6CIOReview | | JUNE 2022The payment and card industry has taken an innovative turn while wading through the unchartered waters of the COVID-19 pandemic, providing a once-in-a-generation opportunity for merchants to seize upon the shifts in consumer payment behaviors. As we foray into the cashless economy with the rise of digital payments, businesses are responding in an effort to increase operating efficiency and reduce wait times for customers.As reported by MarketsandMarkets, the size of the payment processing solutions market is expected to grow from $90.9 billion in 2022 and reach $147.4 billion by 2027, at a Compound Annual Growth Rate of 10.1 percent during the forecast period.What fuels this growth is the latest wave of digital technologies enabling merchants to make payments their competitive edge. For example, by leveraging contactless payments methods, companies are enabling customers to pay faster, more securely, and conveniently. Security is another key concern in the payment and card arena. With fingerprint scanners, facial recognition, iris recognition, heartbeat analysis, and vein mapping gaining prominence, biometric authentication is also emerging as a reliable solution to identity theft and fraud and ensure accuracy, efficiency, and security in payments.This edition of CIOReview highlights the key developments in the space and how companies are capitalizing on them to deliver robust payment solutions. We have curated thought leadership articles from industry experts, including the SVP, Risk Management at Atlantic Union Bank, the SVP, Head of Global Payments at East West Bank, and the Executive Vice President and Chief Digital Officer of Simmons Bank.We also took a deep dive into the market trends to narrow down the list of companies delivering robust payment and card solutions. Equipped with innovative technological capabilities, these enlisted companies, including Prime Payment Solution, vcita, Verituity, and National Merchants Association, help transform businesses at the cloverleaf of various disruptive technologies. We hope this edition of CIOReview on payment and card industry will help you build the partnership you and your organization need to foster an environment driven by efficient technology. Let us know your thoughts! EditorialTapping into Innovative Merchant Processing SolutionsCopyright © 2022 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.CIOReviewEmail:sales@cioreview.comeditor@cioreview.commarketing@cioreview.com June - 25 - 2022, Vol 11, Issue - 25 (ISSN 2644-237X) Published by ValleyMedia, Inc.To subscribe to CIOReviewVisit www.cioreview.com CIOReviewEditorial StaffAaron PierceCarolynn WaltersDean WinchesterJustin SmithShirley FaithRussell ThomasVisualizersAsher BlakeJustin Smith Managing Editoreditor@cioreview.comManaging EditorJustin SmithSalesStephen Thomasstephen.thomas@cioreview.com Disclaimer: *Some of the Insights are based on our interviews with CIOs and CXOs
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