E-commerce: boom in transactions, but what is the protection of users’ personal data? (investigation)

Nearly nine in ten consumers (85%) want to know how their personal information will be protected before paying online, according to the Stay Secure 2022 survey released by Visa and HPS Switch.

Similarly, 78% of consumers said the security of payment methods offered on a merchant’s website was the top reason they chose to pay online with their card rather than cash on delivery (COD), a press release says. of Visa. Assurance that your payment details will be protected (preserving privacy) comes second (57% of consumers), while the price of goods or services is the least important consideration (21%) for choosing a payment method, add the same font.

The same trend was observed in the store, where consumers rated 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 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 nearly half of those surveyed are using more digital payments in-store – mostly contactless – and online since the arrival of Covid-19. A majority of consumers (77%) said they would switch stores or online shopping sites and apps depending on the payment methods offered by merchants, with the majority of consumers indicating a strong preference for digital payments over cash, the survey says, which also found that 34% of consumers prefer to use cash for tips at hotels, restaurants or tourist attractions and utilities. And while the majority of consumers (68%) say they are confident in recognizing a fraud or a scam, a third of respondents in Morocco still struggle in this area.

Data privacy and security are essential for consumers: what merchants can do

The 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 payment industry stakeholders. – financial institutions, payment companies and governments, to increase consumer confidence in digital payments. Based on the survey results, merchants can take steps to increase consumer trust and improve the checkout experience. It is about disclosing measures to protect consumers’ personal information, providing clear information about guarantees and refund options and displaying the logos/symbols of banking and payment partners, according to the same source.

Cited in the press release, Leila Serhan, Senior Vice President and Group Country Manager for North Africa, Levant and Pakistan at Visa, indicated that “the fact that consumers place more importance on security and confidentiality than on price and transparency when it comes to the processing of their personal data is an important element for merchants looking to establish and maintain consumer trust in their payment offerings.” And to continue that “the fact that one third of consumers are still unable to identify potential fraud reinforces the need for all players in the payments ecosystem to continue working together to ensure consumer protection.” “Now in its seventh year, our Stay Secure campaign remains an important platform for Visa and its partners to help educate consumers about payment security and support merchants to meet the growing need for digital payments safe and transparent, both in-store and in-store. online,” she said.

For her part, Hanae Ben Driss, Managing Director of HPS Switch, noted that in Morocco, the Stay Secure 2022 survey confirms the positive trend of consumers becoming more aware of how their personal data is handled, especially more than Fraud attempts have seen a sharp increase. growth since the rise of e-commerce resulting from the pandemic.” She also highlighted that how merchants manage data protection and privacy can become a point of differentiation and even a source of competitive advantage for the business. “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 make customer payments as safe and secure as possible.” she said, quoted in the press release.

In addition, the statement indicates that among consumers who have used digital payments in the last year, the majority (91%) are familiar with installment payment solutions/BNPL (Buy Now Pay Later) and 40% among them have already used it. The survey coincides with the launch of Visa’s seventh annual “Stay Secure” social media campaign on Facebook and Instagram (@VisaMiddleEast, @HPS_worldwide) in partnership with HPS Switch. The campaign reinforces secure digital payment practices and reminds consumers how they can protect their personal data while still enjoying the benefits and convenience of e-commerce and contactless payments. The Morocco Stay Secure webpage also includes fraud prevention tips for consumers and information on digital payment security features.

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