The majority of European executives stated that new competitive pressures and the burgeoning threat of fintech are driving investments in their own payment systems. Security is also a critical issue for retailers, with the theft of customer payment details a major concern for 70% European retailers. The growth in ecommerce has resulted in card-not-present fraud becoming the most pressing issue for 59% of retailers, according to the Global Payments Insight study, conducted by ACI Worldwide and Ovum.
57% of European executives believe that consumers will benefit directly from immediate payments. Moreover, 59% of transaction banking executives also believe that businesses will benefit directly from improved liquidity management, lower risks and faster payments.
A strong continuing trend from 2015 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% want to work directly with banks. Other payment provider categories are also on the rise, most notably online payment providers, with 74% of European retailers willing to work with them in future.
The Global Payments Insight study surveyed over 1,500 executives from banks, retailers and billing organisations.
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