Modernizing Data, Applications, and Infrastructure for the Next Phase of the Payments Revolution
State of the Market Report

14 Apr 2021
by Ronak Doshi, Sampada Rahalkar, Kriti Seth, Pranati Goswami, Satyajit Roy, Divyam Jain

The global COVID-19 pandemic has not only changed the way we interact, but also the way money moves. The pandemic has accelerated the digitalization of payments and prompted consumers and businesses to rely on digital and contactless payment options when buying and selling goods and services. Besides, with the rise of open banking, a one-stop, integrated payments solution for lifestyles services is becoming increasingly important.

Banks and Payments Service Providers (PSPs) have been investing in payment modernization initiatives to shift to an open API-based architecture and adhering to the ISO 20022 payments messaging standard, which allows them to capture rich and structured data. These initiatives will help improve the payment experience. Further, payments technology service providers are investing in next-generation digital technologies such as the cloud, API, and AI/ML to provide an integrated payment ecosystem with value-added services, while managing risk and reducing frauds.

In this report, we take a closer look at payments technology market trends across products, experiences, infrastructure, regulations, data, and technology themes. We also study how technology vendors and service providers are increasing their investments to cater to these demand trends.


Industry: banking and financial services

Geography: global


This report studies:

  • Trends for real-time payments adoption globally
  • Digital technologies initiatives for cost reduction in payments
  • Differentiated operating models for banks to adapt to changed payments behaviors
  • The emerging landscape of Alternative Payment Methods (APM) and Central Bank Digital Currencies (CBDC)
  • Investments by payments technology vendors and service providers
  • The payments technology vendor landscape


Banking & Financial Services (BFS) - IT Services (ITS)

Sourcing and Vendor Management


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