Emerging fintech tools are helping streamline financial operations for organizations across verticals. Once deployed, these tools simplify payment processes, expedite B2B payments, and enable businesses to perform internal checks and balances for complex financial processes that may leave the company vulnerable to fraud.
According to a study by industryresearch.biz, the global payment and card market was valued at $51.64bn in 2020 and is expected to reach $123.11bn by 2027, at a CAGR of 13.2 percent. This remarkable growth rate can be attributed to the growing demand for online payments and improved payment processes to provide customers with integrated and value-added services.
To make digital payment technologies ubiquitous, financial institutions must address the privacy and security concerns and the lack of standardization among payments that hinder the payments industry from realizing the full potential of digital technologies. By implementing identity management and encryption, organizations can ensure the security of customer data in each and every transaction. At the same time, frictionless onboarding for companies and immediate access to funds will simplify payments and drive greater adoption. By integrating digital payments in chat applications such as WhatsApp, WeChat, and Snapchat, and in social media platforms like Instagram, businesses can deliver an improved consumer experience.
This edition of Banking CIO Outlook delivers a bird’s-eye view of the recent developments in the payments and card arena and insights into how companies are aligning with these trends and adopting new ways to shape the future of data integration.
We have curated thought leadership articles from industry experts, including the Vice President of Credit Risk at Conexus Credit Union, the Digital Banking SVP & Deputy CDO at DenizBank, and the President and CEO of ICBA Bancard.
We also took a deep dive into the market trends to narrow down the list of companies delivering robust payment and card solutions. Equipped with innovative technological capabilities, the enlisted solution providers, such as Octopus Pays, Payment Innovation Technology Inc., TapIn Pay, and Visible Commerce Connection, helps transform businesses at the cloverleaf of various disruptive technologies.
We hope this edition of Banking CIO Outlook’s Canada Payment and Card solution providers helps you build the partnership you and your organization need to foster an environment driven by efficient technology.
