Comprised of responses from executives across the merchant, digital goods, hospitality, telecom and travel sectors, the benchmark also revealed that 51 percent of all merchants, billing organizations and retail banks will increase their IT budgets for payments-related projects in 2018.
Other findings from the study include:
Marked change in attitudes toward open banking and real-time payments in the past year:
- 87 percent of all banks report that they have a clear strategy for developing open APIs, up from 59 percent a year ago
- At a global level, 78 percent of banks, 72 percent of billing organizations, and 68 percent of merchants believe that the combination of real-time payments and open banking will see the reliance on payment cards decline over time.