Modernization of card payment infrastructure is firmly on the agenda of financial institutions globally. Most (74%) respondents rate card platform modernization a high or top priority over the next one to two years, driven primarily by the need to accelerate speed to market (66%). Yet three-quarters of FIs identify the risk of service disruption during migration as their main concern — a barrier that keeps many tied to incumbent providers despite platform limitations. This report, based on a quantitative survey of 220 card issuers, merchant acquirers, and other payment service providers across five markets, combined with interviews with payment executives, examines four areas shaping platform decisions: the growing pressure to modernize, the challenges of switching and migrating, the need for clearer pricing, and the benefits of cloud-native technology. Key findings point to the critical importance of vendor migration methodology, the competitive advantage PSPs gain through cloud-native architecture (45% of PSPs deployed cloud-native platforms versus just 9% of issuing banks), and the need for FIs to begin evaluation cycles now to avoid falling behind more agile competitors.
Clients of Datos Insights’ Retail Banking & Payments practice may access this report.
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