Retailers ‘to up spend on payments infrastructure’
Written by Anthony Strzalek
The majority of retailers and merchants in the EMEA region are planning to increase their investment in new payment capabilities in the next 18 to 24 months, according a study by ACI Worldwide and Ovum.
The report, which surveyed more than 260 EMEA retailers and merchants across industries such as general merchandise, grocery, restaurants, fuel and convenience, and travel and lodging, reveals that infrastructure improvements (54 per cent), security considerations (53 per cent) and introducing analytics to payments (47 per cent) are the main drivers behind these investment plans.
However, the research also finds several concerns that prevent merchants from investing more, including security concerns (87 per cent) and regulatory compliance (70 per cent). Additionally, almost three quarters of respondents are worried about liability in the event of data breaches, with mobile perceived as a greater risk than traditional online channels.
A total of 80 per cent of respondents agree that new payments technology will provide benefits for their organisation, and 66 per cent say they are willing to pay more for a broader range of payment services if they add value to their business.
Meanwhile, 89 per cent say they would expect increased operational efficiency and 88 per cent would expect enhanced customer experience from their investment.
Andrew Quartermaine, vice president of SaaS customer management at ACI Worldwide, said: “Investment in new payment capabilities is clearly high on the agenda of merchants and retailers across the EMEA region.
“Most retailers have moved away from seeing payments as purely transactional and now understand that payments are crucial to the overall customer experience and success of their businesses. They also increasingly understand the value of payments data as an important tool for getting a single view of their customer.”