New ACI Worldwide and Ovum Research Reveals More than 75 Percent of Banks, Retailers and Billing Organizations to Increase Spending on Payment Systems
The five-part Global
Payments Insight study, conducted by
Principal findings of the survey include:
- Competition drives spending: 71 percent of European executives stated that new competitive pressures and the burgeoning threat of FinTech are driving investments in their own payment systems.
- Security Tops The Agenda: Security is a critical issue for retailers, with the theft of customer payment details a major concern for 70 percent of the market. The growth in eCommerce has resulted in Card-Not-Present Fraud becoming the most pressing issue for 59 percent of retailers.
- Immediate Payments Offer New Opportunities: 57 percent of European executives believe that consumers will benefit directly from Immediate Payments. Moreover, 59 percent of transaction banking executives also believe that businesses will benefit directly from improved liquidity management, lower risks and faster payments.
-
Payment Initiators Want To Work Directly With Payment Operators: A
strong continuing trend from last year is that payment initiators
(retailers and billers) want to work directly with payment operators
(banks) to cut out intermediaries in the payment value chain and
simplify the payments ecosystem.
Banks are seen as the primary provider of payment services by European retailers. In fact, 87 percent want to work directly with banks. Other payment provider categories are increasingly gaining traction, most notably online payment providers, with 74 percent of European retailers willing to work with them in future.
"The payments industry is undergoing radical change that will have
far-reaching consequences for banks, billers and merchants, as well as
for the consumers and business customers to which they provide
services," said
"For all of these organizations, the key takeaway is that competitive
pressures are driving up spending in the marketplace. Spending small,
incremental amounts will only lead to an erosion of market share," said
To receive a free copy of the Global Payments Insight Study, please click here or visit http://www.aciworldwide.com/paymentsinsight.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20160426005169/en/
dan.ring@aciworldwide.com
Source:
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