Indian Neo Banking Market Growth Is Propelled By Growing Internet Penetration: Ken Research

According to the report analysis, 'Indian Neo Banking Industry Outlook to 2027: Driven by adoption of contactless payments, shifting consumer preferences towards Fin-Tech, rising market players and digitalization' states that Indian Neo Banking market prolonged with the substantial growth in between 2017 and 2022 with enormous expansion in the acceptance of Neo Banking as the mode of payment owing to increasing industry valuation, trend of the contactless payments and the appearance of Neo Banking startups. The primary aspects driving the market growth is the emergence of instant payment anytime and anywhere, increasing the internet penetration across the country, increasing the awareness among the users, controlled, secured and proficient transactions with convenience of usage and an extremely rewarding experience delivered by the market players to their users. The volume of digital payments in India increased by 33% during the financial year 2021-2022. These payments are helped by advanced technology and are, therefore, speedy, simple and convenient. When these payments are helped by Neo Banks, they boost the purchasing power of individuals through partner merchants and rewards.

Neo Banks RazorPay are delivering the Neo Banking facilities to all forms of Indian residents in all foremost tier-I and tier-II cities. On the other hand, customers too are drawn towards digital payments owing surging implementation of contactless payments post COVID-19 which is also underwriting in the growth of Neo Banking market by growing their userbase. The smartphone penetration rate in India is predicted to rise from 54% in 2020 to 96% during 2040.

As more and more individuals across India, involving people across rural areas, use smartphones, they get progressively exposed to digital payment modes. In the wake of the pandemic, the National Payments Corporation of India (NPCI) motivated the customers and providers of emergency services to adopt digital payment systems, confirming the safety of contactless transactions. As a result, transactions augmented to some extent.

Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg0MjY2

It is projected that Neo Banking industry will develop owing to aspects such as rising internet penetration and better product offerings in a competitive insight in the coming years. India has been customarily conservative towards online banking and it is always believe in physical contact with the official. But new-age start-ups are very aimed on changing this mentality by generating the awareness about how Neo Bankings can be optimized for normal banking activities. Countless new Neo Banks will be entering the Indian Neo Banking space by proposing the services to individuals and corporates. All Neo banks in this space are trying to charm customers through their digital offerings and will witness important growth in new customers in the forthcoming years.

Banks and Card providers like VISA, Mastecard are also sightseeing partnerships with Neo Banking players to attain new customers to their platforms. Traditional players require to take a cue from these players to augment their offerings in the near future. Teenagers are the untapped banking consumer segment with no major proposings by the traditional players which has been overcome by Neo Banks such as FamPay, Akudo and many more.

Key Segments Covered in Indian Neo banking Industry:-

Indian Neo banking Market

By Type of Accounts

Saving

Business

By Region of Operation

North

West

South

East

By Type of Application

Personal

Enterprise

Other

By Age of Users

Less than 20

Between 20-40

More than 40

Overview of India Neo banking Industry

Cross Comparison of Indian Neo banking Industry Players

Value Chain Analysis of Neo Banks

Investment Analysis in Neo Banking companies

Neo Banking Industry Analysis

Key Target Audience

Neo Banking Players

Credit Based Neo Banks

Payment Gateway Banks

Banking Institutions Payment System Operators

Associated or affiliated Banks with Neo Banks

Regulatory Bodies for Neo banking Players

FinTechs

Various Card holder providers

New Entrants in Neo banking Space

Potential Neo banking Users

Time Period Captured in the Report:-

Historical Period: FY'2017-FY'2021

Forecast Period: FY'2022-FY'2027F

Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTg0MjY2

Indian Neo banking Industry Players/Ecosystem

Neo Banks

InstantPay

NiYO

Freo

EscrowPay Neobank

Open

Avail Finance

RazorPayX

Fi Money

Jupiter

FamPay

Karbon Card

OneBanc

FloBiz

ZikZuk

Akudo

Mahila Money

Payment Gateways

PayU Money

CC Avenue

Paytm

Paypal

Instamojo

EBS

Cashfree

For More Information on the research report, refer to below link:-
https://www.kenresearch.com/banking-financial-services-and-insurance/banking/indian-neo-banking-industry-outlook-to-2027/584266-93.html

Related Reports:-

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-buy-now-pay-later-market-outlook-to-2026/515064-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/asia-credit-cards-market-outlook/289128-93.html

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a research based management consulting company. We provide strategic consultancy to aid clients on critical business perspective: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies. We provide business intelligence and operational advisory across 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Some of top consulting companies and Market leaders seek our intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.

We currently cater to 300+ sectors with 150,000+ research repository across 196+ countries serving 1000+ clients and have partnered with almost 25+ content aggregators.

This release was published on openPR.