Eight in ten (79%) payment leaders worldwide believe that their company requires significant updates, or a complete overhaul, of their payment technology stack, according to new research from Primer, the unified infrastructure for global payments.
The company surveyed 500 payment leaders in the US, UK, Singapore, France, and Australia to unravel the archetype of today’s payment decision-maker. The research explored their sentiment, aspirations, key drivers, and the challenges they face in their roles.
The findings indicate a significant shift in the role of payments within organizations, evolving from a traditional back-office function to a crucial strategic asset. Four in five (75%) of payment professionals believe that payments will become more critical to their organizations over the next five years.
However, most teams are in a transitionary phase, with 76% reporting that their company leadership does not view payments as a strategic priority. This statistic highlights a disconnect in understanding between company leaders and payments experts, underscoring the need for improved alignment on the strategic importance of payments in driving organizational growth.
A key objective for payment leaders from Australia, France, and Singapore is to reduce fraud and chargeback rates over the next 12 months. In the UK, the focus is on introducing more automation and AI into payment processing. Meanwhile, payment leaders based in the US are emphasizing enhancing customer experience.
Nearly half (46%) of payment professionals stress the necessity of greater support and endorsement from senior management to achieve their goals. Furthermore, 47% highlight the importance of expanding payment knowledge across the organization, underscoring the cross-functional impact of payments and the desire of payment leaders to unlock this potential.
Investment in technology is crucial. A substantial 80% of payment professionals report that their company’s payment technology requires a significant update or complete overhaul. In response, 89% plan to invest in upgrading their payment systems, and 87% are considering leveraging a payment orchestration platform.
These findings indicate that payment leaders are dissatisfied with the status quo and seek greater technology flexibility and agility to move payments from transactional to transformational.
“The role of a payment leader was virtually nonexistent a decade ago, but it has rapidly emerged as an essential function within many businesses. As the role of the payment leader—and payments more broadly—evolve at pace, the key question is: how can payment leaders ignite growth for their organizations?
“Our research shows that modernizing the tech stack will be crucial in these efforts. To succeed, payment leaders need technology that offers optionality, flexibility, and optimization. Those who invest in these capabilities will thrive in the fast-changing and fragmented payments landscape,” says Gabriel Le Roux, CEO & Co-Founder at Primer.
