Debit cards may be the most important bank product in the world. They provide consumers and businesses with convenient access to their available funds and allow consumers to make payments and purchase items anywhere in the world. Unlike 30 or 50 years ago, financial institutions (FIs), neobanks, challenger banks, and other companies wanting to launch a debit card program have limitless choices for providers to help them launch and manage a card program. However, the myriad choices only complicate an already complicated decision that comes with a long-term commitment.
To make things more difficult, technology has inserted more variables into this long-term decision because card processing is having an “OK, boomer” moment. New players are positioning themselves as “modern” but may lack the tenure in the market and proof of longevity that their target audience desires. At the same time, incumbent card processors are seen as “old and dated” almost by default, even though many of them have updated their technology or are in the process of doing so. Those legacy providers, once the default choice for most new or converting programs, have found themselves in a more defensive position, having to prove that they are “modern” too.
Provider evaluations like this can help clarify the strengths, weaknesses, and differences between debit providers in the market, but they cannot make the decision. However, the report aims to provide insights based on a framework that helps buyers evaluate and understand the various card processing provider options and identify those that may be the best fit.
Leveraging a proprietary provider assessment framework, this Datos Insights Vendor Guide evaluates the overall competitive position of each provider, focusing on provider stability, client strength, product features, and client services.
HPS participated to the Vendor Guide evaluation and ranked “Leading Contender”. David Shipper, Strategic Advisor at Datos Insight commented, “The PowerCARD platform from HPS checks many important boxes for card issuers. The company achieved a Top 3 placement in our Debit Card Vendor Guide evaluation and is a strong competitor in the card issuing and processing space.”
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