40% of e-commerce purchases are impulse buys. Any friction at the checkout point of payment will result in a lost sale. According to Statista – 33% of shoppers will abandon the purchase rather than re input all their card details again.
The one standard that is accepted by all three parties to a payment transaction is card and PIN. Consumers remember their PIN; Banks have used this standard globally (in most countries outside the USA) for decades; and Retailers both online and physical trust it.
Why mess with something that works? The old adage “if it ain’t broke don’t fix it” certainly applies here. The challenge right now is that there has not been a secure way to store card information – a major deterrent for consumers and online shopping. According to the card associations, 50% of consumers have a trust issue in providing their card details.
The second major challenge is that up until now there has not been a secure way to enter a Pin. Some banks have tried to issue consumers a device that they can use to enter their PIN but generally speaking this has not been widely adopted or well received.
WIZZIT Digital, an innovative fintech, is one of the first companies globally to have developed a secure PCI DSS accredited methodology to securely allow customers to enter their PIN on their mobile device that will authenticate them and authorise the payment. Not only is this frictionless and welcomed by the customer, but is trusted by the retailers and meets, even exceeds Bank security requirements. Obviously it meets all the PSD 2 guidelines as required in Europe.