Cards are 52% of payments in Asia, but new tools are emerging

An omnichannel payments strategy is key to creating a seamless customer experience for 79% of merchants and retailers according to benchmark data in 2017 Global Payments Insight Survey: Merchants and Retailers from ACI Worldwide and Ovum.

The study* revealed that although the EMV card standard has lowered fraud prevention costs, fraud continues to shift online. And while merchants and retailers plan to considerably increase investment in payments to improve customer experience (by 50% compared to 2015), more than three quarters of these organisations view security, compliance and fraud management issues as the biggest barriers to their investment decisions.

Principal findings include:

· Cards continue to dominate the payments market for retailers and merchants, making up 52% of payments in Asia

· New and alternative payment tools now account for 10% of global merchant transactions, with contactless cards now accounting for near 2% of transactions in Asia as high sales-volume merchants embrace quick and convenient means of payment

· Six in 10 (59%) of merchants and retailers plan to increase their payments investments during the next 18 to 24 months, up from 50% in 2015

· Payments investment is high in all sectors, with 65% of travel and accommodation companies reporting an increase in investment levels

· Merchants and retailers increasingly expect payments investment to improve the customer experience, but more than 75% indicate security and compliance are the biggest barriers to payments initiatives

· Although 52% of merchants and retailers say their card not present (CNP) losses are growing, 70% say they are satisfied with their CNP fraud prevention tools.

“As commerce becomes increasingly digital, payments technology is critical to improving customer engagement and reducing costs—with 79% of global merchants and retailers noting that an omnichannel approach is key to creating a seamless customer experience,” said Lynn Holland, VP, ACI Worldwide.

“Although there isn’t one path to payments modernisation for merchants and retailers, the benefits of investing in new and alternative payments methods are increasing—in terms of both merchants’ bottom lines and overall improvement of customer experience,” said Matthew Heaslip, Analyst, Ovum. “To stay competitive in this changing retail market, merchants and retailers must foster strong payment partnerships with companies that not only understand their market verticals, but can also help them both improve their omnichannel capabilities and reach new customers.”

Interested?

Read the 2017 Global Payments Insight Survey: Merchants and Retailers report

*For the 2017 Ovum Global Payment Information Survey, which includes merchant, biller, and retail banking components, ACI and Ovum created a 23-point questionnaire, looking at the following criteria for key payments players: significant aspects of existing payments infrastructure; forecasts for spending; areas for investment and perceptions of where payments fit within their broader strategic objectives. This survey was sent to payments decision makers globally in December, 2016—January, 2017. It provides a snapshot of payment perceptions among merchants, financial institutions, and scheduled billing and payment- taking organisations such as higher education, consumer finance and insurance. Overall, 1,475 executives across 15 industry sub-verticals in 25 key global markets responded, resulting in more than 144,000 separate data points on perceptions and expectations of payments among critical payment enablers globally.

Industries surveyed include general merchandise, food service and restaurants, grocery, fuel and convenience, and travel and lodging, based in countries in the Americas, Asia Pacific (APAC) and Europe, Middle East and Africa (EMEA).

posted from Bloggeroid

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