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Payment Bank Solutions Market Trends

Report ID: GMI6778
Published Date: Jul 2024
Report Format: PDF

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Payment Bank Solutions Market Trends

Digital transactions conducted through credit cards, especially when utilizing payment networks, are contributing to the payment bank solutions industry growth. These transactions offer speed, convenience, and security, thereby attracting more users to payment banks for their digital payment needs.

For instance, in August 2023, SBI Card and the National Payments Corporation of India (NPCI) entered into a collaboration to integrate SBI credit cards into the RuPay platform, enabling SBI card users to engage in UPI transactions via their RuPay-issued credit cards. To access this feature, customers should register their credit cards with third-party UPI applications. This trend is driving the continued expansion of payment bank solutions in the modern financial landscape.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of payment bank solutions reached USD 57.7 billion in 2023 and is set to observe over 13.5% CAGR between 2024 and 2032, owing to the increasing demand for swift payment processing and transfers.

The software segment accounted for a market share of around 67% in 2023, due to the proliferation of payment applications designed for merchants to accept cashless payments.

North America market held over 39% revenue share in 2023, attributed to the technological advancements across the region.

EdgeVerve Systems, MasterCard Incorporated, Comviva, Gemalto (Thales Group), IBM, ACI Worldwide, BPC, Adyen N.V., and Authorize.net.