The digital payment landscape is steadily growing, but it remains uncertain. To thrive in this era of the digital revolution, payment companies must embrace a flexible on-demand infrastructure with scalability features to cater to dynamic customer demands.
Digitalization initially faced resistance but gained momentum due to technological advancements. The COVID-19 pandemic accelerated this transition, highlighting the urgency for a robust digital payment infrastructure. Even before the pandemic, the payment sector grappled with the challenge of handling a growing volume of transactions, including cashless options like internet banking, debit cards, and credit cards. Specific dates, such as Black Friday and Christmas, exacerbated these challenges, leading to the need for a more accessible and scalable alternative. This article delves into the challenges faced by the payment industry, the need for on-demand infrastructure, and the key components that make up a comprehensive payment processing system.
The global digital payment market is thriving, reaching $81.3 billion in 2022 and projected to grow at a CAGR of 20.8% from 2023 to 2030. When combined with on-demand infrastructure, its potential grows manifold. But what does an exhaustive on-demand infrastructure for a payment company consist of?
Here are the key components of on-demand payment infrastructure:
Fraud analytics for employee training: Transaction data can be harnessed for in-depth analysis and reporting. These insights are invaluable for training employees who are at the forefront of combating online fraud and cybercrimes.
Payment Card Industry Data Security Standard (PCI DSS)
Payment companies need a flexible and scalable infrastructure to meet fluctuating demands for payment processing. An on-demand infrastructure, incorporating payment gateways, cloud infrastructure, APIs, fraud detection and prevention, and compliance and security measures, is the solution. These components together create a robust and secure payment processing system, ensuring excellent customer experiences while adhering to regulatory requirements.
At Opus, we are committed to empowering payment companies in their journey towards building and optimizing their on-demand payment processing infrastructure. Our expertise, honed through years of experience, allows us to tailor solutions that align with your unique needs and challenges. With Opus as your partner, you gain access to expert guidance, cutting-edge technology, security and compliance assurance, scalability, and a customer-centric approach. When you choose Opus to build on-demand payment processing infrastructure, you partner with a team that is dedicated to your success. Contact us today to embark on this journey together.
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