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.
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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
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