The majority of consumers believe that the security of the payment facility offered on a merchant website is the most convincing reason to pay online rather than by Cash on Delivery (COD). According to the findings of Visa and Daraz’s 2022 Stay Secure survey, 76 percent of consumers believe that the security of payment facilities provided on merchant websites makes cashless payment a preferable option.
63 percent of consumers believed that online payments guaranteed the security of their payment data, while 13 percent believed that the price of goods or services was not the most important factor in selecting a payment method.
When considering digital payment options to pay for goods and services, 63% of consumers ranked the security of the merchant’s payment facility as the most important factor, while 44% ranked guarantees and return policies as the most important factor. When considering digital payment options, 43 percent believe that the convenience and speed of digital payments is the most important factor.
Three out of every four consumers polled said they had made a digital payment in the last year.
the previous month Since the start of Covid-19, approximately half of the respondents have reported using more digital payments in stores and online.
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85 percent of consumers said they would switch stores, online shopping sites, and apps based on the payment methods available, with most consumers preferring digital payments over cash. According to the survey, 42 percent of consumers prefer to tip in cash at hotels, restaurants, tourist attractions, and utilities.
75 percent of consumers said they are confident in detecting a digital fraud or scam. However, one-third of those polled said they are still struggling in this area. Before sharing their personal information with a merchant, 82 percent of consumers said they want to know how it will be protected.
Furthermore, 75% said they want to know how security technology works in order to trust digital payment methods in general, emphasising the importance of consumer education by payment industry stakeholders such as financial institutions, payment companies, and governments in order to build consumer trust in digital payments.
According to Neil Fernandes, Visa’s Head of Risk for the Middle East and North Africa, the survey results provide important insights for merchants looking to build and maintain consumer trust in their payment offerings.
He highlighted that one-third of consumers are still unable to identify potential fraud, highlighting the significance of all players in the payments ecosystem moving ahead to cooperate to protect consumers.
Ehsan Saya, Managing Director Daraz (Alibaba Group), emphasised that privacy and data security remain a significant deterrent as more people become comfortable shopping online.
He emphasised that the “Stay Secure initiative” helps to combat this issue by educating merchants on how to implement a safe and customer-friendly online payment system, as well as customers on how to stay secure when shopping online.
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He hoped that the campaign would also teach consumers how to identify possible scams.
