More than three quarters (77%) of merchants across the globe expect real-time payments to eventually substitute payment cards, according to a report by ACI Worldwide and Ovum. However, they remain concerned about the impact of additional security features on shopping conversion rates.

The study revealed 77% of merchants in the US believing real-time payments to replace payment cards over time. The same view was reiterated by 100% of the merchants in the Netherlands.

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In Asia, 82% of merchants were found to be most positive about real-time payments improving their customer experience.

Also, 78% percent of merchants this year believed real-time payments to reduce costs, up from 57% a year ago. The number of merchants expecting real-time payments to enhance customer service increased to 78% in 2018 from 59% in the previous year.

At the same time, 61% of merchants held the view that they are at a greater risk of a data security breach compared to the previous year while 22% experienced data theft in the same timeframe. Companies in Europe were found to be the most affected at 26%.

The study also found 59% of merchants more concerned about abandoned baskets than fraud losses and chargebacks.

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ACI Worldwide senior vice president Mike Braatz said: “As the survey has shown, real-time payments and security are clearly top of mind for merchants today. 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.”