The Market for Card Management and Transaction Processing Technologies: A Dozen Observations
Celent sought to understand the landscape of card management and transaction processing (CMTP) vendors and service providers. This report offers a dozen observations into the market.
The cards and retail payments market has changed beyond recognition over the last three to five years. Growing transaction volumes and proliferation of new products, such as various digital payments, are putting significant strains on legacy cards management and transaction processing systems. Regulation, growing security concerns, and pressure on margins exacerbate these challenges and force issuers to revisit their legacy infrastructures.
At the same time, new issuers, such as challenger banks, as well as nontraditional competitors in the payment space, drive up demand for CMTP technologies.
In the report The Market for Card Management and Transaction Processing Technologies: A Dozen Observations, Celent summarises its perspectives on the market trends. The report addresses the demand drivers, trends in vendor offerings, clients’ buying decisions, and a few other topics.
“We expect the demand for card management and transaction processing technologies to continue to grow,” says Zilvinas Bareisis, a senior analyst with Celent’s Banking practice and author of the report. “Digital, regulation, and security and risk management are both the biggest challenges and opportunities for the industry. Banks must ensure that their CMTP platforms are robust and fit to compete in the complex and ever evolving world of retail payments.”