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A study involving global payments executives indicated that the payment solutions currently in use require substantial technological enhancements, a sentiment echoed by 79% of those surveyed.
The research, carried out by Wakefield Research for the global payments infrastructure provider Primer, highlighted that payments are increasingly recognized as a crucial factor for growth across various sectors. Nonetheless, a significant number of payments executives feel that the technological foundation of their systems is outdated and necessitates considerable upgrades.
The survey took place in the United States, the United Kingdom, France, Singapore, and Australia from June 18 to June 25. A total of 500 payment executives from non-financial and non-banking entities with 50 or more employees participated in the study.
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As per the findings, 79% of participants indicated that a complete revamp of their companies’ payment solutions is essential. Approximately 75% of respondents anticipate that modernizing payment systems will propel their organizations’ growth in the next five years. The survey also revealed that senior management does not regard payments as a strategic priority for business advancement.
Furthermore, the survey indicated that 87% of respondents view the orchestration of payment solutions as a viable approach to modernizing payment systems. They believe that automated coordination and management will significantly enhance existing payment solutions. Simultaneously, 89% of respondents feel that modernizing payment systems will require substantial investment, and they are prepared to allocate a portion of their department’s budget towards upgrading the technologies employed.
Interestingly, the survey uncovered regional variations in the priorities of payment executives. In Australia, France, and Singapore, the emphasis is on minimizing chargebacks and fraud. In the U.K., professionals are more focused on automation and the integration of AI in payment processes, while in the U.S., the priority is on enhancing user experience.
A recent analysis indicated that in 2024, the demand for government instant payment systems RTP and FedNow in the U.S. saw a significant increase.
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