Seventy-two percent of consumers said the security of payment services featured on an online merchant’s page was the main explanation for why they would choose to pay online with their cards instead of cash on delivery (COD), according to the Stay Secure 2022 survey released today. Guarantees and return policies ranked first (48% of consumers), while users’ experience with apps and websites was the least important attention (14%) when opting for the payment option. The survey coincides with the launch of the first version of Visa. Social media cross “Stay Secure” in coordination with the Central Bank of Qatar.
The same trend was also seen in the store, where consumers rated the security of merchant payment facility (61%) as the most important when looking at virtual payment features to pay for goods and services, followed by convenience and speed (56%). and regresses promises and policies (52%). Nine out of 10 consumers surveyed have made a virtual payment in the last month, and more than a portion of respondents have been more virtual invoices at points of sale – especially contactless – and online from the beginning. started from Covid-19.
The majority of consumers (79%) said they would switch retail outlets or online grocery shopping sites and apps, depending on the payment strategies offered, and most consumers indicated a strong preference for virtual bills over money. The survey found that 36% of consumers prefer to use money to tip in hotels, restaurants or tourist and utility places.
And while the majority of consumers (75%) say they are sure to admit to fraud or scam, a quarter of respondents in Qatar still struggle in this area.
Data privacy and security are key for consumers: what merchants can do
The majority (89%) of respondents need to know how their non-public data will be treated and protected before offering it to an e-commerce site. In addition, more than three-quarters (78%) said they would like to know how security generation works so they can accept virtual payment strategies as true in general, reinforcing the importance of customer education through payments industry players: monetary institutions, payment corporations and governments. to build customer acceptance as true in virtual payments.
Based on the survey results, merchants can take the following steps to get the customer to accept as true and improve the payment experience: disclose measures to protect non-public customer data, provide transparent data about promises and refund options, and demonstrate logos. /symbols of banking and payment partners.
Neil Fernandes, Visa’s chief risk officer for the Middle East and North Africa, said: “The fact that customers cost security and privacy more than value and transparency when it comes to how their non-public knowledge is treated is vital information for merchants looking to build and maintain customer trust in their payment offerings. And the fact that a quarter of customers are still unable to identify potential fraud reinforces the need for all players in the invoice ecosystem to continue to work together to ensure some customer protection. The launch of the Stay Secure crusade for the first time in Qatar is a vital platform for Visa and its partners to help educate customers about payment security and help merchants meet the growing need for secure and transparent virtual invoices, both in-store and online.
Dr. Sudheer Nair, Visa Country Director for Qatar, said: “We are very pleased to cooperate with the Central Bank of Qatar to launch our Stay Secure school crusade for the first time in Qatar. This is another important step in Visa’s commitment to supporting the government. Efforts to encourage the virtual industry to gain advantages from the country’s citizens and businesses. As the country is poised to host one of the world’s biggest sporting events, closing the gap in customer awareness of the security of virtual invoices is critical not only for them to continue using them with confidence, but also to enable merchants to settle for secure and seamless invoices so that their businesses can thrive in the virtual age.
Jassim Al-Obaidli, Director of the Information Systems Department at the Central Bank of Qatar, said: “Visa’s survey shows that more and more consumers in Qatar are adopting virtual invoices for their security and ease. However, some consumers still want to be informed about the risks, which is why it is so important to launch this crusade to empower consumers. The survey also provided a number of important tips for the retail industry to deliver a greater virtual payment experience for customers. The Central Bank of Qatar is pleased to be working hard with Visa on this first Stay Secure educational crusade in Qatar. We appreciate Visa’s role in selling the secure use of virtual invoices and its continuation by the Qatari government’s efforts to encourage virtual commerce to gain the country’s advantages. consumers and businesses, especially as the country prepares to host one of the world’s biggest sporting events.
New trends
BNPL:
Two-thirds (66%) of consumers are from BNPL (Buy Now, Pay Later), and nearly a third (29%) have used it before.
An average of 68% said they would most likely transfer retail outlets or online grocery shopping sites or apps that provide a BNPL option, demonstrating BNPL’s growing popularity and the need for more stores to provide new financing options.
Biometrics:
On average, only one-fifth (21%) of respondents said they were comfortable with biometrics to pay for goods or facilities if they were available, citing convenience, security and not having to forget passwords as the main reason. About one-third of respondents said they would leave a financial institution that doesn’t offer biometrics as a payment option. However, 34% are unaware of biometrics, indicating the need for greater customer education and awareness before biometrics can evolve as a reliable and not unusual form of payment. payment authentication in Qatar.
The survey coincides with the launch of Visa’s first “Stay Secure” social media crusade on Facebook and Instagram (@VisaMiddleEast @qcbqatar) in Qatar in coordination with the Central Bank of Qatar. The crusade reinforces secure virtual payment practices and reminds consumers how they can protect their non-public knowledge while enjoying the benefits and convenience of e-commerce and contactless payments. The Qatar Stay Secure website also includes consumer fraud prevention tips and data on virtual payment security features.
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