Payment Bank Solutions Market Estimated to Expand at a Robust CAGR over 2027
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.
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 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.
To view TOC of this report is available upon request @ https://www.futuremarketinsights.com/toc/rep-gb-4403
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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