A global survey of 260+ leaders reveals payments at a crossroads: AI opportunities, rising fraud risks, skills shifts, and strong optimism.
The payments industry is moving at pace, shaped by technological change, evolving regulation, and rising customer expectations. Against this backdrop, our State of the Industry 2025 survey provides a timely snapshot of how senior decision makers view both the opportunities and challenges ahead.
With responses from more than 260 professionals worldwide, the survey captures perspectives across banks, technology providers, professional services firms, and merchants. The findings are both reassuring and thought-provoking: while confidence in the sector is strong, there are clear warning signs that demand attention.
Here are five signals to watch.
1) Security under pressure
Financial crime and cyber threats have overtaken all other concerns to become the most pressing challenge for payments businesses, cited by around a third of respondents. The rise of AI-enabled fraud, together with the growing sophistication of attacks, has forced organisations to prioritise resilience and trust. While regulatory pressure remains significant, the emphasis on security shows where the industry believes the biggest risks now lie.
2) AI takes centre stage
Artificial intelligence is widely regarded as the biggest opportunity for the sector, selected by nearly one in five respondents. Applications range from fraud detection and automation to personalisation and customer experience. What stands out, however, is the spread of views: opportunities in real-time payments, cross-border transactions, and embedded finance all received similar levels of support. This lack of consensus suggests that growth will come from a convergence of innovations rather than a single dominant technology.
3) Confidence in investment
Despite economic headwinds, confidence in investment remains high. A majority of organisations expect budgets to increase in the next 12 months, with digitalisation emerging as the leading priority for new spend. Partnerships and collaborations also rank highly, signalling recognition that ecosystem growth will be driven by cooperation as much as competition.
4) Shifts in workforce skills
Technical expertise has now overtaken customer experience as the single most important workforce skill for the next five years. Data analytics, cybersecurity, and regulatory knowledge also feature prominently, reflecting the increasingly complex environment in which payments companies operate. The challenge will be securing and developing this talent at the pace innovation requires.
5) A sector that remains optimistic
For all the challenges, industry sentiment remains broadly positive. Most respondents believe the outlook for the next 12 months is favourable, with only a small minority expressing concern. Leaders are realistic about the obstacles — from legacy infrastructure to compliance — but equally clear about their determination to invest and innovate.
Looking ahead
The payments industry is at an inflexion point: tested by threats, yet energised by innovation. The State of the Industry 2025 survey reveals a sector that is pragmatic but ambitious, confident yet cautious. Above all, it shows an industry committed to building a payments ecosystem that is secure, scalable, and centred on customer needs.
The full report provides deeper analysis, including year-on-year comparisons, sector breakdowns, and commentary from leading voices across the industry.
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