The global Payment Bank Solutions Market is projected to amass a revenue of USD 178,367.5 million by 2033, up from USD 52,545 million in 2023 moving forward with a CAGR of 13% during the forecast period i.e., 2023 to 2033.
| Report Attributes | Details |
|---|---|
| Payment Bank Solutions Market Value (2023) | USD 52,545 million |
| Payment Bank Solutions Market Anticipated Forecast Value (2033) | USD 178,367.5 million |
| Payment Bank Solutions Market Projected Growth Rate (2023 to 2033) | 13% CAGR |
The demand for payment bank solutions presently is on a rising trajectory with the growing usage of digital and online banking, many banks have started offering various options for banking payments.
The soaring adoption of payment bank solutions can be attributed to the aid provided by payment banks in the modernization of banking by offering unique payment solutions to customers.
The concept of payment bank solutions is growing at a faster pace due to the rising usage of mobile technology to provide financial assistance in remote areas, in turn, expanding the overall payment bank solutions market size. These payment bank solutions are developed specifically for unbanked segments and locations which do not have banks.
The adoption of payment bank solutions also surges as payment is allowed to accept deposits, enable mobile payments, net banking services, fund transfers, the issuance of ATM or debit cards, and can sell third-party financial products.
Payment Bank solutions are precisely tailored for organizations looking for payment banks and small finance banks licensed by the Reserve Bank of India (RBI), thereby catering to the demand for payment bank solutions worldwide.
The payment bank solutions adoption trends are likely to undergo a positive change as with these solutions, licensees can set up the required technology backbone and become operational quickly. The demand for payment bank solutions is being driven by the expanding availability of VoLTE and the quick spread of low-cost smartphones.
Multiple proprietary mobile wallet applications for smartphones are being developed by technology companies and banking institutions, which is boosting the payment bank solutions market growth.
The French National Cashless Payments Committee is one example of a government initiative to promote digital payments that is proliferating the payment bank solutions market opportunities.
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The major factor driving the adoption of payment bank solutions is the rising usage of mobile technology among individuals. The concept of payment bank solution is also being adopted by individuals due to internet facilities and easy to understand concept, positively influencing the payment bank solutions market outlook.
The market growth is expected to take a dip due to the lack of knowledge payment banking solutions. RBI has issued licenses to 11 entities to launch payment banks due to which only these 11 companies are offering solutions to areas where they already exist and this concept is in the introductory stage due to which it takes time for individuals to adopt.
Merchants have been forced to choose options for payment management as a result of the growing consumer demand for online purchases, in turn, auguring well for payment bank solutions market future trends. Merchants can lower the risk of fraudulent purchases and enhance the customer experience by using payment bank solutions.
These solutions can be successfully combined with POS systems to support business growth.
The payment banks solutions market statistics are likely to spike as banks and financial institutions are straying from conventional service offering modules in an effort to gain a competitive edge in the market.
They are implementing business and customer-based models that focus on contextual and specialized offerings, ultimately expanding the payment bank solutions market share.
Banks can adapt to a more strategic role and create new revenue streams for both themselves and their clients owing these value-added services.
Banks create a conducive environment for the payment bank solutions market trends to thrive as they can improve their payment technology & offer an effective cash forecasting model based on prior transactions by utilizing data analytics.
Banks can offer treasury as a service to both small and large businesses and can smooth out automated decision-making processes by utilizing artificial intelligence (AI), boosting the adoption of payment bank solutions.
The adoption of cutting-edge technologies has allowed banks and Fintech companies to manage liquidity operations, offer end-to-end services, and automate crucial accounting operations.
North America is projected to dominate the market with a share of 40% in 2023 as a result of the greater acceptance of digital payments in the region. An annual slight but advantageous increase in net interest margins on the current account balance has been made possible by a stronger interstate economic structure.
The e-commerce boom & the ongoing shift away from cash and checks have caused the growth rate of electronic payment transactions to almost double that of the GDP, thereby fostering the payment bank solutions market trends and forecasts.
Europe is likely to hold a payment bank solutions market share of 23% in 2023 due to very high card penetration in the UK and the fact that credit cards are one of the most widely used payment methods for online purchases.
The market in the region is likely to thrive through payment bank solutions, multinational corporations like Maestro, MasterCard, American Express, and Visa Guarantee, and discover a secure payment process between vendors and issuing banks.
The presence of significant players in the area and the growing use of online channels by retail customers are some other factors expected to improve payment bank solutions market key trends & opportunities.
Business-to-business (B2B) and business-to-consumer (B2C) markets in e-commerce, fintech, and manufacturing among others, can use the white-label banking-as-a-service platform provided by Brazilian start-up Dock.
Dock gives non-banking businesses the tools they need to launch their own banking product through an exclusive application programming interface (API).
For financial products to get started, the start-up also provides branded cards, and mobile, or web applications. A full lending-as-a-service solution, developed by US-based Kuber Financial, consists of a portfolio management suite, high-end analytics, and an end-to-end lending back-office engine.
The setup and development costs for lending services can be reduced by businesses thanks to Kuber Financial.
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In the payment bank solutions market, some of the key players include Infosys Finacle, MasterCard, Mahindra Conviva, and others.
Recent developments in payment bank solutions market are as follows:
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 13% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Payment Bank Solutions Market Value (2023) | USD 52,545 million |
| Payment Bank Solutions Market Anticipated Forecast Value (2033) | USD 178,367.5 million |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Type, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Infosys Finacle; MasterCard; Mahindra Conviva; Gemalto; EdgeVerve Systems; BPC; ACI Worldwide; IBM |
| Customization & Pricing | Available Upon Request |
The payment bank solutions market is valued at USD 52,545 million in 2023.
The payment bank solutions market is projected to attain a value of USD 178,367.5 million by 2033.
Sales of payment bank solutions are anticipated to surge at a robust 13% CAGR through 2033.
North America stands out as a prominent region in the payment bank solutions market, holding a substantial 40% market share in 2023.
Leading payment bank solutions market players are Infosys Finacle, MasterCard, Mahindra Conviva, Gemalto, EdgeVerve Systems, BPC, ACI Worldwide, and IBM.
| Market Estimated Size in 2023 | USD 1,656.7 million |
|---|---|
| Projected Market Size in 2033 | USD 2,500.5 million |
| Value-based CAGR from 2023 to 2033 | 4.2% |
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