Payment Bank Solutions Market Size to Grow Steadily during Forecast period 2017-2027
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Payment Bank Solution Market: Drivers and Challenges
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
Segmentation on the basis of type:
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 paymentsXYZ experience to its customers.
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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.
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