The growth of the Indian neo-banking market is propelled by the growth

According to the report analysis, ‘Indian Neo Banking Industry Outlook to 2027: Driven by adoption of contactless payment, shifting consumer preferences to Fin-Tech, increasing market players and digitalization’ indicates that the Indian neo banking market -banking has extended with substantial growth between 2017 and 2022 with a huge expansion in the acceptance of Neo Banking as a mode of payment due to the increasing valuation of the industry, the trend of contactless payments and the emergence of Neo Banking startups. Key aspects driving market growth are emergence of anytime, anywhere instant payment, increasing internet penetration across the country, increasing user awareness, controlled, secure and proficient transactions with a convenience of use and an extremely enriching experience offered by the market players to their users. The volume of digital payments in India grew by 33% in the financial year 2021-2022. These payments are facilitated by state-of-the-art technology and are therefore fast, simple and convenient. When these payments are aided by Neo Banks, they boost the purchasing power of individuals through partner merchants and rewards.

Neo Banks RazorPay provides Neo Banking facilities to all forms of Indian residents in all major Tier I and Tier II cities. On the other hand, customers are also attracted to digital payments owing to the growing implementation of contactless payments post COVID-19 which is also contributing to the growth of the Neo Banking market by enlarging their user base. Smartphone penetration in India is expected to increase from 54% in 2020 to 96% in 2040.

As more and more individuals across India, involving rural dwellers, are using smartphones, they are gradually being exposed to digital payment methods. In the wake of the pandemic, the National Payments Corporation of India (NPCI) has been urging customers and emergency service providers to adopt digital payment systems, confirming the security of contactless transactions. As a result, transactions have increased to some extent.

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The Neo Banking industry is predicted to grow owing to aspects such as growing internet penetration and better product offerings in a competitive overview in the coming years. India has always been conservative towards online banking and still believes in physical contact with the official. But new-age start-ups aim to change this mentality by generating awareness on how Neo Bankings can be optimized for normal banking activities. Countless new Neo Banks will enter the Indian Neo Banking space offering the services to individuals and businesses. All of the Neo banks in this space are trying to woo customers with their digital offerings and will see significant growth in new customers in the coming years.

Banks and card providers like VISA, Mastercard are also forging partnerships with Neo Banking players to attract new customers to their platforms. Traditional players should take inspiration from these players to increase their offerings in the near future. Teenagers are the untapped banking consumer segment with no major offerings by mainstream players that have been overcome by Neo Banks such as FamPay, Akudo and many others.

Key Segments Covered in Indian New Banking Industry:-

Indian neo-banking market

By account type



By operating region





By type of request




By age of users

Under 20

Between 20 and 40

Over 40

Overview of the Indian neo-banking industry

Cross-comparison of players in the Indian neo-banking industry

Analysis of the value chain of neo-banks

Analysis of investments in Neo Banking companies

Analysis of the neo-banking industry

Key target audience

Neo-banking players

Credit-Based Neo-Banks

Payment Gateway Banks

Banking institutions Payment system operators

Banks associated or affiliated with Neo Banks

Regulatory bodies for neo-banking players


Various cardholder providers

New entrants into the neo-banking space

Potential users of Neo Banking

Time period entered in the report: –

Historical period: fiscal 2017-fiscal 2021

Forecast period: FY’2022-FY’2027F

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Actors / ecosystem of the Indian neo-banking sector

Neo Banks

Instant payment



EscrowPay Neobank


Financing available


Money fi



Map of Karbo





Mahila’s Money

Payment gateways

Money PayU

CC Avenue






For more information on the research report, refer to the link below:-

Related reports: –

Contact us:-
Ken Research
Ankur Gupta, Marketing and Communications Manager
[email protected]

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Ken Research is a research-based management consulting firm. We provide strategic advice to help clients on critical business insights: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers and acquisitions, and sustainability across all industries and geographies. We provide business intelligence services and operational advice in over 300 verticals highlighting disruptive technologies, emerging business models with analysis of precedents and success case studies. Some of the best consulting firms and market leaders seek our intelligence to identify new revenue streams, customer/vendor paradigm and pain points and competitive due diligence.

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