Primer: Is technical debt stifling retail payment upgrades?

At Money20/20 Europe 2023, FinTech Magazin spoke to Primer’s Co-founder Gabriel Le Roux, on the company’s report that 47% of retailers are unable to update front and back-end systems to onboard better stacks and offer improved payments services because of technical debt. 

Le Roux looks at why technical debt is stopping stack upgrades. He says: “Primer has interviewed thousands of retailers across multiple regions to get this data. When you’re a customer or merchant online, you need to use many services across the stack. 

“These include PSPs, PI tools, accounting software, APMs, local payment methods, wallets, the list goes on and on.”

With a list this long, you can be sure the list of costs matches this. This is why pandemic and cost-of-living debt is stifling retailers’ ability to innovate. 

Le Roux concludes: “Upgrading payments stacks brings with it a lot of challenges, there’s a lot of technology being used that retailers need to leverage to upgrade their stack.”
For more from Primer Co-founder Le Roux, you can watch the video above or on the FinTech Magazine LinkedIn page.