INFOGRAPHIC
The majority of consumers ( 79 %) 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 34 % of consumers prefer using cash for tipping at hotels , restaurants or tourist locations and utilities .
And while the majority of consumers ( 70 %) say they are confident about recognising a fraud or scam , a third surveyed in the UAE still struggle in this area .
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 , about three-quarters 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 governments to build consumer trust in digital payments .
Merchants can take the following steps to increase consumer trust and improve the 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 .
“ Consumers value security more than price when it comes to how their personal data is handled . These are important insights for merchants looking to build and maintain consumer trust in their payment offerings ,” said Neil Fernandes , Visa ’ s Head of Risk for Middle East and North Africa . “ And the fact that a third of consumers are still unable to identify a potential fraud reinforces the need for all players in the payments ecosystem to continue to work together to ensure consumers are protected . 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 .” �
Consumers value security more than price when it comes to how their personal data is handled . www . intelligentfin . tech
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