The publication
titled “Indian Neo
Banking Industry Outlook to 2027: Driven by adoption of contactless payments, shifting consumer preferences
towards Fin-Tech, rising market players and digitalization”
provides a comprehensive
analysis of the Neo Banking industry in India. The report covers various
aspects including Neo Banking industry market size on the
basis of revenue, market overview, genesis of the market, India Neo Banking
industry Cycle, overview of Neo Banking services/ Products, ecosystem of entities in the
Indian Neo Banking industry, consumption expenditure and borrowing trends, value
chain analysis of Neo Bankings, growth drivers, role of Government and challenges, major
trends and developments, SWOT Analysis, Porter analysis, Investment analysis
and segmentation in the industry, timeline of Neo Banking industry growth, Risk
Involved and COVID impact to the industry. Total
addressable market, serviceable addressable market and serviceable obtainable
market has been covered in the report. Insights on competitive
landscape of Neo Banking industry, company profile of major Neo Banking players operating in the ecosystem on
the basis of Company Overview, About the Company, Revenue Model, Funding and
Investors, Key Features, Business and Marketing Strategies, Product Offered,
Strengths, Recent Developments, Key Takeaways and Financials- FY’17-FY’21.
Further report also focuses on the Indian Neo Banking Market Segmentation By type of Users (Business/Domestic),
By Operating Region (North, East, West, South), By Type of Application (Personal,
Business, Others), By Age Group of Users (Less than 20, Between 20 and 40, and
More than 40). Industry experts interviews from ZikZuk, Freo, Tide
has been addressed in the report. Indian Neo Banking Market report
concludes with projections for the future of the industry including forecasted industry size by revenue by 2027,
and analysts’ take on the future highlighting the major opportunities.
Indian Neo Banking Market Overview and Size
Indian Neo Banking market expanded with substantial growth in between 2017
and 2022 with massive expansion in the adoption of Neo Banking as the mode of payment
due to
rising industry valuation, trend of contactless payments and the emergence of Neo
Banking startups. The primary factors driving the market growth is
the emergence of instant payment anytime and anywhere, rising internet
penetration in the country, growing awareness among the users, controlled,
secured and efficient transactions with convenience of use and a highly
rewarding experience provided by the market players to their users. The volume of digital payments
in India grew by 33% during the financial year 2021-2022. These payments
are assisted by advanced technology and are, therefore, quick, simple and
convenient. When these payments are assisted by Neo Banks, they boost the
purchasing power of people through partner merchants and rewards.
Neo Banks RazorPay are providing Neo Banking facilities to all kinds of
Indian residents in all major tier-I and tier-II cities. On the other hand,
consumers too are drawn towards digital payments due surging
adoption of contactless payments post COVID-19 which is also contributing in
the growth of Neo Banking market by increasing their userbase. The
smartphone penetration rate in India is projected to increase from 54% in
2020 to 96% in 2040. As more and more people across India, including
people in rural areas, use smartphones, they get increasingly exposed to
digital payment modes.
In the wake of the pandemic, the National Payments
Corporation of India (NPCI) encouraged customers and providers of
emergency services to adopt digital payment systems, ensuring the safety of
contactless transactions. As a result, transactions increased to some extent.
Indian Neo Banking Market Segmentation
By different Region of the
country (North, East, West and South): Neo Banking market in India can
be segmented basis of Region: North, West and South regions are distribted
fairly in the country on the basis of Revenue of Neo Banks in FY’21 with
comparatively low penetration in Eastern region due to low internet and
technology penetration.
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By Application of Users (Personal,
Enterprise and Others): Neo Banking market in India can
also be segmented on the basis of application of users: Personal and Enterprise
users constitutes and market on the basis of revenue in FY’21 and personal
application users are the majority of the market while the other segment
includes B2B2C users.
By Type of Account (Saving and
Business): Neo Banking market in India can be
segmented on the basis of Type of Account: Saving and Business account Neo
where Saving Account are dominating the Indian Neo Banking industry when
compared to the Business Account on the basis of revenue contribution in FY’21.
By Age of Users (Less than 20,
Between 20-40, and More than 40):
Neo Banking market in India can also be segmented on
the basis of Age group of users: <20, 20-40,
>40. Age group between 20 to 40 captures
the major market share in 2022 on the basis of revenue contribution. The major
reason is high technology and internet penetration among the youth, willingness
to invest from traditional form of banking, and high financial literacy.
