With close to 80% of consumers in Asia Pacific having made an eCommerce transaction in the past three months[1], clicking to pay with Visa will help redefine the online shopping experience as more businesses and consumers migrate online.
SINGAPORE, July 8, 2020 /PRNewswire/ — Visa today announced the expansion of the click to pay experience in Asia Pacific, which provides online shoppers with a fast, simple and secure online checkout option.
Speed through checkout when you click to pay with Visa
Built on the EMV® Secure Remote Commerce (SRC) industry specification, click to pay has started to roll out across participating Australian and New Zealand businesses, with more markets such as Hong Kong, Mainland China, Malaysia and Singapore to follow later in the year.
With 41% of consumers in Asia Pacific making five or more eCommerce transactions in the past three months[2], the click to pay experience launches at a crucial time as businesses and consumers in the region embrace a rapid shift towards eCommerce. Clicking to pay with Visa enables shoppers to speed through the checkout process by eliminating the need to manually key-in personal account numbers and passwords. Nearly half of Asia Pacific consumers say these manual processes are the key barrier to completing the checkout process[3], leading to abandoned carts and lost sales for businesses.
“Clicking to pay with Visa is designed to be as easy and consistent an experience as when you tap to pay in a physical store,” said Chris Clark, regional president, Asia Pacific, Visa. “When you see the click to pay icon, you know you can pay online with any card and your transaction will be quick, seamless and secure. This is in keeping with Visa’s strategy to enable open, interoperable payments for consumers and businesses in all the places they choose to shop.”
Shopping online and paying with the click to pay button provides the following benefits:
- Ease: shoppers no longer need to enter 16-digit account numbers, look up passwords or fill out long billing and shipping forms to make a purchase
- Security: each transaction is backed by Visa’s advanced technologies and multiple layers of security to help protect the transaction against fraud
- Speed: shoppers activate their account once at a participating business and choose to be remembered. They will then be setup for a streamlined experience whenever they see choose to click to pay with Visa
The interoperability of click to pay benefits businesses too, as a single integration enables them to offer shoppers the option to pay with multiple networks. Previously, businesses had to integrate with each individual payment network, which resulted in multiple payment network buttons on a checkout page. This made it difficult for a third of consumers in Asia Pacific to locate the appropriate checkout button to complete a purchase[4].
Since American Express, Discover, Mastercard and Visa announced the e-checkout solution based on the EMV® Secure Remote Commerce industry standard in October 2019, more than 10,000 merchants in the U.S. are offering the click to pay experience.
|
[1],[2],[3],[4] YouGov survey of 4,770 consumers in Australia, New Zealand, Hong Kong, Singapore & Malaysia from 21 to 25 May 2020, comissioned by Visa |
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
The EMV® SRC payment icon, consisting of a pentagon design oriented on its side with a stylized depiction of a fast forward symbol on the right, formed by a continuous line, is a trademark owned by and used with permission of EMVCo, LLC.
Photo – https://photos.prnasia.com/prnh/20200707/2850300-1?lang=0