The global neobanking market transaction value is expected to show an annual growth rate (CAGR 2023-2027) of 18.25% resulting in a projected total amount of US$8.86tn by 2027. The rising demand for convenience among users in the financial sphere is expected to drive market growth.
Neobanks offer payment solutions that do not require the use of physical cards. They help customers utilize financial services through online channels and mobile websites. The demand for neobank platforms is also caused by increased penetration of mobile devices, creating opportunities for its further development and expansion.
What is digital payment software?
Building financial systems from scratch is a costly and time-consuming process. Digital payment software is a ready-made solution that saves development resources and speeds up the product launch process. This financial system allows businesses to provide financial services by leveraging the licenses of traditional banks.
As neobanks operate only online, without a traditional physical branch network, digital payment software offers a flexible network for customers’ financial needs. Compared to traditional payment methods, digital transfers send money much faster because they are made automatically. This payment software eliminates the need for users to visit the bank and enables them to make payments online at any time and from any location in the world.
Neobanks solely provide banking services online, through mobile apps, or online banking, opposite to traditional banking institutions. They provide customers with the possibility to open accounts quickly, manage their funds in real time, and make online transactions from any location. Digital payment platform helps neobanks to operate and provide transactions. These systems use cutting-edge technology to perform seamless payment processing, providing personalized banking services to users.
Benefits of SDK.finance digital payment software
SDK.finance offers digital payment software to build your own neobank on top. We provide a flexible and scalable payment system that serves as a reliable foundation for neobanking services. You can save at least 1 year of active development with our financial software and easily extend it via API integrations.
With our digital payment software, you can:
- Speed up the product launch
The time you need to spend on planning and building a digital retail bank is reduced by using our payment solution. The platforms provide you with a ready-made product that allows you to launch your service in a short time.
- Save development resources
You can save resources on talent acquisition and development processes, using ready-made financial software.
- Expand the financial services
It is possible to implement additional functionalities to your payment product. For example, SDK.finance digital platform offers the following features: bill payments, multi-currency accounts, P2P money transfers, currency exchange, and expense tracking for users.
SDK.finance digital payment software is a powerful foundation for neobanking businesses. You can launch your payment product faster, expand the functionality and save your time and money, without starting from scratch.
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