80% of merchants believe real-time payments will replace cards

Young man shopping with credit card and laptop computer
Credit cards will someday be less popular then real-time payments. (Poike/Getty Images)

Seventy-seven percent of global merchants believe that real-time payments will soon become the norm and replace the popularity of cards. In a new survey by ACI Worldwide and Ovum, executives also reported that 65% are very interested in accepting real-time payments, up from 57% in 2017. 

And 78% of merchants believe that these real-time payments can help lower costs, a 20% increase from 2017. Plus, the same amount of respondents same these payments will deliver better customers service, up from 59% in 2017. That sentiment is even stronger in Asia, where 82% of merchants are positive that real-time payments will deliver a better customer experience. 

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“As the survey has shown, real-time payments and security are clearly top of mind for merchants today,” said Mike Braatz, senior VP, ACI Worldwide. “Driven by customers’ shifting preferences in how they purchase and the channels they purchase through, merchants are finding the need to improve the customer experience and operating efficiency to maintain a competitive edge now and in the future.”

In addition, the survey looked to merchants to answer questions about security and found that 61% of them believe they are at greater risk for a security breach than they were one year ago. Of all regions, Europe was impacted the most, with 26% having experienced theft of data, versus the worldwide average of 22%. 

More than half of merchants, 59%, said abandoned shopping baskets are a bigger fear than fraud losses.