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Indian Neo Banking Market Growth Is Propelled By Growing Internet Penetration: Ken Research

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 digitalizationstates that Indian Neo Banking market prolonged with the substantial growth in between 2017 and 2022 with enormous expansion in the acceptance of Neo Banking as the mode of payment owing to increasing industry valuation, trend of the contactless payments and the appearance of Neo Banking startups. The primary aspects driving the market growth is the emergence of instant payment anytime and anywhere, increasing the internet penetration across the country, increasing the awareness among the users, controlled, secured and proficient transactions with convenience of usage and an extremely rewarding experience delivered by the market players to their users. The volume of digital payments in India increased by 33% during the financial year 2021-2022. These payments are helped by advanced technology and are, therefore, speedy, simple and convenient. When these payments are helped by Neo Banks, they boost the purchasing power of individuals through partner merchants and rewards.

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, customers 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 rise from 54% in 2020 to 96% during 2040.

As more and more individuals across India, involving people across rural areas, use smartphones, they get progressively exposed to digital payment modes. In the wake of the pandemic, the National Payments Corporation of India (NPCI) motivated the customers and providers of emergency services to adopt digital payment systems, confirming the safety of contactless transactions. As a result, transactions augmented to some extent.

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It is projected that Neo Banking industry will develop owing to aspects such as rising internet penetration and better product offerings in a competitive insight in the coming years. India has been customarily conservative towards online banking and it is always believe in physical contact with the official. But new-age start-ups are very aimed on changing this mentality by generating the awareness about how Neo Bankings can be optimized for normal banking activities. Countless new Neo Banks will be entering the Indian Neo Banking space by proposing the services to individuals and corporates. All Neo banks in this space are trying to charm customers through their digital offerings and will witness important growth in new customers in the forthcoming years.

Banks and Card providers like VISA, Mastecard are also sightseeing partnerships with Neo Banking players to attain new customers to their platforms. Traditional players require to take a cue from these players to augment their offerings in the near future. Teenagers are the untapped banking consumer segment with no major proposings 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



By Region of Operation





By Type of Application




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


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




EscrowPay Neobank


Avail Finance


Fi Money



Karbon Card





Mahila Money

Payment Gateways

PayU Money

CC Avenue






For More Information on the research report, refer to below link:-

Indian Neo Banking Industry

Related Reports:-

India Buy Now Pay Later Market Outlook to 2026: Cascading Growth driven by one-click payment ease, unmatched expediency among lending solutions and free of cost deferment of payments, coupled with rising adoption by Merchant Payments due to increase in Customer Conversion and Sales Value

Asia Neo Banking Market Outlook to 2025 – By Commercial and Personal Neo Banking; By Transactions at ATM and POS Terminals; by Total Cards in Circulation; Transaction Value and Volume through Issuers and Operators; and by Countries (Japan, South Korea, India, China, Indonesia, Philippines, Singapore and Others

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications


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