84% of banks and retailers mean to invest in m-payment technology- report

Tuesday 5 May 2015 10:40 CET | News

Financial institutions and retailers are currently investing or planning to invest in new payment technologies within the next 18 to 24 months, with online (86%) and mobile payment technologies (84%) topping the list, a recent report reveals.

According to a recent Global Payments Insight study carried by payments provider ACI Worldwide and Ovum, a global technology research and advisory company, credit (87%) and debit (82%) cards remain the most widely accepted payment tools, followed by cash (74%). EMEA (39%) and Asia (37%) lead the way when it comes to acceptance of contactless payments, with mobile payment acceptance coming in at 18% on average globally.

The report also points out that despite a high level of concern over security surrounding new payment technologies, actual awareness and interest in dedicated payment security technology remains low, with 22% of respondents stating they have never heard of tokenization, while 37% state they have no plans to deploy it.

The research also finds that banks are seen as the “most capable” providers in helping to provide new payment technologies such as contactless cards (67%), mobile apps (45%) and QR codes (48%). However, banks are at risk of losing market share to payment specialists, telecom providers and large software companies, the survey warns.

The four-part study is based on the responses of more than 1,100 executives representing banks, retailers and billing organisations across the Americas, Asia Pacific and EMEA.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: banks, retailers, m-payment, technology report, payment, mobile payment, online, ACI, Ovum, EMEA, Asia, contactless payments, mobile payment acceptance, security, tokenization
Categories: Payments & Commerce | Mobile Payments
Countries: World
This article is part of category

Payments & Commerce