Security of payment facilities offered on merchant websites emerged as the top reason for consumers to opt for online payment, with as high as 84 percent of respondents citing this as their reason for opting for card payments rather than cash on delivery (COD), a new survey said.
Confidence in the protection of payment data was the other major reason for online payment options, according to the 2022 Stay Secure survey, conducted jointly by the Department of Economy and Tourism (DET) in Dubai and Visa.
The survey said the same trend was also observed in-store, with 65 percent of respondents ranking security of merchant’s payment facility as the topmost factor for making digital payments.
This was followed by guarantees and return policies (49 percent) and safety and hygiene (45 percent).
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, the Stay Secure survey said.
Majority of consumers – 79 percent – 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 said while the majority of consumers (70 percent) say they are confident about recognizing a fraud or scam, a third surveyed in the UAE still struggle in this area.
The survey also revealed that a majority (85 percent) of respondents wanted to know how their personal information would be handled and protected before providing it to an ecommerce site.
“About three quarters stated that they would like to know how security technology works to be able to trust digital payment methods in general,” the survey said, citing the importance of consumer education by various payment industry stakeholders.
Neil Fernandes, Visa’s head of risk for Middle East and North Africa, said the finding that consumers value security more than price when it comes to how their personal data is handled is an important insight for merchants looking to build and maintain consumer trust in their payment offerings.
“Now in its seventh year, our Stay Secure campaign continues to be an important platform for Visa, Dubai Police, and the Department of Economy and Tourism in Dubai, to help educate consumers about payment security and support merchants in meeting the increasing need for secure, seamless digital payments both in-store and online,” Fernandes said.
The survey coincided with the launch of Visa’s seventh annual ‘Stay Secure’ social media campaign on Facebook and Instagram, in partnership with Dubai Police and DET.
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.
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