8 in 10 payment leaders eye tech overhaul, seek to reduce fraud

Leaders from Singapore and Australia name reducing fraud as a key objective.

Almost 8 in 10 (79%) payment leaders believe that their company requires significant updates or a complete overhaul of their payment tech stack, a study found.

In response, 89% plan to invest in upgrading their payment systems, and 87% are considering leveraging a payment orchestration platform, payment services provider Primer found in a survey of 500 payment leaders from the US, UK, Singapore, France, and Australia. 

Payment leaders in Singapore, Australia, and France named reducing fraud and chargeback rates over the next 12 months as a key objective.

In the UK, the focus is introducing more automation and AI into payment processing; whilst American payment leaders are emphasizing enhanced customer experience.

In-house, nearly half (46%) of payment professionals stress the necessity of greater support and endorsement from senior management to achieve their goals. 

Furthermore, about the same share of professionals (47%) highlighted the need to expand payment knowledge across the organization.