Seventy-five percent (75%) of consumers said the security of the payment method offered on a merchant’s website was the top reason they would choose to pay online with their cards rather than Cash on Delivery (COD).
This is according to the 2022 Stay Secure survey launched today under the patronage of the Central Bank of Egypt, by Visa and Meeza, the latter being Egypt’s national payment system. Guarantees put in place to protect consumers’ payment data (maintaining privacy) came second (64% of consumers) while price of goods or services came last as a decisive factor (15%) when considering payment options.
The majority of consumers (80%) said they would switch stores or online shopping websites and apps, based on the payment methods offered, with most consumers indicating a strong preference for digital payments over cash.
The same trend was also observed in-store, as consumers ranked guarantees and return policies (65%) and the security of the merchant’s payment methods (64%) as the topmost factors when considering digital payment options for goods and services, followed by safety and hygiene (38%). More than three out of every five consumers surveyed have made a digital payment within the last month, and nearly half of respondents have increasingly used more digital payment methods in stores – especially contactless payment – and made at least one online purchase since the onset of Covid-19.
The survey found that 32% of consumers prefer using cash for tipping at hotels, restaurants, sites and tourist locations.
And while the majority of consumers (72%) expressed confidence in recognizing fraud or scam, one third of the surveyed customers in Egypt continued to struggle in this area.
Data privacy and security is critical to consumers:
The majority (80%) of respondents want to know how their personal information will be protected prior to sharing it to an eCommerce website. Additionally, about 75% of respondents stated that they would like to know how security technology works to be able to trust digital payment methods in general, reinforcing the importance of consumer education by payment industry stakeholders – financial institutions, payments companies and governments, to build consumer trust in digital payments.
What can merchants do?
Based on the survey findings, companies, government entities and merchants can take several steps to increase consumer trust and improve their payment experience: disclose measures to protect consumers’ personal data, provide clear information about the guarantees in place and exchange and refund options, and display the logos of accepting banks, companies and payment partners.
What role consumers play in their security?
Consumers should never share personal account information on social media platforms or via emails, phone or chat. They must be wary of unsolicited and suspicious emails, SMS/text messages, or phone calls. If in doubt, customersshould not click on any links or download files.
In this context, Amany Shams ElDin, First Sub-Governor of the Central Bank of Egypt, stressed the importance of educating customers about the do’s and dont’s when transacting online and protecting their card data. She highlighted that the Central Bank of Egypt, in cooperation with the Egyptian Banking Union and banks operating in Egypt, has carried out a number of educational campaigns to raise customers’ awareness about the protection of their personal and financial data, and to educate them on how not to disclose this data to third parties.
The Central Bank of Egypt is also committed to adhering to the latest international standards for secure online banking transactions and supports Visa and Meeza’s Stay Secure campaign efforts to raise awareness and encourage the use of digital payments, whether through bank e-portals, POS systems, or websites and secure mobile apps.
Leila Serhan, Visa’s Group Country Manager in North Africa, Levant and Pakistan gave the following comment: “Consumers value security and privacy more than price and transparency when it comes to how their personal data is handled. These are important insights for merchants looking to build and maintain consumer trust in their payment offerings. And the fact that a third of consumers are still unable to identify a potential fraud reinforces the need for all players in the payments ecosystem to continue to work together to ensure consumers are protected.
Now in its second year, our Stay Secure campaign continues to be an important platform for Visa and our partners to help educate consumers about payment security and support merchants in meeting the increasing need for secure, seamless e-payments both in-store and online.”
The survey corresponds with the launch of Visa’s second annual “Stay Secure” campaign on Facebook and Instagram (@VisaMiddleEast, @Central Bank of Egypt) in partnership with the national payment system, Meeza, and under the auspices of the Central Bank of Egypt. The campaign reinforces consumer awareness around safe e-payment transactions and educates them on ways to protect their personal data while enjoying the many features and services made possible by means of e-commerce and contactless payments. The webpage dedicated to the Stay Secure campaign in Egypt also includes fraud prevention tips for consumers and information on the security features of e-payments.
