Paysafe has accomplished the complete migration of its digital wallets, Skrill and NETELLER, to the AWS (Amazon Web Services) platform as a part of its mission to embrace a cloud-based infrastructure for all operations. Earlier in 2020, Paysafe had completed the migration of its eCash solution, with today’s milestone representing a continued drive to embrace the cloud and associated savings in hardware expenses. One of the advantages of moving to a cloud-based platform is the ability to leverage AWS’s existing solutions for cloud partnerships.
“Paysafe believes it will increase efficiencies and reduce its liabilities in merchant underwriting by using AWS’s global infrastructure and data modelling solutions, including its risk analytics services. Paysafe has also transitioned its disaster recovery completely to AWS as part of its move to develop and deploy next-generation capabilities using AWS’s comprehensive portfolio of cloud services.”
Paysafe posted an annualized transactional volume of $100 billion in 2020 across 40 currencies and 70 payment types. AWS’s dominance in the cloud computing market continues to grow with this latest migration, gathering an estimated 32% of the total cloud infrastructure services spend across the world. However, AWS’s closest competitors Microsoft Azure and Google Cloud are recording higher growth rates due to entering the market later than AWS. The emergence of multiple major cloud service providers is a positive development for the payments sector, as financial entities are presented with an increasing array of choices to meet their cloud computing needs.
Overview by Shreyas Shaktikumar, Research Analyst at Mercator Advisory Group