIDDLE EAST & AFRICA: EMBEDDED FINANCE MARKET,

BY INDUSTRY, 2024–2029 (USD BILLION)            124

TABLE 112         MIDDLE EAST & AFRICA: EMBEDDED FINANCE MARKET,

BY REGION/COUNTRY, 2020–2023 (USD BILLION)           125

TABLE 113         MIDDLE EAST & AFRICA: EMBEDDED FINANCE MARKET,

BY REGION/COUNTRY, 2024–2029 (USD BILLION)           125

TABLE 114         GCC COUNTRIES: EMBEDDED FINANCE MARKET,

BY TYPE, 2020–2023 (USD BILLION)        126

TABLE 115         GCC COUNTRIES: EMBEDDED FINANCE MARKET,

BY TYPE, 2024–2029 (USD BILLION)        126

TABLE 116         GCC COUNTRIES: EMBEDDED FINANCE MARKET,

BY BUSINESS MODEL, 2020–2023 (USD BILLION)             126

TABLE 117         GCC COUNTRIES: EMBEDDED FINANCE MARKET,

BY BUSINESS MODEL, 2024–2029 (USD BILLION)             126

TABLE 118         GCC COUNTRIES: EMBEDDED FINANCE MARKET,

BY INDUSTRY, 2020–2023 (USD BILLION)            127

TABLE 119         GCC COUNTRIES: EMBEDDED FINANCE MARKET,

BY INDUSTRY, 2024–2029 (USD BILLION)            127

TABLE 120         GCC COUNTRIES: EMBEDDED FINANCE MARKET,

BY COUNTRY, 2020–2023 (USD BILLION)             127

TABLE 121         GCC COUNTRIES: EMBEDDED FINANCE MARKET,

BY COUNTRY, 2024–2029 (USD BILLION)             128

TABLE 122         KSA: EMBEDDED FINANCE MARKET, BY TYPE, 2020–2023 (USD BILLION)           129

TABLE 123         KSA: EMBEDDED FINANCE MARKET, BY TYPE, 2024–2029 (USD BILLION)           129

TABLE 124         KSA: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2020–2023 (USD BILLION)           129

TABLE 125         KSA: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2024–2029 (USD BILLION)           130

TABLE 126         KSA: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2020–2023 (USD BILLION) 130

TABLE 127         KSA: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2024–2029 (USD BILLION) 130

TABLE 128         LATIN AMERICA: EMBEDDED FINANCE MARKET,

BY TYPE, 2020–2023 (USD BILLION)        132

TABLE 129         LATIN AMERICA: EMBEDDED FINANCE MARKET,

BY TYPE, 2024–2029 (USD BILLION)        133

TABLE 130         LATIN AMERICA: EMBEDDED FINANCE MARKET,

BY BUSINESS MODEL, 2020–2023 (USD BILLION)             133

TABLE 131         LATIN AMERICA: EMBEDDED FINANCE MARKET,

BY BUSINESS MODEL, 2024–2029 (USD BILLION)             133

TABLE 132         LATIN AMERICA: EMBEDDED FINANCE MARKET,

BY INDUSTRY, 2020–2023 (USD BILLION)            134

TABLE 133         LATIN AMERICA: EMBEDDED FINANCE MARKET,

BY INDUSTRY, 2024–2029 (USD BILLION)            134

TABLE 134         LATIN AMERICA: EMBEDDED FINANCE MARKET,

BY COUNTRY, 2020–2023 (USD BILLION)             134

TABLE 135         LATIN AMERICA: EMBEDDED FINANCE MARKET,

BY COUNTRY, 2024–2029 (USD BILLION)             135

TABLE 136         BRAZIL: EMBEDDED FINANCE MARKET, BY TYPE, 2020–2023 (USD BILLION) 135

TABLE 137         BRAZIL: EMBEDDED FINANCE MARKET, BY TYPE, 2024–2029 (USD BILLION) 136

TABLE 138         BRAZIL: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2020–2023 (USD BILLION)           136

TABLE 139         BRAZIL: EMBEDDED FINANCE MARKET, BY BUSINESS MODEL,

2024–2029 (USD BILLION)           136

TABLE 140         BRAZIL: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2020–2023 (USD BILLION)      136

TABLE 141         BRAZIL: EMBEDDED FINANCE MARKET, BY INDUSTRY, 2024–2029 (USD BILLION)      137

TABLE 142         OVERVIEW OF STRATEGIES ADOPTED BY KEY EMBEDDED FINANCE VENDORS       138

TABLE 143         EMBEDDED FINANCE MARKET: DEGREE OF COMPETITION              141

TABLE 144         TYPE FOOTPRINT         145

TABLE 145         BUSINESS MODEL FOOTPRINT 146

TABLE 146         INDUSTRY FOOTPRINT 147

TABLE 147         REGIONAL FOOTPRINT             148

TABLE 148         EMBEDDED FINANCE MARKET: KEY STARTUPS/SMES  151

TABLE 149         EMBEDDED FINANCE MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES        152

