A new white paper from Tribe Payments outlines the huge opportunities for acquirers in the digital economy.
In the last 10 years, the way consumers pay has changed beyond all recognition, with digital wallets, account-to-account payments and Buy-Now-Pay-Later (BNPL) all making significant inroads into cards’ traditional dominance.
Meanwhile, rapid digitalisation has seen as much as 10% of all economic activity move from the physical to the digital space in advanced economies such as China, the US, UK and Nordics.
Tribe Payments interviewed more than 1,000 merchants across major European markets to work out how they’re responding to this new landscape – and what they need from acquirers.
The findings show merchants are eager for change – and they’re looking to acquirers for services that go beyond what’s available at present.
The research reveals changes in merchant payment needs as the economy goes digital.
Almost two thirds (59%) of merchants surveyed in the UK, Spain, Netherlands and Germany want to expand into other geographies through cross-border e-commerce, while 55% said they wanted to accept multi-currency payments.
Just under half (45%) said they wanted to create their own app for ordering and payment, while almost one in three (32%) said they wanted to offer their own payments options, whether through store cards, BNPL or others.
At the same time as merchants are looking to diversify payment types and expand geographically, they want to blend the physical and digital shopping experiences they offer, with more than a third (34%) looking to move to an omnichannel experience.
Some express an interest in moving from an internet-only model to physical locations (41%), or transform their shopping experience for the digital environment (19%).
Across the board, merchants are looking for help with regulatory compliance (46%) and navigating new consumer trends (46%) – factors they rank higher than traditional concerns such as controlling costs (31%) or reducing fraud (27%).
How acquirers can solve the payments puzzle sets out further findings, making recommendations that help acquirers reduce merchant churn, improve service levels and enhance their profitability.
In the new landscape, acquirers should be competing on the basis of value-added services, rather than cost, and the paper set out actions acquirers can take to make this happen.
At Tribe, we work with acquirers to unleash innovations that benefit merchants across the value chain.
Thanks to the modular nature of our technologies, we’re able to work with you to deliver the new services merchants are looking for in the digital economy – both now and in the future.
Download a free copy of “How acquirers can solve the payments puzzle”, the new white paper from Tribe Payments, now.
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