This Payment Bank Solutions market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Payment Bank Solutions market.
Presently with the growing usage of digital and online banking, many banks have started offering various options for banking payments. These Payment banks are helping in modernization of banking by offering unique payment solutions to customers. The concept of payment bank solution is growing at a faster pace due to rising usage of mobile technology to provide financial assistance in remote areas. These payment bank solutions are developed specifically for unbanked segments and locations which do not have banks.
This payment bank concept has been launched by Reserve Bank of India (RBI) in which a payment bank operates at smaller level that as an actual bank. In this payment bank can make payments and do some work of banks but cannot lend money or issue credit card. A payment is allow to accept deposit, enable mobile payments, net banking services, fund transfers, issuance of ATM or debit card and can sell third party financial products. Payment Bank solutions are precisely tailored for organizations looking for payments banks and small finance banks licenses from the Reserve Bank of India (RBI). With these solutions, licensees can set up the required technology backbone and become operational quickly.
Market Growth Analysis
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
The major factor driving the adoption of Payment bank solutions is the rising usage of mobile technology among individuals. In India, rural and urban both places, individuals have been adopted mobile technology significantly for online shopping, online banking and others. The concept of Payment bank solution is also getting adopted by individuals due to internet facilities and easy to understand concept.
The key challenge for Payment bank solution is the lack of knowledge payment banking solutions. RBI has issued license to 11 entities to launch payment banks due to which only these 11 companies are offering solutions to areas where they already exist. This concept is in introductory stage due to which it will take time for individuals to adopt.
Payment Bank Solutions Market: Segmentation
In February 2017, MasterCard has entered into the partnership with Airtel Payment Bank to provide payment processing solution. The MasterCard is offering online debit card to Airtel customers to make digital payments up to 1 lakhs. This will help Airtel to offer safer, innovative and faster payments experience to its customers.
In October 2015, Mahindra Comviva has entered in the Payment Bank Solutions market in India to offer technological solutions and infrastructure to payment banks. Mahindra Comviva’s technological product has been deployed with Idea and is expected to be adopted by Tech Mahindra as well when it rolls out its own payments bank.
In September 2015, Infosys Finacle, a subsidiary of EdgeVerve Systems has launched solution for Payment banks named as Finacle Payments Bank and Finacle Small Finance Bank solutions for the India market. hese solutions are specifically tailored for organizations seeking payments banks and small finance banks licenses from the Reserve Bank of India (RBI).
In Payment Bank Solution market there are vendors are Infosys Finacle, MasterCard, Mahindra Conviva and others.
Presently, India is holding the largest market share for Payment Bank Solution market due to high adoption of mobile banking and net banking apps among individuals in various industries for improved payment services, to increase real time financial assistance and other.
This Payment Bank Solution market is expected to have the highest growth rate in coming years due to the adoption of cloud based tools and increase in the number of solution providers.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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- Gain Insights on Key Payment Bank Solutions Market Impacting Forces
- Know the Winning Strategies of Market Leaders
- Get Deep-Dive Analysis on Each Segment
- Identify the Sources that will Drive Top-Line Revenue
Segmentation on the basis of type:
- ATM cards
- Debit cards
- Forex cards
- Mobile Apps
Payment Bank Solution Market Segments
- Market Dynamics
- Historical Actual Market Size, 2016
- Market Size & Forecast 2017 to 2027
- Value Chain
- Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Market Drivers and Restraints
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Frequently Asked Questions
What research methodology is used to develop the Payment Bank Solutions Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Payment Bank Solutions Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Payment Bank Solutions Market report?
In addition to up-to-date market figures and customized of the Payment Bank Solutions Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.