COST-EFFECTIVE PAYMENT PROCESSING SOLUTIONS IN THE PUBLIC CLOUD: STRATEGIES FOR OPTIMIZING INFRASTRUCTURE AND MAXIMIZING EFFICIENCY
Keywords:
Cloud-Based Payment Processing, Cost Optimization Strategies, Pay-As-You-Go Pricing Models, Resource Optimization,, Cloud-Native ServicesAbstract
Cloud computing has quickly changed the payments processing industry by giving businesses options that are cost-effective, scalable, and adaptable. This article talks about the strategies and benefits of using cloud infrastructure for payment processing. It focuses on ways to cut costs, reach people around the world, and improve performance. Companies can cut costs by using pay-as-you-go pricing models, making the best use of resources, and using cloud-native services. They can do this while still keeping high standards for performance and security. Cloud platforms can be used all over the world, which means that payment-handling systems can be put in place closer to customers. This cuts down on latency and improves the user experience. The results are backed up by real data and industry insights, which show how cloud computing has changed the payment handling landscape. To stay competitive and keep up with the needs of the digital economy, the article stresses how important it is to use cloud-based payment processing options.
References
Statista, "Digital Payments - Worldwide," Statista, 2023. [Online]. Available: https://www.statista.com/outlook/dmo/fintech/digital-payments/worldwide. [Accessed: 14-May-2024].
A. Singh and K. Chatterjee, "Cloud computing: A paradigm shift in IT infrastructure," Journal of Network and Computer Applications, vol. 116, pp. 18-29, 2018, doi: 10.1016/j.jnca.2018.05.008.
Cloud Security Alliance, "Cloud Adoption in the Financial Services Sector," CSA, 2022. [Online]. Available: https://cloudsecurityalliance.org/artifacts/cloud-adoption-financial-services-sector/. [Accessed: 14-May-2024].
M. Gorelik, "Cloud Computing in the Payment Card Industry: Challenges and Opportunities," IEEE Security & Privacy, vol. 18, no. 3, pp. 52-58, 2020, doi: 10.1109/MSEC.2020.2978498.
Gartner, "Forecast: Public Cloud Services, Worldwide, 2019-2025, 2021 Update," Gartner, 2021. [Online]. Available: https://www.gartner.com/en/documents/4003970/forecast-public-cloud-services-worldwide-2019-2025-2021. [Accessed: 14-May-2024].
R. Jiang et al., "A Review of Cloud-Based Big Data Analytics for Payment Fraud Detection," IEEE Access, vol. 9, pp. 36248-36263, 2021, doi: 10.1109/ACCESS.2021.3063263.
Accenture, "The Future of Payments: Transformation through Cloud and AI," Accenture, 2023. [Online]. Available: https://www.accenture.com/us-en/insights/banking/future-payments-cloud-ai. [Accessed: 14-May-2024].
S. Marston et al., "Cloud computing — The business perspective," Decision Support Systems, vol. 51, no. 1, pp. 176-189, 2011, doi: 10.1016/j.dss.2010.12.006.
IDC, "The Business Value of Cloud-Based Payment Processing for SMEs," IDC White Paper, 2022. [Online]. Available: https://www.idc.com/getdoc.jsp?containerId=US47652521. [Accessed: 14-May-2024].
M. Armbrust et al., "A view of cloud computing," Communications of the ACM, vol. 53, no. 4, pp. 50-58, 2010, doi: 10.1145/1721654.1721672.
Accenture, "Cloud Cost Optimization: Achieving Financial Agility," Accenture, 2023. [Online]. Available: https://www.accenture.com/us-en/insights/cloud/cloud-cost-optimization. [Accessed: 14-May-2024].
AWS, "E-commerce Giant Reduces Infrastructure Costs by 25% with AWS," AWS Case Study, 2023. [Online]. Available: https://aws.amazon.com/solutions/case-studies/ecommerce-case-study/. [Accessed: 14-May-2024].
451 Research, "The Business Value of Pay-as-You-Go Pricing for Payment Processing Workloads," 451 Research Report, 2023. [Online]. Available: https://451research.com/report/pay-as-you-go-pricing-payment-processing. [Accessed: 14-May-2024].
Deloitte, "Cloud Adoption in the Payment Processing Industry: Drivers and Challenges," Deloitte Insights, 2023. [Online]. Available: https://www2.deloitte.com/insights/us/en/industry/financial-services/cloud-adoption-payment-processing.html. [Accessed: 14-May-2024].
Gartner, "Forecast Analysis: Public Cloud Services, Worldwide," Gartner, 2022. [Online]. Available: https://www.gartner.com/en/documents/4016720/forecast-analysis-public-cloud-services-worldwide. [Accessed: 14-May-2024].
R. Karim et al., "Cloud computing: A survey on its limitations and potential solutions," International Journal of Computer Science Issues, vol. 10, no. 4, pp. 159-163, 2013. [Online]. Available: http://ijcsi.org/papers/IJCSI-10-4-1-159-163.pdf. [Accessed: 14-May-2024].
AWS, "Payment Service Provider Optimizes Costs with AWS Cost Explorer," AWS Case Study, 2023. [Online]. Available: https://aws.amazon.com/solutions/case-studies/payment-service-provider-cost-optimization/. [Accessed: 14-May-2024].
R. Buyya et al., "Cloud computing and emerging IT platforms: Vision, hype, and reality for delivering computing as the 5th utility," Future Generation Computer Systems, vol. 25, no. 6, pp. 599-616, 2009, doi: 10.1016/j.future.2008.12.001.
