Boston, April 7, 2021 –Financial institutions that either issue credit and debit cards or process payments on behalf of merchants are struggling to remain competitive in the face of the degree of change in the payments space. Many are dealing with legacy platforms that are unable to support new offerings or rapidly adjust to new requirements. While some FIs operate in-house payment systems, many use third-party software payment processing platforms, and that category has grown into a US$7 billion industry. This market is difficult to dimension because of the complexity of the space and the variety of different approaches taken by vendors.

This Impact Report explores some of the key trends within the payments software market and discusses the ways in which technology is evolving to address new market needs and challenges. It examines the state of the payments software platform market based on discussions with leading vendors as well as active end clients and other key players participating in this technology market ecosystem.

This 24-page Impact Report contains 11 figures and two tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions ACI, Adyen, Afterpay, Amazon.com, American Express, BPC, Braintree, First Data, FIS, Fiserv, Global Payments, HPS, iDEAL, Ingenico, Klarna, Marqeta, McKinsey & Company, Nexi, OpenWay Group, Plaid, SIA, Starbucks, Stripe, TietoEVRY, Uber, Venmo, Visa, Worldline, Worldpay, and Zelle.