Only a Quarter of Payment Issuers and Acquirers Have Made Significant Progress on Their Shift to the Cloud, New Research From HPS

HPS, the leading global provider of payment solutions and services, has launched a new eBook, in partnership with OMDIA, on the unique opportunity presented by cloud-based payment platforms for financial institutions and merchants across the world.

The eBook, Seamless Evolution: Transforming Financial Institutions with Cloud-Powered Digital-First Strategies for Enhanced Customer Experiences, canvasses the views of more than 6,400 CIOs and other senior IT decision-makers across 59 countries worldwide, and across 15 major industries, including the financial services, merchants and retail sectors.

It reveals the biggest drivers behind current payment infrastructure investments, with 44% of payment issuers and acquirers citing security to reduce the risk of fraud, financial crime and data loss. This is closely followed by improvements to customer experience (39%), improved efficiency (36%), and launching innovative new products and services (34%).

In terms of new products and services, the survey highlights the main areas of focus for payment issuers and acquirers, including digital wallets (52%), debit/credit cards (51%) and real-time payments (49%). These differ from region to region, with digital wallets being the top priority for respondents in North America and Latin America, meanwhile, the roll-out of real-time payments is front of mind for Europe as it responds to new regulations.

The eBook reveals that these regional differences also extend to merchants when it comes to how they are reducing friction in the digital purchasing process,” says Nabil Ibenbrahim, Managing Director of HPS. “The majority of European merchants are prioritising improved integration with payment gateways, whereas merchants in North America are much more focussed on accepting payments in multiple currencies. By contrast, merchants in Latin America, the Middle East, and Asia Pacific are all prioritising the acceptance of a wider variety of payment tools.”

Despite the increased focus on delivering a world-class customer experience and the ability to launch new products and services, the survey identifies that only a minority are seeking the solution through the adoption of cloud-based payment platforms.

Only around one in four (26%) of the payment issuers and acquirers surveyed say they have made significant progress when it comes to adopting cloud services.

“We know that digital-first payments are critical to staying ahead and meeting the evolving needs of customers, yet the numbers show that the overwhelming majority of players in the industry are adopting a half-on, half-off approach to the cloud,” says Abdeslam Alaoui Smaili, CEO of HPS. Cloud-native platforms enable modern products to be designed, operated, maintained and secured.”

“We hope our latest eBook will help leaders in the payment space to understand that it is possible to deliver on their customers’ growing expectations, as well as ensure that their business exceeds and excels at security, regulatory and compliance, all against today’s economic backdrop, and to encourage them to make strategic decisions on their payments infrastructure that will future proof their business.”

You can download the full eBook for free here.

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