Guide to Card Management System implementation for Banks in Asia
By Sankhadeep Chakraborty . August 30, 2021 . White Papers
Market Trends Asia Card Payments
Card payments are one of the dominant modes of non-cash payments globally, forecasted to account for more than half of the global point of sale transactions over the next five years, as per industry reports. Even in digital wallet dominated markets such as the APAC, cards are forecasted to account for more than one-third of the total POS transactions. It is no surprise then that technology investments to modernize the card management infrastructure has been in the spotlight within a bank. The card payment industry has also witnessed a significant evolution in the past ten years regarding the technology underpinning the cards – evolving from magnetic strips to EMV to now tokenization, contactless, and biometric cards. The other significant development in the broader payments and the card payment industry is the evolution of its ecosystem, which has grown beyond banks to include fintech acquirers, ISOs, payment facilitators and other big tech payment service providers. The fact that an average credit card transaction process can involve around 10-15 participants is a testament to how specialized and complex the ecosystem has become.
Sankhadeep Chakraborty
Sankhadeep heads the engineering arm in Verinite. He has been associated with the BFSI domain from the start of his career. He is a hardcore techie and innovation drives him. He believes in the saying "Nothing is impossible"
