India Banking-as-a-Service (BaaS) Market: Industry Overview and Forecast (2024-2030) by Type, Enterprise and, Service.

  • India Banking-as-a-Service (BaaS) Market size was valued at US$ 12.67 Billion in 2023 and the total India Banking-as-a-Service (BaaS) revenue is expected to grow at 13.2% through 2024 to 2030, reaching nearly US$ 30.19 Billion.

  • Format : PDF | Report ID : SMR_494

India Banking-as-a-Service (BaaS) Market Overview:

The banking and finance industry has historically been the most hesitant to accept new technology and developments quickly. Banking institutions have been hesitant to provide online services for a long time due to concerns about sensitive data and security, as well as the performance of complicated processes. However, as the world became more digital, banks went a step further and began offering Banking as a Service (BaaS). Banking-as-a-service companies are becoming more common these days. Many countries are now considering the implementation of banking legislation that will establish the norms of digital contact between clients and banks.


India Banking-as-a-Service (BaaS) Market


To get more Insights: Request Free Sample Report


India is evolving into a vibrant environment where finance start-ups might become billion-dollar unicorns. Fintech start-ups in India are pursuing a variety of operations, from expanding into new segments to venturing into global markets. In a tightly regulated financial market, the government is inevitably the primary driver of fintech success or failure. Through both financial and promotional activities, the Indian government, along with authorities such as SEBI and RBI, is actively supporting the Indian economy's desire to become a cashless digital economy and emerge as a powerful fintech ecosystem. India's growth surge may not be on pace with its worldwide equivalents, but it is well-positioned, thanks in part to a solid talent pipeline of easy-to-hire and low-cost IT workers. Fintech services have revolutionized the way companies and individuals conduct ordinary activities, from wallets to financing and insurance. As these patterns become more widely adopted, India becomes a more appealing market globally.


India Banking-as-a-Service (BaaS) Market Dynamics:

  • The favorable government policies and regulations regarding banking services are the main drivers of the BaaS market in the country.
  • In October 2021, UPI recorded 4.2 billion transactions worth US$ 103 billion.
  • According to the RBI, India’s FOREX reserves reached US$ 640 billion as of October 2021.
  • To improve infrastructure in villages, 200,000 points of sale terminals were sanctioned from the Financial Inclusion Fund by National Bank for Agriculture & Rural Development.
  • The number of transactions through IMPS reached 430.51 million and amounted to US$ 49.4 billion in October 2021.


In India, the Reserve Bank of India has played a key role in fostering the fintech sector's growth while also taking a cautious approach to concern about consumer protection and law enforcement. The regulator's main goal has been to create an environment that encourages unrestricted fintech innovation, broaden the reach of banking services to the unbanked, regulate efficient electronic payments, and provide customers with alternatives. Payments, loans, biometrics, and wealth operations have all experienced significant fintech endorsement in India. These have been RBI's primary emphasis areas, and major techniques for increasing fintech engagement.


India Banking-as-a-Service (BaaS) Market Segment Analysis:

By Type, In 2023, the Cloud-based BaaS sector had a larger market share than the API-based BaaS segment. In the projection period, it is predicted to expand at the highest CAGR of 10.3 percent (2024-30). This may be ascribed to participants in the payments-as-a-service (PaaS) industry that offer specialized services such as debit and credit card distribution and payments, dues clearing, foreign payments, and e-commerce services utilizing cutting-edge cloud-based platforms.


Leading public cloud providers to provide a number of innovative application-as-a-service options that banks may employ to enhance revenue, improve customer insights, cut costs, speedily supply market-relevant products, and monetize enterprise data assets.


Established banks could explain their high compliance expenses as a cost of doing business and a barrier to entry until recently. The cloud, on the other hand, has turned this scenario on its head. With lower overheads and fewer people than traditional banks, a new entrant may now effectively outsource many of its data compliance and security requirements to its cloud provider (while still keeping regulatory responsibilities)


The purpose of this research is to provide stakeholders in the industry with a thorough insight into the India Banking-as-a-Service (BaaS) Market. The study includes an analysis of difficult data in simple language, as well as the industry's historical and current state, as well as anticipated market size and trends. The market report examines all segments of the industry, with a focus on significant players such as market leaders, followers, and new entrants. The report includes a PORTER, PESTEL analysis as well as the possible influence of microeconomic market determinants. External and internal elements that are expected to have a favorable or negative impact on the firm have been examined, providing decision-makers with a clear future vision of the industry. The research also aids in comprehending the


India Banking-as-a-Service (BaaS) Market dynamics and structure by studying market segments and forecasting market size. The research is an investor's guide since it depicts the competitive analysis of major competitors in the India Banking-as-a-Service (BaaS) Market by product, price, financial situation, product portfolio, growth plans, and geographical presence.


