Payment Bank Solutions Market: Overview
In the recent years, there has been an increasing demand for the online transactions and the increasing integration of the digitization has made the banks to offer several options for the banking payments. These payment banks have modernized the banking solutions by providing unique payment solutions to the users. The payment bank solution is growing rapidly owing to the greater adoption of the mobile technology.
Payment Bank Solutions Market: Facts
A payment bank solution was launched by the Infosys Finacle which was named Finacle Payments Bank and in the Indian market, it was named Finacle Small Finance Bank solutions. The solutions were specifically tailored for the organizations that were seeking small finance banks licenses from the Reserve Bank of India.
Payment Bank Solutions Market: Segmentation
The payment bank solutions market is fragmented into its type and regions. Based on the type, the payment bank solutions market is segregated into software and hardware. The software segment is sub-segregated into mobile apps and platforms. The hardware segment of the payment bank solutions market is sub-categorized into debit cards, ATM cards, and forex cards. The geographical diversification of the payment bank solutions market includes regions such as Asia Pacific, the Middle East and Africa, Latin America, North America, Western Europe, and Eastern Europe.
Payment Bank Solutions Market: Growth Factors
The main factor that is driving the payment bank solutions market is the increased utilization of the mobile technology by the consumers. This trend is prevalent highly in the younger population. Due to the availability of the high-speed internet services, most of the population prefer online transactions. Majority of the individuals are adopting the mobile technology and prefer online banking services, online shopping, and other e-commerce transactions. The payment bank solutions are not complex in nature and thus they are easily adopted which propels the growth of the payment bank solutions market. The factors that are limiting the growth of the market are the lack of awareness among the people and the fact that this concept is still at a developing stage.
Payment Bank Solutions Market: Regional Analysis
The region that is having the major share in the payment bank solutions market is Asia Pacific region. In Asia Pacific region, the emerging nation India has the major share in the payment bank solutions market owing to the increased adoption of the net banking applications and the mobile banking applications among the consumers. Owing to this adoption several enterprises have enhanced their payment services and they have the benefit of real-time financial assistance. In the other regions, the payment bank solution market will grow rapidly in the future years owing to the increased adoption of the cloud-based applications and the rise in the number of the solution providers.
Payment Bank Solutions Market: Competitive Players
The key market players that are involved in the payment bank solutions market include MasterCard, Infosys Finacle, Mahindra Conviva among others.
Payment Bank Solutions Market: Regional Segment Analysis
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