Strategies for setting up a platform business within the banking and payment industry

In recent decades, the need for innovation on the one hand and the high cost of innovation, on the other hand, led businesses to use open innovation approaches more than before. One of the implementation models of this approach is to turn the business into a platform business which has attracted a lot of research in recent years. However, there is a need for research into the main strategies of the platform business in Iran with its own specific economic conditions. In addition, in any particular industry, given the specific characteristics of that industry, these strategies can vary. The purpose of this research is to provide practical strategies for setting up a platform business in Iran. In this research, after reviewing various articles in the field of platform business, the collected data from semi-structured interviews and archival sources were analyzed using the grounded theory method. In this Research, the banking and payment industry was selected as the case study according to the characteristics of this research. Banks can create a platform business using five main strategies: "providing service to a limited number of customers", "create a public platform", "join an existing platform", "participation in the creation and management of a platform" and "investment".