LAHORE PR – Seventy-six percent of consumers said security of payment facility offered on a merchant website was the top reason they would choose to pay online with their cards rather than Cash on Delivery (COD), according to the 2022 Stay Secure survey launched by Visa and Daraz. Guarantees their payment data would be protected (maintaining privacy) was second (63% of consumers) while price of goods or services was not the most important aspect (13%) for choosing payment option. The same trend was also observed in-store, wherein consumers ranked security of merchant’s payment facility (63%) as the topmost factor when considering digital payment options to pay for goods and services, followed by guarantees and return policies (44%) and convenience and speed (43%). Three out of four consumers surveyed have made a digital payment in the last month, and nearly half of respondents are using more digital payments in stores – especially contactless – and online since the onset of Covid-19.Majority of consumers (85%) said they would switch stores or online shopping sites and apps, based on the payment methods offered, with most consumers indicating a strong preference for digital payments over cash. The survey found that 42% of consumers prefer using cash for tipping at hotels, restaurants or tourist locations and utilities. And while majority of consumers (75%) say they are confident about recognizing a fraud or scam, a third surveyed in Pakistan still struggle in this area. A majority (82%) of respondents want to know how their personal information will be handled and protected before providing it to an eCommerce site. Additionally, three in four (75%) stated that they would like to know how security technology works to be able to trust digital payment methods in general, reinforcing the importance of consumer education by payment industry stakeholders – financial institutions, payments companies and govts, to build consumer trust in digital payments.
Based on the survey findings, merchants can take the following steps to increase consumer trust and improve payment experience: disclosing measures to protect consumers’ personal information, providing clear information about guarantees and refund options, and displaying logos/symbols of banking and payment partners.