For 84% of U.S.-based companies, EMV has lowered their fraud prevention costs. However, 52% of retailers said their card not present (CNP) losses are growing.
This is according to the “2017 Global Payments Insight Survey: Merchants and Retailers,” from ACI Worldwide and Ovum. The study tapped 1,475 payments executives globally in December, 2016 -January, 2017.
“As commerce becomes increasingly digital, payments technology is critical to improving customer engagement and reducing costs — with 79% of global merchants and retailers noting that an omnichannel approach is key to creating a seamless customer experience,” said Lynn Holland, VP, ACI Worldwide. “EMV continues to influence retail fraud patterns; while the U.S. adoption of EMV has lowered in-store fraud costs and shifted fraudulent activity online, merchants must remain vigilant about preventing card not present fraud.”
According to data, 59% of merchants and retailers plan to considerably increase investment in payments to improve customer experience (a 50% increase over 2015). However, more than 75% of these organizations view security, compliance and fraud management issues as the biggest barriers to their investment decisions.
“Although there isn’t one path to payments modernization for merchants and retailers, the benefits of investing in new and alternative payments methods are increasing — in terms of both merchants’ bottom lines and overall improvement of customer experience,” said Matthew Heaslip, analyst, Ovum. “To stay competitive in this changing retail market, merchants and retailers must foster strong payment partnerships with companies that not only understand their market verticals, but can also help them both improve their omnichannel capabilities and reach new customers.”