The complexity and prohibitively high cost of most new electronic payment systems have delayed massive deployments and generated negative perceptions among customers, according to a new report from Frost & Sullivan. As a result of this, vendors in the market are looking to cloud-based solutions to reduce the costs associated with communication, hosting and access to the service or software, the firm says.

“By aligning innovative payment technologies, particularly those based on mobile usage and new mobility trends, to industry requirements, the financial services industry can reduce total investments,” Jean Noel Georges, Frost & Sullivan Information and Communication Technologies global program director, said in a statement.

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