Overview
Neobanking is a novel banking technology that delivers the complete online banking solutions to its customers. These banks differ from traditional banks, as they have no physical offices and branches. Neobanking enables everything from opening an account to other services, without the requirement to go to a bank.
Report analysis and competitive landscape
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 RazorPay and InstantPay have registered the Indian Neo Banking Industry. However, companies such as Freo, NiyoX, FI Money, Jupiter, FamPay are troublemaking the Neo Banking space by bringing new product and features in the market and carrying the financial inclusivity amongst all segments of the society. In the last few years, Neo Banks dedicated towards the requirements of women, teenagers, gig economy, SMSE have been formed and proposed the lucrative products and scheme with the focus of enlarging the financial umbrella towards all section of the soceity. These Neo Banking start-ups are linked with traditional banks to launch new products and services in the unexploited market. These Neo Banking Issuing Platforms in India have raised numerous round of funding over the years from protruding Venture funds and Investors around the country. The Neo Banking industry has not subjugated the commercial part of the banking industry and business clients still prefers traditional banking system owing to high volume transactions, security issues, bank trust and many more. In spirit, the Neo Banking industry has a lot more potential to flourish around the country if its pain points can be determined fast, paving the path for a vigorous penetration of digital banking across the country.
Market Size
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, clients 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 augment from 54% in 2020 to 96% in 2040. As more and more individuals across India, involving the people in rural areas, utilize the smartphones, they get progressively exposed to digital payment modes. In the wake of the pandemic, the National Payments Corporation of India (NPCI) motivated customers and providers of emergency services to implement the digital payment systems, guaranteeing the safety of contactless transactions. As a result, transactions augmented to some extent.
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Future Outlook
All Neo banks in this space are trying to fascinate the customers through their digital offerings and will experience the significant growth in new clients in the forthcoming years. Banks and Card providers such as VISA, Mastecard are also exploring partnerships with Neo Banking players to obtain new customers to their platforms. Traditional players require to take a cue from these players to improve their offerings during the coming future. Teenagers are the untapped banking customer segment with no foremost offerings 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
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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
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