Cloud migration is becoming an increasingly important strategy for payments companies seeking greater efficiency, scalability, and access to advanced technology. Paysafe has completed the migration of its Skrill and NETELLER digital wallets to Amazon Web Services (AWS), continuing its broader effort to move operations to a cloud-based infrastructure.
The transition follows Paysafe’s earlier migration of its eCash solution and allows the company to take advantage of AWS infrastructure, data modeling, risk analytics, and disaster recovery capabilities. For a payments provider processing substantial transaction volumes across numerous currencies and payment types, cloud infrastructure can also reduce dependence on physical hardware while supporting the development of new services.
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.
Paysafe’s cloud migration demonstrates how payments providers can use cloud infrastructure to modernize operations while gaining access to technologies that support risk management, scalability, and service development. Moving Skrill and NETELLER to AWS represents another significant step in the company’s broader cloud strategy.
The migration also reflects a larger shift within the payments industry. As AWS, Microsoft Azure, Google Cloud, and other providers expand their capabilities, financial services companies have more options for selecting infrastructure that meets their operational and technology requirements.
For payments companies managing large transaction volumes and complex global operations, cloud-based infrastructure can provide greater flexibility while reducing hardware expenses. Continued competition among major cloud providers should further expand the range of services available to the payments sector.
Overview by Shreyas Shaktikumar, Research Analyst at Mercator Advisory Group
