What is Payment Bank Solutions Market?
Payment bank offers unique payment solutions to the customer and helps in modernization of banking. These solutions are developed for unbanked segments or location which does not have a bank. However, payment banks cannot lend money or issue credit cards. Payment banks accepts deposits, provides mobile payments, offers net banking services, fund transfers, issuance of ATM card and also it sells third party financial products. Moreover, the payment bank solutions are developed for organizations which are looking for payment banks and small finance banks licenses.
Highlights from Payment Bank Solutions Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Barclays, Finastra, Wise, Monzo, Monese, Vocalink, SumUp, Opayo, GoCardless, Contis, Accenture, Stripe, Davy Group, Aid Technology Limited, Airpay, Finopaytech, Infosys Finacle, MasterCard, Temenos, OneWay Group, PayU and Agoda |
The vendors are leveraging the partnership activities to expand their product portfolio and gain a competitive edge over other vendors. operating in the market such as ACI Worldwide, Elavon Inc., FIS, Fiserv, Inc., Global Payments Inc., GoCardless, PayPal, Square, Inc., Stripe, and Wirecard CEE. These players have adopted various strategies to increase their market penetration and strengthen their position in the payment processing solutions industry. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Payment Bank Solutions market throughout the forecasted period.
Barclays, Finastra, Wise, Monzo, Monese, Vocalink, SumUp, Opayo, GoCardless, Contis, Accenture, Stripe, Davy Group, Aid Technology Limited, Airpay, Finopaytech, Infosys Finacle, MasterCard, Temenos, OneWay Group, PayU and Agoda are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Contis and Finastra. Payment Bank Solutions Market Segmentation:
Scope | Sub-Segments |
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Application / End User | BFSI, Retail, Healthcare, Government, Travel & Hospitality and Others |
Components | Software (Mobile apps, Platform),Hardware (Debit cards, ATM cards, Forex cards) |
Services | Deposits,Mobile payments,Banking services,Fund transfer,Others |
Nature of payments | Person to Person (P2P),Person to Business (P2B),Business to Person (B2P),Business to Business (B2B) |
On the basis of geography, the market of Payment Bank Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Mobile Technology for Online Shopping and Online Banking and Increased Adoption of Cloud Based Applications
Market Growth Drivers:
Rising Usage of Mobile Technology for Financial Assistance in Remote Areas and Increasing Internet Penetration in Developing Economies
Challenges:
Lack of Knowledge for Payment Banking Solutions
Restraints:
Stringent Government Regulations may hamper the Market
Opportunities:
Rising Preference of Online Banking Services and Increasing Online Shopping and other E-Commerce Transactions
Key Target Audience
Payment bank solution providers, Government associations, Research organizations, Enterprise software vendors and Others
Market Leaders & Development Strategies
In 2018, IBM has acquired Red Hat which provides open source software products to enterprises. and In 2022, Agoda partnered with Alipay+ to use Alipay+ technologies on the Agoda platform to improve customer advantages and rewards. Agoda increased its transaction conversion rate with this relationship by delivering passengers rewards via Alipay+ rewards and in-cashier marketing services to distribute rewards and redemption on Agoda. In order to differentiate and personalize their solution offers for potential clients, vendors are focused on innovation. Furthermore, companies are heavily investing in R&D operations to innovate and update their goods and solutions.
In 2019, ICICI bank launched InstaBiz which is a digital banking platform for MSMEs and self-employed customers. It allows the customers to avail over 115 products.