Breakthroughs in the industry are discussed, as well as organic and inorganic growth plans. Various companies are focusing on organic growth strategies such as new product releases, product approvals, and other items such as patents and events. Inorganic growth strategies used in the industry included acquisitions, partnerships, and collaborations.


India Banking-as-a-Service (BaaS) Market Scope:

India Banking-as-a-Service (BaaS) Market

 Market Segmentation

Market Indicators:


by  Type

  • API-based BaaS
  • Cloud-based BaaS

Historical Data:


by  Enterprise

  • SMEs
  • Large Enterprises

Forecast Period:


by  Service

  • Banking IaaS
  • Banking as a Platform
  • FinTech SaaS
  • NBFCs

Base Year:




Market Size in 2023:

US $ 12.67 Bn.

Market size in 2030:

US $ 30.19 Bn.


India Banking-as-a-Service (BaaS) Market Players:

  • Instamojo
  • Razorpay
  • Paytm
  • Policybazaar
  • Shiksha Finance
  • PineLabs
  • ZestMoney

Frequently Asked Questions

India Banking-as-a-Service (BaaS) revenue is expected to grow at 13.2% from 2024 to 2030

Chapter 1 Scope of the Report
Chapter 2 Research Methodology

      2.1.Research Process
      2.2.India Banking-as-a-Service (BaaS) Market: Target Audience
      2.3.India Banking-as-a-Service (BaaS) Market: Primary Research (As per Client Requirement)
      2.4.India Banking-as-a-Service (BaaS) Market: Secondary Research
Chapter 3 Executive Summary
Chapter 4 Competitive Landscape

      4.1.Market Share Analysis, By Value, 2023-2030
            4.1.1.Market Share Analysis, By Region, By Value, 2023-2030 (In %)
         Market Share Analysis, By Value, 2023-2030 (In %)
            4.1.2.Market Share Analysis, By Type, By Value, 2023-2030 (In %) 
         Market Share Analysis, By Type, By Value, 2023-2030 (In %)
            4.1.3.Market Share Analysis, By Enterprise, By Value, 2023-2030 (In %)
         Market Share Analysis, By Enterprise, By Value, 2023-2030 (In %)
            4.1.4.Market Share Analysis, By Service, By Value, 2023-2030 (In %)
         Market Share Analysis, By Service, By Value, 2023-2030 (In %)
      4.2.Stellar Competition matrix
            4.2.1.India Stellar Competition Matrix
      4.3.Key Players Benchmarking 
            4.3.1.Key Players Benchmarking by Type, Pricing, Market Share, Investments, Expansion Plans, Physical Presence, and Presence in the Market.
      4.4.Mergers and Acquisitions in Industry
            4.4.1.M&A by Region, Value and Strategic Intent
      4.5.Market Dynamics
            4.5.1.Market Drivers
            4.5.2.Market Restraints
            4.5.3.Market Opportunities
            4.5.4.Market Challenges
            4.5.5.PESTLE Analysis
            4.5.6.PORTERS Five Force Analysis
            4.5.7.Value Chain Analysis
Chapter 5 India Banking-as-a-Service (BaaS) Market Segmentation: By Type
      5.1.India Banking-as-a-Service (BaaS) Market, By Type, Overview/Analysis, 2023-2030
      5.2.India Banking-as-a-Service (BaaS) Market, By Type, By Value, Market Share (%), 2023-2030 (USD Billion)
      5.3.India Banking-as-a-Service (BaaS) Market, By Type, By Value, - 
            5.3.1.API-based BaaS
            5.3.2.Cloud-based BaaS
Chapter 6 India Banking-as-a-Service (BaaS) Market Segmentation: By Enterprise
      6.1.India Banking-as-a-Service (BaaS) Market, By Enterprise, Overview/Analysis, 2023-2030
      6.2.India Banking-as-a-Service (BaaS) Market Size, By Enterprise, By Value, Market Share (%), 2023-2030 (USD Billion)
      6.3.India Banking-as-a-Service (BaaS) Market, By Enterprise, By Value, - 
            6.3.2.Large Enterprises
Chapter 7 India Banking-as-a-Service (BaaS) Market Segmentation: By Service
      7.1.India Banking-as-a-Service (BaaS) Market, By Service, Overview/Analysis, 2023-2030
      7.2.India Banking-as-a-Service (BaaS) Market Size, By Service, By Value, Market Share (%), 2023-2030 (USD Billion)
      7.3.India Banking-as-a-Service (BaaS) Market, By Service, By Value, - 
            7.3.1.Banking IaaS
            7.3.2.Banking as a Platform
            7.3.3.FinTech SaaS
Chapter 8 India Banking-as-a-Service (BaaS) Market Segmentation: By Region
      8.1.India Banking-as-a-Service (BaaS) Market Size, By Value, 2023-2030 (USD Billion)
Chapter 9 Company Profiles
      9.1.Key Players
            9.1.5.Shiksha Finance
      9.2. Key Findings
      9.3. Recommendations

Enquiry Before Buy

Request Sample PDF