Embedded finance is delivering measurable benefits for retailers, but the way they judge whether it works reaches beyond the revenue line.

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The PYMNTS Intelligence report “Retailers Expand Embedded Finance to Unlock Control and Customization” found in November 2025 that just 11% of retailers gauged embedded finance success in terms of return on investment, even as most reported gains in customer experience, operating efficiency and checkout conversion.

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The report, which surveyed heads of payment at 37 retailers in the United States, showed that 34% offered embedded finance capabilities. Among those firms, 82% cited better customer experiences, 68% more efficient operations and 62% higher checkout conversion.

The findings put the ROI figure in context. Retailers were seeing business benefits, but the measures they used to evaluate embedded finance extended into risk, compliance and the ability to fit financial products into their existing operations.

Three findings showed what retailers were getting from embedded finance and what they expected from the technology behind it:

Company size changed some of the priorities. Among retailers with at least $500 million but less than $750 million in annual revenue, 75% said embedded finance innovation was more important than innovation in other areas. For retailers with at least $1 billion in revenue, 85% identified strong regulatory compliance as a factor in defining success, followed by strong risk management capabilities at 74% and well-defined customer use cases at 63%.

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