Banking institutions and payments firms are rapidly transforming their payment infrastructures due to a shift in purchasing habits and the demand for better payment experiences following the pandemic. Issuers, networks, payments processors, and merchant acquirers are retooling their payment systems and capitalizing on technology advances to meet regulatory mandates and enhance customer experience.

However, as banks and payments firms upgrade their payment systems, they are finding it difficult to onboard the right talent, skilled in technologies such as AI/ML, APIs, the cloud, and blockchain. Traditional payment service providers also face intense competition from digitally native FinTechs and BigTechs, which are taking the payments services route to enter the financial services space.

Hence, these providers are increasingly leveraging IT service providers to achieve faster time-to-market for innovative payments solutions for customers, merchants, and commercial clients. To serve this demand, technology service providers are investing in pre-configured reusable solutions that banks’ business stakeholders can easily leverage to carry out data analysis, payments reconciliation, and regulatory reporting.

In this research, we provide an overview of the cards and payments IT services market and the provider landscape. We also feature detailed profiles of 19 cards and payments IT services providers globally.

Scope

• Industry: banking and financial services
• Geography: global
• The assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with leading cards and payments IT services providers, client reference checks, and an ongoing analysis of the market

Contents

This report analyzes:

• Key trends in the cards and payments IT services market
• Cards and payments IT services market size, growth rate, and growth drivers
• Supply- and demand-side market themes
• An overview of 19 service providers’ cards and payments IT services businesses and offerings – business performance, extent of adoption across geographies, and the Everest Group point of view
• Client success stories, including business challenges addressed, solutions delivered, and impact generated
• An overview of the providers’ application and digital services in banking investments, key IP/solutions, and key partnerships

Membership(s)

Banking and Financial Services Information Technology

Insurance Information Technology

Sourcing and Vendor Management