Over half the world’s retailers are refraining from investing into their payments strategies due to overwhelming security concerns, a new study shows.
According to the first half of a study conducted by payment solution firm ACI Worldwide, virtually all of the retailers (93 per cent) who took part in the survey believed that consumers want a broader choice of payment tools.
The global payments insight study involved nearly 700 global retailer executives and took into account their stance on retailer’s payment strategies and investment priorities. The digital survey was conducted during the fourth quarter of 2014.
As the payment market becomes more and more apparent within global retailers, executive’s attempts to stay on top of the market are becoming more and more expensive, with 49 per cent of retailers stating that their payment costs have increased in the past 18 months while 56 per cent of retailers expect their costs to keep on rising.
The most common reason as to why retailers are refusing to increase their payments investments is because of a lack in security. The top obstacles put in the way of further investment are security concerns (54%), maintaining existing legacy infrastructure (43%) and customer protection requirements (40%).
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