The cloudification of payments has become an urgent priority and it can no longer be an afterthought. Find out the key benefits of tapping into the transformative potential of the cloud.
According to Gartner, the cloud will be ‘the centerpiece of new digital experiences’.
Gartner backs this up with promising numbers — globally, the cloud revenue is projected to reach $474 billion in 2022, up from $408 billion in 2021.
Let’s backtrack a bit here to understand the reason behind the surge in the adoption of the cloud.
This spike in adoption has to be attributed to the pandemic that has turbocharged digital payments — spurring a dramatic shift in the payments space.
In recent months, within the industry itself, we’ve witnessed a massive need for next-generation payments technology.
If you were to think about it, with the payments ecosystem undergoing this accelerated pace of change — migration to the cloud becomes an urgent priority (one that can no longer be ignored)!
With all this in the backdrop, it wouldn’t be wrong to say that ‘all roads lead to the cloud’.
Be it public, private, or hybrid — the power of the cloud remains undisputed!
I’d say, for all of us in the industry, the cloud sure has come a long way from just another emerging trend to being a critical tool for thriving in today’s competitive payments marketplace.
Having said that, the scale and adoption of cloud technology in the payments industry need a quantum jump to keep up with the rising customer expectations!
Payments modernization is a $300 billion opportunity and has become a top priority for 7 out of 10 banking executives. This makes it all the more important to look to the cloud; especially at a time when process re-engineering and modernization of monolithic, legacy payment systems are crucial.
The technological arms race is heating up and if there is one way that organizations can get ahead, it is by tapping into the transformative potential of the cloud.
Cloud technology has been a game-changer, to say the least.
The advent of cloud computing technology has had far-reaching effects in the financial services industry. I’m sure my peers would agree when I say that we’re seeing productivity and profitability reach new heights as a result of migrating to the cloud.
To top it off, cloud payment providers like Stripe and Adyen have maintained an impressive growth trajectory.
So here’s the thing — the demand for digital payment options is greater than ever before and if you’re looking to scale up with an innovative payments infrastructure, then the cloud is the way forward!
On that note, let’s run by the benefits of moving to the cloud:
Misconceptions about the cloud have crept up over the years, often dissuading businesses from moving forward and seizing the opportunities presented by digital payments.
Mary McHale, Director Strategic Accounts at Equinix, puts it across in the best possible manner.
Source: Meet-Her — She Knows Payments
Most organizations today are toying with the question of when to move to the cloud. If you ask me, I’d say the time is now.
Lightning-fast reprioritization and rapid implementation of technology solutions is the need of the hour. So it’s best not to wait till the choice is thrust upon you. Embark on your cloud payments journey today and build for the future.
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Chief Executive Officer, Opus