PUBLISHER: QKS Group | PRODUCT CODE: 1445896
PUBLISHER: QKS Group | PRODUCT CODE: 1445896
Quadrant Knowledge Solutions Reveals that Card Management Systems (CMS) Market is Projected to Register a CAGR of 24.70% by 2027.
Card Management Systems (CMSs) have significantly advanced from signature to magnetic strips to chips. The platforms have also evolved to accommodate a variety of payment card types and emerging payment types and remain a critical component of payment infrastructure. However, despite its importance, it has not managed to grab the spotlight like other payment channels, such as mobile payments, m-commerce, and similar others, owing to various friction points such as the process of blocking a lost or misused card. The process is anything but seamless despite such drawbacks, a CMS remains a key element of the banking processes, which is a significant factor aiding the CMS market's growth. Driven by the continued innovation and investments by leading vendors, modern CMS platforms provide a wide range of advanced functionalities for multiple use cases supporting multi-product, multi-language, multi-currency, multi-scheme, and all payment types, including contactless, QR code, in-app payments, tokenization, and such others.
Quadrant Knowledge Solutions defines "A software system that provides functionalities to support the comprehensive lifecycle management for debit, credit, prepaid, smart chip, and all multi-application smart cards. The CMS platform enables organizations to handle all aspects of card management, including billing, supporting multiple payment types, including mobile and contactless, account management, clearing, settlement, credit scoring, dispute management, microfinance, and merchant servicing. It offers a centralized platform that supports a wide range of card-associated activities and services, including designing card products to attracts new customers and increasing card usage for existing ones."