Nearly half of companies in the UK and US are exploring new payment methods, including account-to-account (A2A) payments, as they seek to create additional revenue streams and attract customers, according to new research.
The survey was conducted among 250 payment decision-makers at UK and US merchants and retailers by omnichannel global payment platform PXP, in collaboration with polling firm Censuswide.
The findings showed that 51% are “actively leveraging” payment systems to create new revenue streams, monetise payment capabilities and increase their appeal to customers.
Of those surveyed, 49% are looking into new payment methods, such as digital wallets and A2A payments, as well as buy now, pay later, to accelerate market penetration, particularly in cross-border commerce.
PXP’s survey sought to gauge merchants’ appetite for tech-led transformation across multiple back-end operational and front-end customer-facing areas.
It revealed that 64% of merchants now view payment technology as a strategic growth driver, rather than just an “operational necessity”.
When choosing a payment partner, enhanced security and fraud prevention ranked as top priorities for 36% of businesses surveyed.
Meanwhile, 28% identified system and payment platform reliability during high traffic and peak sales periods as “make or break” for their operations.
Through its research, PXP also examined the differing payment technology needs of merchants in the online-only ecommerce, bricks and mortar, and omnichannel segments, and found that 34% are expanding their payment method offerings, while 20% are actively investing in international payment capabilities.
Among traditional bricks-and-mortar businesses, 36% cited system stability as a critical factor and 30% are prioritising having one unified payment platform across all channels.
The study revealed that 35% of omnichannel or hybrid businesses are focused on protecting consumer transactions across all channels.
Kamran Hedjri, group chief executive officer of PXP, said: “Today’s merchants are discovering that modern payment systems can do far more than just process transactions – they can actively drive business expansion, foster innovation, and create much deeper and more intuitive connections with their customers.”
He said the findings painted a “clear picture”, with payment technology having moved from being considered a business function, to a key strategic consideration in business growth planning.
“This shift represents a remarkable evolution in thinking, and payment providers must align with it to help merchants meet their customers’ expectations wherever they are.
“While organisations may differ in size, sector, and purpose, our survey reveals that what merchants need most from payment technology are security and trust, operational resilience, and scalability,” Hedjri added.
Further reading: Open Banking ecosystem reacts to UK government’s National Payments Vision
