More than two-fifths (44%) of Pakistani consumers would rather switch retailers or shop in-store than wait if there were delays in completing their online purchase, according to the 2021 Stay Secure survey released by world leader in digital payments, Visa, as part of its Stay Secure consumer education campaign in Pakistan.
The survey indicates that as Pakistani consumers have become increasingly savvy about paying digitally, their expectations for both in-store and eCommerce payment experiences have skyrocketed. Four in 10 consumers said they would not complete a purchase at a store that did not offer contactless payment options. When shopping online, close to half (47%) of consumers surveyed will drop the idea of purchasing the product for the time being if they experience a delay or authentication error. eCommerce sites that offer seamless refunds (40%), payment options in local currency (35%), customer reviews (35%), chatbot (34%) and logos of payment providers (34%), offer personalized shopping experience through artificial intelligence (AI) (33%), and a variety of payment options (31%) performed better in building high levels of consumer trust.
As consumer awareness of underlying security technology protecting digital payments has increased, close to three in five consumers (58%) feel secure about storing their card information on merchant sites if this helps to improve or speed up their shopping experience. The survey also showed that over a third of consumers (40%) continue to shop online with no signs of slowing down, while 43% said they increased their in-store shopping with the easing of lockdown restrictions.
Kamil Khan, Visa’s Country Manager for Pakistan, commented, “Consumers in Pakistan are very savvy and will not settle for a shopping experience that does not match their expectations. Merchants need to recognize this and our survey provides them actionable insights that can help them combat fraud and ensure consumers feel safe when transacting with them. The 2021 Stay Secure survey also outlines steps merchants can take to improve the shopping experience both online and in-store. We are pleased to be able to share the results of this survey as part of our education efforts and help support local merchants’ recovery needs and their digital transformation.”
Consumers surveyed said they feel safe shopping on merchant sites that provide customer reviews, a seamless refund experience and offer a variety of payment options. Logos of payment providers and visible security features like ‘lock’ icon and SSL certificate also helped consumers know a merchant site was secure.
Merchants looking to provide an enhanced online experience for their customers can leverage solutions like Visa Secure to make online payments more secure and seamless, and to speed up authentication. Visa Secure uses the latest EMV 3-D Secure (3DS) specifications, which uses fraud detection intelligence working behind the scenes to verify cardholder identity and block unauthorized transactions.
The survey corresponds with the launch of Visa’s third annual “Stay Secure” social media campaign on Facebook (@VisaMiddleEast). The campaign reinforces safe digital payment practices and reminds consumers on how they can protect personal data even as they enjoy the benefits and convenience of eCommerce and contactless payments. The Pakistan Stay Secure webpage also includes fraud prevention tips for consumers and information on security features of digital payments.