A recent study by checkout.com shows that:
60% of ecommerce consumers will abandon their cart if they cannot pay with their preferred payment method, so it will be important for online merchants to provide all possible payment solutions.
In terms of ranking of payment options:
- 91% of consumers intend to use debit or credit cards for eCommerce payments, and 68% plan to do so regularly.
- 80% of consumers intend to use a digital wallet such as Apple Pay, Google Pay or PayPal in the next 12 months and 40% plan to do so regularly.
- 73% of consumers intend to pay using bank transfer and 23% plan to do so regularly.
- 53% of consumers intend to use BNPL in the next 12 months and 20% plan to do so regularly.
- 43% of consumers plan to pay using QR codes and 11% plan to do so regularly.
- 30% of consumers plan to use biometric payments and 9% plan to do so regularly.
- 29% of consumers plan to pay using cryptocurrencies and 9% plan to do so regularly.
Clearly consumers enjoy using their card (debit or credit) for eCommerce payments. That still leaves the door open for Card Not Present fraud or for less optimal customer experience as part of 2 Factor authentication requirements to approve online purchases.
But what if I can pay online the same way as I pay in a store (simply tap my card and enter a pin to authorize payment) then why can we not mimic such transactions for eCommerce or Mobile payments?
Well guess what… We can!
By leveraging the same WIZZIT Digital Tap On Phone SDK as for in store payments, we can, instead of having the merchant use the APP on their phone, enable the consumer to hold a similar solution on their own device.
This enables the consumer to use their own device as a POS terminal and complete an online purchase in the same way as they are used to for an instore purchase. No hassle, just a simple tap and pin.
Enabling online purchases via this use case not only provides a seamless payment experience but also ensures that no card details are entered online, and what is not online can not be hacked…
There are massive benefits to be gained by enabling such use cases not only for the end consumer but also the merchants.
WIZZIT Digital is looking forward to continuing their work with the card networks in bringing this use case to a much broader reality.
Interested to learn more about this use case or other Tap On Phone solutions?
Contact us on LinkedIn https://www.linkedin.com/company/wizzitdigital or email us at firstname.lastname@example.org