Top 20 Payment and Card Solution Companies - 2020
Digital wallets and code-based transactions have revolutionized the payment landscape with significant impacts, such as simplifying the payment process, bringing down the operational costs, and augmenting the user experience. These innovations also play a crucial role amidst the COVID-19 pandemic, which has heightened the inhibition towards physical contact and has necessitated the usage of contactless payments. On the other hand, the pacing up the culture of contactless payments has not replaced credit cards; rather, it has enhanced or supplemented credit card usage. On the other hand, what gets replaced is the conventional physical wallet that’s meant to hold debit cards, credit cards, reward cards, and more, been taken over by smartphones with wallet apps installed. The wallet apps on phones detect the default credit card for the payment and complete the transaction at a great pace.
Having made the transaction process extremely effortless for the customers through digitalization, enormous amounts of customer data is pouring in every passing moment. This data could be dangerous without an appropriate security setup that could detect the possible fraudulent transaction within seconds. To achieve this sort of security, the payment, and card sector uses ML technology, which sends the user a text alert inquiring if the transaction is authentic, thereby resolving the issue of fraud at the earliest.
With such minuscule details to be addressed in numerous directions as technology, data management, security, and so on, it is natural for the payment and card companies to get lost in the long list of partners to join hands with. To assist and provide a clear perspective, our distinguished panel, comprising prominent CIOs, CEOs, analysts, and experts, collaborated with the editorial board of CIOReview and has shortlisted some of the most effective solution and service providers in the payment and card industry.
In this Payment and Card edition of CIOReview, we present to you "20 Most Promising Payment and Card Solution Providers - 2020."