Asked to assess how Lithuanian shoppers feel about sharing payment card data with online shops or service providers, 33% of respondents feel uncomfortable, 18% are very reluctant to share card data and only 16% feel secure and do not worry at all. On the other hand, 26% are indifferent or have not thought about the possible risks.
„We asked the United Kingdom consumers the same questions and found that 40% of shoppers feel comfortable about sharing their payment card details, while the remaining 60% are reluctant, insecure or unaware of it. The Lithuanian data surprises with even more mistrust – 16% indicate a significant problem,“ explains Vadim Guskov, ECOMMPAY Business Development Manager.
Continuing to research respondents' security concerns when making domestic or foreign online payments, 39% said they were worried and only 42% were shopping without worries. „Higher level of concern could be explained by better level of financial literacy and knowledge of the population in general – recently there are increasing cases of money fraud, which affects not only purchases, but also financial management. Media are highlighting the fraud cases; banks are explaining how to protect one’s money – this makes people worried. A stable payment system infrastructure, an anti-fraud system, an internationally approved payment platform, and payer's identity verification – these are some of the online merchant's homework that not only the service provider but also the buyer is becoming interested in. If reliable partners are chosen, the buyer can shop safely,“ comments V. Guskov.
Excluding expensive delivery or service charges (53%), concerns about the security or legality of the payment platform are also one of the reasons why Lithuanians would choose to stop purchase payment, with 55% of respondents saying so. Other reasons reflect the importance of a quick and easy payment procedure: 56% want to leave the merchant as little information about themselves as possible, 22% are overwhelmed by excessive number of actions, 23% are disturbed by the appearance of the payment page, and 18% are reluctant to create a customer profile, while 17% are not satisfied with the available payment methods.
V.Guskov recommends: „In order to increase trust in the merchant's page, it is desirable to ask the customer only for the minimum amount of information for processing the purchase and not to try to sell anything else at the time of payment. Our experience shows that the visual appearance is very important for the customer – the brand design should be recognized at the time of payment. Moving to another, unknown platform will cause an alarm, is everything still safe? We recommend anyone planning to improve their payment solution to take this into account – the company style is easy to integrate and will help improve the customer experience with the e-shop.“
The Omnibus survey was conducted by Norstat Latvija, surveying 1,000 respondents aged 18 to 74.
About ECOMMPAY
ECOMMPAY is a payment ecosystem that allows to make online payments and withdraw money worldwide. Company offers online acquiring, more than 100 international and local payment methods, B2B banking, payment card issuing, consulting, and much more that allows an e-commerce company to grow. ECOMMPAY solutions are based on analysis, and the company constantly monitors the payment process, allowing each customer to find synergies between conversion and security. ECOMMPAY was founded in 2012 in London, opening a branch in Latvia the same year. It has 6 offices worldwide – in the UK, Latvia, Cyprus, Russia, and Singapore, as well as more than 700 employees, 350 of whom are IT specialists.