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WEX Survey Unveils Senior Financial Executives’ Thoughts on Future of Payments
Second Annual ‘Payments Pulse’ Survey Reveals that E-Payables show no
sign of deceleration,
The survey of more than 900 CFOs and senior financial executives from
Safety, in fact, came up as a primary concern, with 53 percent of American executives and 49 percent of European financial executives likely to be very concerned about information security as it relates to payments, compared to just 26 percent of their Asian counterparts. But overall, between 58 percent and 68 percent of respondents from all regions rated security of transactions as the most important attribute of a payments solution.
The data uncovered six additional key trends:
- Not going entirely paperless just yet: Companies are still writing
checks for business payments. Checks are the most common form of
payments in both the U.S. and
Asia. In the U.S., it’s checks first (76 percent), then mobile payments (75 percent), virtual cards and accounts (73 percent) and traditional ACH (73 percent). In Asia, checks (80 percent) and mobile payments (71 percent) also dominate. In Europe, virtual cards and accounts, and BACS/CHAPS are tied for first place, with 57 percent each.
- E-pay on the way up: Half of businesses have an electronic payables
initiative already in place; another third has one in the works.
Just about half (50 percent in U.S., 56 percent in
Europeand 43 percent in Asia/ Oceania) of surveyed businesses have already implemented an electronic payables initiative, and more than one-third (37 percent in U.S., 38 percent in Europeand 42 percent in Asia/ Oceania) have one underway. Almost all (89 percent in U.S., 91 percent in Europeand 85 percent in Asia/ Oceania) of those who say they have a payables initiative in the works are planning to launch it in the next six to 12 months.
- Suppliers engagement is critical: Financial executives believe
maintaining positive relationships with suppliers is as important as
introducing new technologies. Overwhelming majorities—95 percent
in the U.S. and
Europe, 94 percent in Asia/Oceania—of those surveyed agree. Additionally, across the board, more than 85 percent of executives surveyed told us that they have been at least somewhat successful in brokering suppliers’ adoption/engagement with electronic payments; more than half (51 percent) of U.S. executives we polled rated their supplier adoption as very successful. From the other side of the table, suppliers across markets value security and speed of settlement, as well as cost of acceptance as the most important aspects of an accounts payable solution.
- Hungry for more: Appetite is strong for further innovation and disruption in payments. Most surveyed executives agree that payments providers should offer more innovative technology (81 percent at least somewhat agree) and that consumer behaviors strongly influence their business’s use of payments technology innovations (80 percent).
- Leaders of the pack: The finance/banking industry is seen as a pioneer in the payments and the new technology space. Survey respondents see finance/banking as an overwhelming favorite (54 percent) to be the first industry to successfully implement blockchain and is seen as the most innovative industry with respect to payments.
- Best on the block: Executives are very optimistic about the effect of blockchain on their businesses. Large majorities of surveyed executives (over 80 percent everywhere) feel at least somewhat confident in their understanding of the function and capabilities of blockchain and distributed ledger technologies. American executives are particularly confident in this regard, with over half being “extremely confident.”
“We at WEX recognize the importance of maintaining a forward-looking
perspective on what’s happening on the payments landscape,” said
About WEX Inc.
Powered by the belief that complex payment systems can be made simple,
About Zogby Analytics
Zogby Analytics is respected nationally and internationally for its opinion research capabilities. Since 1984, Zogby has empowered clients with powerful information and knowledge critical for making informed strategic decisions. The firm conducts multiphased opinion research engagements for banking and financial services institutions, insurance companies, hospitals and medical centers, retailers and developers, religious institutions, cultural organizations, colleges and universities, IT companies, and federal agencies. Zogby’s dedication and commitment to excellence and accuracy are reflected in its state-of-the-art opinion research capabilities and objective analysis and consultation.
Melanie Klausner, 602-373-8131