TABLE 150         EMBEDDED FINANCE MARKET: PRODUCT LAUNCHES, MARCH 2023–JUNE 2024 153

TABLE 151         EMBEDDED FINANCE MARKET: DEALS, JULY 2023–JUNE 2024              154

TABLE 152         STRIPE, INC.: COMPANY OVERVIEW      157

TABLE 153         STRIPE, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED              157

TABLE 154         STRIPE, INC.: PRODUCT LAUNCHES      159

TABLE 155         STRIPE, INC.: DEALS      159

TABLE 156         STRIPE, INC.: EXPANSIONS        159

TABLE 157         PAYPAL HOLDINGS, INC.: COMPANY OVERVIEW            161

TABLE 158         PAYPAL HOLDINGS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED          163

TABLE 159         PAYPAL HOLDINGS, INC.: PRODUCT LAUNCHES            164

TABLE 160         PAYPAL HOLDINGS, INC.: DEALS           164

TABLE 161         AMAZON.COM, INC.: COMPANY OVERVIEW       166

TABLE 162         AMAZON.COM, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED          168

TABLE 163         AMAZON.COM, INC.: PRODUCT LAUNCHES      169

TABLE 164         AMAZON.COM, INC.: DEALS      169

TABLE 165         FIS: COMPANY OVERVIEW         171

TABLE 166         FIS: PRODUCTS/SOLUTIONS/SERVICES OFFERED          172

TABLE 167         FIS: PRODUCT LAUNCHES         174

TABLE 168         FIS: DEALS        174

TABLE 169         VISA INC.: COMPANY OVERVIEW           176

TABLE 170         VISA INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED              178

TABLE 171         VISA INC.: DEALS           179

TABLE 172         VISA INC.: OTHERS        180

TABLE 173         PLAID, INC.: COMPANY OVERVIEW        181

TABLE 174         PLAID, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED              181

TABLE 175         PLAID, INC.: PRODUCT LAUNCHES       182

TABLE 176         PLAID, INC.: DEALS       182

TABLE 177         KLARNA BANK AB: COMPANY OVERVIEW          184

TABLE 178         KLARNA BANK AB: PRODUCTS/SOLUTIONS/SERVICES OFFERED          184

TABLE 179         KLARNA BANK AB: PRODUCT LAUNCHES          185

TABLE 180         KLARNA BANK AB: DEALS          186

TABLE 181         CROSS RIVER BANK: COMPANY OVERVIEW       187

TABLE 182         CROSS RIVER BANK: PRODUCTS/SOLUTIONS/SERVICES OFFERED          187

TABLE 183         CROSS RIVER BANK: DEALS       188

TABLE 184         ZETA SERVICES INC.: COMPANY OVERVIEW      190

TABLE 185         ZETA SERVICES INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED          190

TABLE 186         ZETA SERVICES INC.: PRODUCT LAUNCHES      191

TABLE 187         ZETA SERVICES INC.: DEALS      191

TABLE 188         MARQETA, INC.: COMPANY OVERVIEW 192

TABLE 189         MARQETA, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED              193

TABLE 190         MARQETA, INC.: PRODUCT LAUNCHES 194

TABLE 191         MARQETA, INC.: DEALS 194

TABLE 192         DIGITAL PAYMENT MARKET, BY SOLUTION, 2018–2022 (USD MILLION)          212

TABLE 193         DIGITAL PAYMENT MARKET, BY SOLUTION, 2023–2028 (USD MILLION)          212

TABLE 194         DIGITAL PAYMENT MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)     213

TABLE 195         DIGITAL PAYMENT MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)     213

TABLE 196         DIGITAL PAYMENT MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION) 214

TABLE 197         DIGITAL PAYMENT MARKET, PAYMENT MODE, 2023–2028 (USD MILLION) 214

TABLE 198         DIGITAL PAYMENT MARKET, BY VERTICAL, 2018–2022 (USD MILLION)          215

TABLE 199         DIGITAL PAYMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION)          215

TABLE 200         DIGITAL PAYMENT MARKET, BY REGION, 2018–2022 (USD MILLION)          216

TABLE 201         DIGITAL PAYMENT MARKET, BY REGION, 2023–2028 (USD MILLION)          216

TABLE 202         PAYMENT PROCESSING SOLUTIONS MARKET,

BY PAYMENT METHOD, 2018–2022 (USD MILLION)        217

TABLE 203         PAYMENT PROCESSING SOLUTIONS MARKET,

BY PAYMENT METHOD, 2023–2028 (USD MILLION)        217

TABLE 204         PAYMENT PROCESSING SOLUTIONS MARKET,

BY VERTICAL, 2018–2022 (USD MILLION)            218

TABLE 205         PAYMENT PROCESSING SOLUTIONS MARKET,

BY VERTICAL, 2023–2028 (USD MILLION)            218

TABLE 206         PAYMENT PROCESSING SOLUTIONS MARKET,

BY REGION, 2018–2022 (USD MILLION)  219

TABLE 207         PAYMENT PROCESSING SOLUTIONS MARKET,

BY REGION, 2023–2028 (USD MILLION)  219

LIST OF FIGURES

FIGURE 1           MARKET SEGMENTATION         26

FIGURE 2           EMBEDDED FINANCE MARKET: RESEARCH DESIGN      29

FIGURE 3           BREAKDOWN OF PRIMARY INTERVIEWS, BY COMPANY TYPE,

DESIGNATION, AND REGION    31

FIGURE 4           DATA TRIANGULATION             32

FIGURE 5           TOP-DOWN APPROACH             33

FIGURE 6           MARKET SIZE ESTIMATION METHODOLOGY – APPROACH 1 (SUPPLY SIDE): REVENUE OF VENDORS IN EMBEDDED FINANCE MARKET              33

