To understand the role that merchants will play in the evolution of the payments landscape, Ovum conducted a large-scale survey to examine the strategic priorities and technology investments that will drive change in 2018 and 2019.
- Innovation remains a core objective, with 36% of retailers in particular highlighting enhancements to their payment acceptance capabilities as a leading IT priority.
- Attitudes to real-time payments have changed markedly in the past 12 months, with 78% of merchants expecting it to enable them to improve their customer experience.
- At the same time, 77% hold the view that immediate payments will replace the use of payment cards over time.
Features and Benefits
- Learn how merchants in different regions and segments plan to invest in new payment services to enhance their customer experience, and shape your own roadmaps accordingly.
- Understand how your peers and competitors are planning to take advantage of real-time payments infrastructure, and avoid getting left behind.
- See where payments technology investments will grow most strongly, and take advantage of the opportunities this creates.
Key questions answered
- How do retail, digital goods, travel, hospitality, and telecoms businesses in different regions view the opportunities of both real-time payments and open banking?
- How quickly are these views changing, and where do different banks see the opportunities for service enhancement?
- In which countries and regions do merchants see the biggest opportunities to replace payment card transactions with those going across real-time payment rails?
Table of contents
Recommendations for enterprises
Recommendations for vendors
Delivering greater efficiency, alongside innovation, will drive the IT agenda for merchants in 2018
Merchants in all sectors will increase their IT spending on payments-related projects in 2018
Responding to rising costs has made delivering greater operational efficiency the leading driver of investment activity
Over one in five merchants report that they have suffered a data breach in the previous year
Those merchants that have already modernized their payment architecture are enjoying the benefits
Taking advantage of real-time payments and open banking has become a high priority for merchants
Merchants are now considerably more positive about the opportunities of immediate payments than they were a year ago
The ability of real-time payments to enhance the customer experience is a clear attraction to merchants
There is also widespread agreement on the potential for immediate payments to lower costs
In the longer term, there is the expectation that immediate payments will come to replace plastic cards