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About three-quarters say they want to know how security technology works to be able to trust digital payment methods
Investigation corresponds to ‘Stay Safe’ consumer education campaign launched by Dubai Police, DET and Visa
Dubai, United Arab Emirates: According to the Stay Safe 2022 survey, 84% (84%) of consumers say the security of payment facilities available on merchant websites is the number one reason they choose to pay online with a card instead of cash on delivery (COD) by Dubai Economy In collaboration with the Department of Tourism (DET) and Visa. Guaranteeing that their payment data will be protected (maintaining privacy) comes second (64% of consumers), while the price of a good or service is the least important consideration when choosing a payment option (17%).
The same trend was observed in-store, where consumers ranked the security of merchant payment facilities (65%) as the most important factor when considering digital payment options to pay for goods and services, followed by guarantees and return policies ( 49%) and safety and hygiene (45%). Three-quarters of consumers surveyed last month have made digital payments, and nearly half of respondents have used more digital payments in stores (especially contactless) and online since the Covid-19 outbreak.
The majority of consumers (79%) said they would switch stores or online shopping sites and apps based on the payment method offered, with the majority saying they would prefer digital payments over cash. The survey found that 34% of consumers prefer to tip in cash at hotels, restaurants or tourist attractions and utilities.
While the majority of consumers (70%) say they have confidence in identifying fraud or scams, one-third of consumers surveyed in the UAE still struggle with it.
Data Privacy and Security Matters to Consumers: What Merchants Can Do
The majority (85%) of respondents want to know how their personal information is handled and protected before providing it to an e-commerce site. also,
About three-quarters said they want to know how security technology works so that digital payment methods in general can be trusted, thereby enhancing the efforts of payment industry stakeholders (financial institutions, payment companies and governments) to educate consumers Importance to build consumer trust in digital payments.
Based on the findings, merchants can take the following actions to increase consumer trust and improve the payment experience: disclose measures to protect consumers’ personal information, provide clear information about guarantee and refund options, and display bank and payment partner logos/symbols .
Neil Fernandes, Head of Risk, Middle East and North Africa, Visacommented: “Consumers value security more than price when it comes to the way personal data is handled, an important insight for merchants looking to build and maintain consumer trust in their payment products.” of consumers remain unaware of potential fraudulent activity, reinforcing the need for all players in the payments ecosystem to continue working together to ensure consumers are protected. Our Stay Safe campaign is in its seventh year , continues to be an important platform for Visa, Dubai Police and the Dubai Department of Economy and Tourism, helping educate consumers about payment security and supporting merchants in meeting the growing demand for secure, seamless digital payments in-store and online.”
New trends in payments
BNP Paribas:
More than three-quarters (75%) of consumers are familiar with BNPL (buy now, pay later), and more than one-third (33%) of them have used it. An average of 65% of respondents said they would likely switch stores or online shopping sites or apps that offer BNPL options, indicating the growing popularity of BNPL and the need for more retailers to consider offering new financing options.
encryption:
Less than a quarter of respondents said they were satisfied with using new payment methods such as cryptocurrencies to pay for goods or services, while 17% were unaware of cryptocurrencies – a sign that cryptocurrencies are becoming more common in the UAE and reliable payment method.
Stay Safe Social Media Activities
The investigation coincides with Visa’s seventh annual “Stay Safe” social media campaign launched on Facebook and Instagram (@VisaMiddleEast, @DubaiPolicehq @Dubai_ded) in partnership with Dubai Police and DET. The campaign reinforces safe digital payment practices and reminds consumers how to protect personal data even as they enjoy the benefits and convenience of e-commerce and contactless payments. The UAE Stay Safe webpage also includes fraud prevention tips for consumers and information on digital payment security features.
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