According to the 2022 Stay Secure survey launched today by Visa and HPS Switch, 78% of consumers said that the security of the payment methods offered on a merchant’s website was the main reason they choose to pay online. online with their card rather than cash on delivery (COD). The guarantee that their payment data will be protected (preservation of privacy) comes in second place (57% of consumers), while the price of the goods or services is the least important consideration (21%) for the choice of the payment method.
The same trend was seen in-store, where consumers ranked the security of the merchant’s payment system (74%) as the most important factor when considering digital payment options to pay for goods and services, followed by by guarantees and return policies (64%) and safety and hygiene (39%). More than three in five consumers surveyed have made a digital payment in the past month, and almost half of those surveyed are using more digital payments in-store – notably contactless – and online since the arrival of Covid-19.
The majority of consumers (77%) said they would switch stores or online shopping sites and apps depending on the payment methods offered by merchants, with most consumers indicating a strong preference for payments numerical in relation to the species. The survey revealed that 34% of consumers prefer to use cash for tips in hotels, restaurants or tourist places and public services.
And if the majority of consumers (68%) say they are confident in recognizing a fraud or a scam, a third of those questioned in Morocco still have difficulties in this area.
Data privacy and security are essential for consumers: What merchants can do
A majority (85%) of respondents want to know how their personal information will be handled and protected before providing it to an e-commerce site. Additionally, 81% said they would like to know how security technology works so they can trust digital payment methods in general, which reinforces the importance of consumer education by payments industry stakeholders. – financial institutions, payment companies and governments, to build consumer confidence in digital payments.
Based on the survey results, merchants can take the following steps to increase consumer confidence and improve the payment experience: disclose consumers’ personal information protection measures, provide clear information about warranties and refund options, and display bank and payment partner logos/symbols.
Leila Serhan, Senior Vice President and Group Country Manager for North Africa, the Levant and Pakistan of Visa, commented: “The fact that consumers value security and privacy more than price and transparency when it comes to the processing of their personal data is an important consideration for merchants looking to establish and maintain consumer confidence in their payment offers. And the fact that a third of consumers are still unable to identify potential fraud reinforces the need for all players in the payments ecosystem to continue to work together to ensure consumer protection. Now in its seventh year, our Stay Secure campaign continues to be an important platform for Visa and its partners to help educate consumers about payment security and support merchants by addressing the growing need for secure and transparent digital payments, both in store and online. ”
Hanae Ben Driss, General Manager of HPS Switch, added : “In Morocco, the 2022 Stay Secure survey confirms the positive trend of consumers becoming more attentive to the way their personal data is processed, especially since fraud attempts have experienced a sharp upsurge since the progression of the e-commerce resulting from the pandemic.
How merchants manage data protection and privacy can become a point of differentiation and even a source of competitive business advantage. With more consumers choosing to spend online than ever before, now is the perfect time for merchants to take a thoughtful approach to data management and invest in much-needed technology to keep customer payments flowing. as safe and secure as possible. »