Debit Card Global Market is Expanding

The CEO of VeriPay, William Adam Boyd is a graduate of James Madison University in Harrisonburg, Virginia. In this role, William Adam Boyd utilizes quick, flexible, cost-efficient solutions to help the company grow as a payment processor.

A debit card is one of the most common online payment methods. At a compound annual growth rate of 3 percent, the global debit card industry is anticipated to reach $94.08 billion at the end of 2021. The increase is primarily due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously resulted in restrictive containment measures such as remote working, social distancing, and the closure of commercial activities, all of which created operational challenges. At a CAGR of 1 percent, the debit card industry will reach $97.92 billion in 2025.

Individuals and institutional bodies find debit cards appealing for a variety of reasons. This had significantly contributed to the market's growth, which peaked at $91.37 billion in 2020. The payment method offers cashless transactions, which reduce the danger of money laundering, tax evasion and lower transaction costs for businesses.

 

Why Banks Need Cloud Payment Processing

The CEO of VeriPay, William Adam Boyd is an alumnus of James Madison University in Harrisonburg, Virginia. Under William Adam Boyd’s guidance, VeriPay offers the most convenient and simplest ways for accepting products payments to its clients.

Banks and financial institutions must adapt if they are to cope with significant growth in payment volumes and deal with the peaks and troughs of unavoidable transaction flows over different timelines more effectively and efficiently. While it may appear sensible to concentrate on creating sophisticated high-volume capacity on-site infrastructure to manage these variable quantities of transactions, there is a limitation in this area.

Provisioning hardware takes a lengthy time. In today's environment, purchasing and deploying servers and network equipment might take anywhere from 9 to 12 months. That implies that a bank would need to know exactly what its peak capacity will be in a year. In this case, the bank must hope it doesn't expand quicker than it anticipates or experiences an alteration in business requirement in the interim. This problem can, however, be avoided with cloud technology capacity.

Cloud-based payment processing is required by any bank that wants to eliminate a lot of the needless infrastructure costs and complexity. These cloud-based technologies assist banks in dealing with constantly changing market conditions and technological advancements. Financial organizations with difficulty managing, simplifying, and modernizing old technology may find cloud-based payment platform architecture particularly helpful.