RightScale, "State of the Cloud Report," Flexera, 2023. [Online]. Available: https://www.flexera.com/blog/cloud/cloud-computing-trends-2023-state-of-the-cloud-report/. [Accessed: 14-May-2024].
AWS, "Global Payment Processor Optimizes Costs with AWS Auto Scaling," AWS Case Study, 2023. [Online]. Available: https://aws.amazon.com/solutions/case-studies/payment-processor-case-study/. [Accessed: 14-May-2024].
Gartner, "How to Optimize Cloud Costs with Right-Sizing," Gartner, 2022. [Online]. Available: https://www.gartner.com/smarterwithgartner/how-to-optimize-cloud-costs-with-right-sizing. [Accessed: 14-May-2024].
M. Malawski et al., "Serverless execution of scientific workflows: Experiments with HyperFlow, AWS Lambda and Google Cloud Functions," Future Generation Computer Systems, vol. 110, pp. 502-514, 2020, doi: 10.1016/j.future.2017.10.009.
Google Cloud, "Financial Services Firm Reduces Payment Processing Costs by 60% with Serverless," Google Cloud Case Study, 2023. [Online]. Available: https://cloud.google.com/blog/products/serverless/financial-services-firm-reduces-payment-processing-costs-by-60-with-serverless. [Accessed: 14-May-2024].
S. Marston et al., "Cloud computing — The business perspective," Decision Support Systems, vol. 51, no. 1, pp. 176-189, 2011, doi: 10.1016/j.dss.2010.12.006.
A. Kumar et al., "Resource Optimization in Cloud Computing using Machine Learning," IEEE Access, vol. 9, pp. 27705-27717, 2021, doi: 10.1109/ACCESS.2021.3058498.
M. Villari et al., "Osmotic Computing: A New Paradigm for Edge/Cloud Integration," IEEE Cloud Computing, vol. 3, no. 6, pp. 76-83, 2016, doi: 10.1109/MCC.2016.124.
Gartner, "How to Optimize Costs in Public Cloud IaaS," Gartner, 2022. [Online]. Available: https://www.gartner.com/en/documents/3991301/how-to-optimize-costs-in-public-cloud-iaas. [Accessed: 14-May-2024].
Google Cloud, "Payment Gateway Provider Reduces Database Costs by 35% with Google Cloud," Google Cloud Case Study, 2023. [Online]. Available: https://cloud.google.com/customers/payment-gateway-provider. [Accessed: 14-May-2024].
AWS, "Global Financial Institution Reduces Payment Processing Costs by 70% with Serverless," AWS Case Study, 2023. [Online]. Available: https://aws.amazon.com/solutions/case-studies/financial-institution-serverless-payments/. [Accessed: 14-May-2024].
IDC, "The Business Value of Cloud-Native Services," IDC White Paper, 2022. [Online]. Available: https://www.idc.com/getdoc.jsp?containerId=US47912121. [Accessed: 14-May-2024].
Google Cloud, "Credit Card Company Reduces Fraud Loss by 60% with AI Platform," Google Cloud Case Study, 2023. [Online]. Available: https://cloud.google.com/customers/credit-card-company-fraud-detection. [Accessed: 14-May-2024].
Accenture, "Maximizing the Value of Cloud-Native Services," Accenture, 2023. [Online]. Available: https://www.accenture.com/us-en/insights/cloud/maximizing-value-cloud-native-services. [Accessed: 14-May-2024].
S. Sakr et al., "Cloud-hosted databases: technologies, challenges and opportunities," Cluster Computing, vol. 17, no. 2, pp. 487-502, 2014, doi: 10.1007/s10586-013-0290-7.
Google Cloud, "Reducing Latency with Multi-Region Deployment," Google Cloud Whitepaper, 2023. [Online]. Available: https://cloud.google.com/docs/whitepapers/reducing-latency-multi-region-deployment. [Accessed: 14-May-2024].
AWS, "E-commerce Company Improves Transaction Processing Times by 45% with AWS Global Infrastructure," AWS Case Study, 2023. [Online]. Available: https://aws.amazon.com/solutions/case-studies/ecommerce-company-global-infrastructure/. [Accessed: 14-May-2024].
Akamai Technologies, "The State of Online Retail Performance," Akamai, 2022. [Online]. Available: https://www.akamai.com/us/en/multimedia/documents/report/akamai-state-of-online-retail-performance-report.pdf. [Accessed: 14-May-2024].
Microsoft Azure, "Payment Service Provider Expands to 20 New Countries with Azure," Microsoft Azure Case Study, 2023. [Online]. Available: https://customers.microsoft.com/en-us/story/payment-service-provider-banking-azure. [Accessed: 14-May-2024].
AWS, "AWS Global Accelerator," AWS Documentation, 2023. [Online]. Available: https://aws.amazon.com/global-accelerator/. [Accessed: 14-May-2024].
IDC, "The Business Value of Cloud-Based Payment Processing with Global Reach," IDC White Paper, 2022. [Online]. Available: https://www.idc.com/getdoc.jsp?containerId=US48132122. [Accessed: 14-May-2024].
J. Seddon and W. L. Currie, "Cloud computing and trans-border health data: Unpacking U.S. and EU healthcare regulation and compliance," Health Policy and Technology, vol. 2, no. 4, pp. 229-241, 2013, doi: 10.1016/j.hlpt.2013.09.003.
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Sowmyanarayanan Soundararajan Guru (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
