More than two thirds of retailers consider payments, and the payment process and experience, a critical aspect of the business strategy but just over half expect to boost payment investment in the next year and a half.

"The 2016 Global Payments Insight Survey: Merchants and Retailers," which surveyed more than 1,000 retailers, reveals 81 percent of merchants cite payments as important, 38 percent expect to maintain payment investment and, when it comes to transaction security, the theft of consumer payment credentials is the prime concern. The theft of consumer account data and identify theft, are close behind as second and third concerns respectively.

The dominant primary provider of payment services is the bank, according to 87 percent of those polled, but other providers are gaining traction, such as online payment providers. The study states 76 percent of businesses are willing to work with that type of provider in the future.

"Payments are no longer a means to an end for accepting money and finalizing a transaction in the purchase process. It is rather a critical component in creating new ways for merchants to engage with their customers and a driver of consumer loyalty and satisfaction," states an announcement on the survey.