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Payment Bank Solutions Market Analysis

  • Report ID: GMI6778
  • Published Date: Sep 2023
  • Report Format: PDF

Payment Bank Solutions Market Analysis

Payment Bank Solutions Market Size, By Type, 2022 – 2032, (USD Billion)

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Based on type, the software segment held over 67% of the market share in 2023. The proliferation of payment applications designed for merchants to accept cashless payments is a key factor driving the software segment growth. For instance, in May 2023, YES BANK introduced YES PAY EASY, a mobile application designed to empower small-scale merchants including traders, retailers, and professionals by allowing them to accept immediate cashless payments from their clientele.

 

This app equips merchants to conduct transactions using their mobile phones, thereby offering a range of digital options such as Bharat QR, Tap-On-Phone, and SMS Pay. This trend is propelling the adoption of payment bank software solutions as businesses seek efficient ways to process cashless payments, expand their customer base, and stay competitive in an increasingly digital economy.

 

Payment Bank Solutions Market Share, By End-User, 2023

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Based on end user, the retail segment accounted for 34% of the payment bank solutions market share in 2023. Retailers are adopting advanced payment solutions to offer seamless and convenient checkout experiences, whether in physical stores or online platforms. The rising popularity of e-commerce, contactless payments, and digital wallets has pushed retailers to embrace these technologies to stay competitive and enhance customer satisfaction, thereby fueling the growth of payment bank solutions in the retail sector.

 

U.S. Payment Bank Solutions Market Size, 2022 -2032, (USD Billion)

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North America payment bank solutions market was over 39% of the revenue share in 2023. Technological advancements play a pivotal role in driving the market revenue. Innovation in mobile banking apps, contactless payment technologies, blockchain, and artificial intelligence enhances the efficiency, security, and convenience of digital transactions. These advancements cater to the preferences of tech-savvy consumers and enable payment banks to provide seamless & innovative financial services. Additionally, advancements in data analytics and cybersecurity are bolstering trust & compliance, further fostering the adoption of payment bank solutions across North America.

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.

Payment Bank Solutions Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 234
  • Countries covered: 21
  • Pages: 300
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