September 16, 2017
LONDON – 16 November 2017 – With the busiest shopping season of the year fast approaching, Worldpay is encouraging online retailers to reassure customers about the security of their personal information following research from the company, which suggests that nearly two-thirds of consumers are worried about storing card details with vendors.*
According to the research, the need to create accounts and remember passwords is also a big frustration among consumers when it comes to online shopping. Yet while consumers covet the convenience of one-click payments offered by sites like Amazon, 61% say they worry such short-cuts, which involve the vendor storing personal information, will put them at greater risk of having their identity compromised.
James Frost, UK chief marketing officer at Worldpay, commented: “Merchants should be storing card details on their websites using tokenisation, which replaces the sensitive card number information with an encrypted code. This has been proven safe, and yet many consumers still do not understand the technology. Businesses should look at educating their customers by displaying messages during checkout which explain how tokenisation works and how it safeguards their sensitive card information.”
Worldpay’s findings follows the recent publication of its research, which found UK consumers are behind the curve when it comes to embracing payments through connected devices. Just 23% of UK consumers feel comfortable with a smart device, such as a fridge or virtual assistant, ordering items on their behalf. Seventy-seven per cent say they are concerned about the prospect of such devices being hacked by fraudsters.
Meanwhile, the days when consumers are happy to make payments through social media also appear to be a little way off, with Worldpay’s research revealing 75% of consumers would not feel confident about shopping and paying through a messenger platform.
Frost continued: “From one-click payments, through to connected devices, technologies designed to make the payments journey smoother, are good news for the customer, and great for the retailer helping them to reduce drop off and increase sales. Before retailers can truly harness the benefits of these technologies however, they will need to invest time in educating consumers and reassuring them that their personal information will remain safe.”
Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to around 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world. Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types.
Worldpay UK helps businesses of all sizes sell more to their customers by accepting card payments in-store, online, via mail or telephone, and on the move. www.worldpay.com/uk
*About the research:
In June 2017 polling firm Research surveyed over 2,500 consumers across the UK on behalf of Worldpay, analysing their behaviours across the different buying channels
For more information, please contact:
Suraj Mashru, Golin
T + 44 (0) 20 7067 0494
Angela Woodward, Worldpay
T: +44 (0)203 664 2605