Competitive
Landscape in Indian Neo Banking Industry
RazorPay and InstantPay have
dominated Indian Neo Banking Industry. However, companies such as Freo, NiyoX,
FI Money, Jupiter, FamPay are disrupting the Neo Banking
space by bringing new product and features in the market and bringing financial
inclusivity amongst all sectors of the society. In the last few years, Neo
Banks specialized towards the needs of women, teenagers, gig economy, SMSE have
been formed and offered lucrative products and scheme with the aim of expanding
the financial umbrella towards all section of the soceity. These Neo Banking
start-ups are associated with traditional banks to launch new products and
services in the untapped market. These Neo Banking issuing Platforms in India have
raised several round of funding over the years from prominent Venture funds and
Investors across the country. The Neo Banking industry has not exploited the
commercial part of the banking industry and business customers still prefers
traditional banking system due to high volume transactions, security issues,
bank trust and more. In essence, the Neo Banking
industry has a lot more potential to flourish across the country if its pain
points can be resolved fast, paving the path for a robust penetration of digital
banking in the country.
Indian Neo Banking Market Future
Outlook and Projections
Indian Neo
Banking market is expected to expand with a single digit CAGR in between 2022
and 2027 on the basis of revenue generated. It is
anticipated that Neo Banking industry will grow owing to factors such as increasing internet penetration
and better product offerings in a competitive landscape in the coming
years. India has been culturally conservative towards online banking and it is
always believe in physical contact with the official. But new-age start-ups are
very focused on changing this mentality by creating awareness about how Neo
Bankings can be used for normal banking activities. Many new Neo Banks will be entering
the Indian Neo Banking space by offering services to individuals and
corporates. All Neo banks in this space are trying to attract customers through
their digital offerings and will witness significant growth in new customers in
the coming years. Banks and Card providers like VISA, Mastecard are also
exploring partnerships with Neo Banking players to acquire new customers to
their platforms. Traditional players need to
take a cue from these players to enhance their offerings in the coming future. Teenagers
are the untapped banking customer segment with no major offerings by the
traditional players which has been overcome by Neo Banks such as FamPay, Akudo
and more.
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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
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
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Payment Gateways
PayU Money
CC Avenue
Paytm
Paypal
Instamojo
EBS
Cashfree
Key Topics Covered in the Report:-
Overview and Genesis of
Indian Neo Banking Market
India Neo Banking Industry
Cycle
Overview of Neo Banking
Services/ Products
Consumption Expenditure and Borrowing Trends
Socio-Demographic Outlook of India
India Neo Banking Industry Introduction
Ecosystem of Entities in the
Indian Neo Banking Industry
Value Chain
Analysis of Neo Banking
India Neo Banking Market Sizing on the basis of Revenue
and Number of players in the Neo Banking Industry
India Neo Banking Market Segmentation (By Type of
Accounts, By Region of Operation, By Type Application and By Age Group of
Users).
Cross Comparison of Major
Players in Neo Banking Industry
Trends and Developments
Growth Drivers of the Indian Neo Banking Industry
Issues and Challenges in the Indian Neo-Banking
Industry
Role of Government and Regulations in the Indian
Neo-Banking Industry
Risk Involved and COVID Impact in Business Operations
Porter’s five forces Analysis of the Indian
Neo-Banking Industry
SWOT Analysis of the Indian Neo-Banking Industry
Investment Analysis of the Indian Neo Banking
Industry
Investment Timeline of the Indian Neo
Banking Industry
Investment Segmentation basis of type of Investment,
Type of Investor
Increase in number of Neo Banking start-ups
Future Outlook and Projection for Market Sizing
Future Outlook and Projection for Market Segmentation
Computation of Addressable Market
Growth of Digital Lending
Company profile of major Neo Banks’s players operating in the ecosystem
(Company Overview, About the Company, Revenue Model, Funding and Investors, Key
Features, Fee Structure, Product Offered, Strengths, Recent Developments, Key
Takeaways and Financials)
Industry Speaks
Research Methodology
For
More Information on the research report, refer to below link:-
Related Reports:-
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