As much as 80 per cent of payment leaders worldwide believe their company requires a complete overhaul of their payment technology stack, according to new research from Primer, the unified infrastructure for global payments.
Unsurprisingly, Primer revealed that 75 per cent of payment professionals expect that payments will become more critical to their organisations over the next five years. This seems to indicate a significant shift in the role of payments within organisations, evolving from a traditional back-office function to a crucial strategic asset.
New data comes from a Primer survey of 500 payment leaders in the US, UK, Singapore, France, and Australia to unravel the archetype of today’s payment decision-maker.
The survey found that most teams are currently in a transitionary phase. In fact, 76 per cent report that their company leadership does not view payments as a strategic priority. This finding 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 organisational growth.
“The role of a payment leader was virtually nonexistent a decade ago, but it has rapidly emerged as an essential function within many businesses,” explained Gabriel Le Roux, CEO and co-founder at Primer. “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 organisations?
“Our research shows that modernising the tech stack will be crucial in these efforts. To succeed, payment leaders need technology that offers optionality, flexibility, and optimisation. Those who invest in these capabilities will thrive in the fast-changing and fragmented payments landscape.”
Time for significant investment?
A key objective for payment leaders from Australia, France, and Singapore is to reduce fraud and chargeback rates over the next 12 months. The UK is also focusing on introducing more automation and AI into payment processing. Meanwhile, payment leaders based in the US are emphasising enhancing customer experience.
Nearly half (46 per cent) of payment professionals stress the need for greater support and endorsement from senior management to achieve their goals. Furthermore, 47 per cent highlight the importance of expanding payment knowledge across the organisation, underscoring the cross-functional impact of payments and the desire of payment leaders to unlock this potential.
Primer explains that investment in technology is crucial. Eighty-nine per cent of payment professionals plan to invest in upgrading their payment systems, and 87 per cent are considering leveraging a payment orchestration platform. These findings indicate that payment leaders are dissatisfied with the status quo and also seek greater technology flexibility and agility to move payments from transactional to transformational.