FIGURE 7           BOTTOM-UP APPROACH           34

FIGURE 8           MARKET SIZE ESTIMATION METHODOLOGY: DEMAND-SIDE ANALYSIS          34

FIGURE 9           BOTTOM-UP (SUPPLY SIDE) ANALYSIS: COLLECTIVE REVENUE FROM SOLUTIONS/SERVICES OF EMBEDDED FINANCE MARKET              35

FIGURE 10         EMBEDDED FINANCE MARKET TO WITNESS SIGNIFICANT GROWTH DURING FORECAST PERIOD 38

FIGURE 11         EMBEDDED FINANCE MARKET: REGIONAL SNAPSHOT 39

FIGURE 12         TECHNOLOGICAL ADVANCEMENTS AND INCREASING CONSUMER DEMAND TO DRIVE EMBEDDED FINANCE MARKET            40

FIGURE 13         TOP GROWING SEGMENTS IN MARKET IN 2024 40

FIGURE 14         RETAIL & E-COMMERCE SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE

IN 2024 41

FIGURE 15         B2B SEGMENT TO ACCOUNT FOR LARGER MARKET SHARE IN 2024      41

FIGURE 16         EMBEDDED PAYMENTS SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE

IN 2024 42

FIGURE 17         EMBEDDED PAYMENTS AND B2B SEGMENTS TO HOLD SIGNIFICANT MARKET SHARES IN 2024 42

FIGURE 18         DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES:

EMBEDDED FINANCE MARKET 43

FIGURE 19         EVOLUTION OF EMBEDDED FINANCE  46

FIGURE 20         KEY PLAYERS IN EMBEDDED FINANCE MARKET ECOSYSTEM              47

FIGURE 21         EMBEDDED FINANCE MARKET: VALUE CHAIN ANALYSIS              51

FIGURE 22         AVERAGE PRICING ANALYSIS OF KEY PLAYERS, BY SOLUTION (USD)   56

FIGURE 23         LIST OF MAJOR PATENTS FOR EMBEDDED FINANCE    59

FIGURE 24         PORTER’S FIVE FORCES ANALYSIS: EMBEDDED FINANCE MARKET            62

FIGURE 25         EMBEDDED FINANCE MARKET: TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 64

FIGURE 26         INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR INDUSTRIES      65

FIGURE 27         KEY BUYING CRITERIA FOR TOP INDUSTRIES   65

FIGURE 28         TOOLS, FRAMEWORKS, AND TECHNIQUES: EMBEDDED FINANCE MARKET         70

FIGURE 29         INVESTMENT AND FUNDING SCENARIO            70

FIGURE 30         EMBEDDED LENDING SEGMENT TO GROW AT HIGHEST CAGR DURING

FORECAST PERIOD       72

FIGURE 31         B2C SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD       80

FIGURE 32         HEALTHCARE SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD     85

FIGURE 33         NORTH AMERICA: MARKET SNAPSHOT 98

FIGURE 34         ASIA PACIFIC: MARKET SNAPSHOT       114

FIGURE 35         REVENUE ANALYSIS FOR KEY COMPANIES IN PAST 5 YEARS              140

FIGURE 36         SHARE OF LEADING COMPANIES IN EMBEDDED FINANCE MARKET, 2023  141

FIGURE 37         MARKET RANKING ANALYSIS OF TOP 5 PLAYERS           142

FIGURE 38         EMBEDDED FINANCE MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2023     143

FIGURE 39         OVERALL COMPANY FOOTPRINT          144

FIGURE 40         EMBEDDED FINANCE MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2023           150

FIGURE 41         BRAND/PRODUCT COMPARISON ANALYSIS      155

FIGURE 42         FINANCIAL METRICS OF KEY EMBEDDED FINANCE VENDORS              156

FIGURE 43         COMPANY VALUATION OF KEY EMBEDDED FINANCE VENDORS          156

FIGURE 44         PAYPAL HOLDINGS, INC.: COMPANY SNAPSHOT            162

FIGURE 45         AMAZON.COM, INC.: COMPANY SNAPSHOT      167

FIGURE 46         FIS: COMPANY SNAPSHOT         171

FIGURE 47         VISA INC.: COMPANY SNAPSHOT           177

FIGURE 48         MARQETA, INC.: COMPANY SNAPSHOT 192

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