Latest news with #ClickToPay
Khaleej Times
3 days ago
- Business
- Khaleej Times
Security and checkout friction remain top concerns for UAE online shoppers
Security concerns continue to be the leading frustration for 40 per cent of online shoppers in the UAE, while nearly 37 per cent are irritated by the need to manually enter card details during checkout, according to Visa's latest Checkout Friction Report released on Monday. Despite the rapid growth of eCommerce and significant strides in advancing the UAE's digital economy, the report highlights that retailers still have room to improve the online checkout experience and boost customer satisfaction. The findings are based on a survey of 2,016 online shoppers across the GCC, including the UAE, and delve into common pain points in the eCommerce checkout process that impact both consumer satisfaction and business performance. Key insights include: - One in three UAE respondents (33 per cent) shop online for groceries multiple times a week. - For categories like fashion, entertainment, and electronics, shopping frequency ranges from once to several times a month. 'Challenges in the online checkout process have direct implications for businesses—leading to lost revenue and hindering both customer acquisition and retention,' said Salima Gutieva, Visa's Vice President and Country Manager for the UAE. 'Today's consumers expect—and deserve—a seamless and secure eCommerce experience. That's why Visa is collaborating with partners to implement solutions like Click to Pay, which uses biometrics and tokenisation to address key pain points and enhance convenience. These improvements not only drive business results but also support the UAE government's vision of a secure, digital-first economy.' The report also underscores the importance of security in online transactions: - 58 per cent of consumers are concerned about fraud or hacking when storing card details across multiple websites. - 42 per cent have experienced fraud or security breaches firsthand. There is strong consumer demand for a more streamlined checkout process: - 65 per cent favour a single registration for online payments across all participating merchants. - 67 per cent would opt for biometric authentication (e.g., fingerprint or face ID) over traditional methods like passwords or OTPs. For businesses, the message is clear: simplifying and securing the checkout process can significantly influence consumer behaviour. - 82 per cent of respondents said they would shop online more frequently and complete more purchases if a one-click checkout option were available. - 66 per cent expressed a high likelihood of using 'Click to Pay with Biometrics' if offered by online retailers. The UAE eCommerce market is projected to reach $12.28 billion in 2025, with expectations to grow to $21.18 billion by 2030, reflecting a CAGR of 11.52 per cent, according to Mordor Intelligence. The number of eCommerce users is expected to reach 5.7 million by 2029, with a user penetration rate of 49.6 per cent in 2025, increasing to 58 per cent by 2029.
Finextra
29-05-2025
- Business
- Finextra
Visa launches Click to Pay in Hong Kong with Za Bank
Visa, a global leader in digital payments, today announced a significant advancement that will transform the eCommerce experience. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Hong Kong's first and largest digital bank[1], ZA Bank, pioneers Click to Pay, enabling cardholders to complete online transactions in seconds without the need for manual card entry. ZA Bank is the first card issuing bank to enable Visa Click to Pay in Hong Kong and across Asia Pacific, with 11 more markets to follow. Click to Pay is the new standard in online shopping; it brings greater convenience to online shopping. When Click to Pay is enabled, consumers can skip guest checkout, bypass form fields and forgo the hassle of remembering passwords after setting up their Visa card on the issuing Bank's app. By eliminating the need to manually enter your Personal Account Number (PAN), or your 16-digit card number, and passwords, reducing checkout time from five minutes to under one minute[2]. Data is also securely stored with Visa, ensuring trust and security without the need for consumers to store their information on third-party sites. With cart abandonment rates as high as 84%2 for eCommerce, Click to Pay seeks to reduce friction by improving authorisation rates by an average of 2.5%[3], improving business for merchants. Without the complexity of card information input, it is like contactless payment, for online shopping. Click to Pay enables consumers to complete online transactions within a few clicks, powering a more seamless and secure checkout experience at scale. Consumers only need their registered email, phone number or Visa Payment Passkey to check-out online. T.R. Ramachandran, Head of Products and Solutions, Asia Pacific, Visa, said, 'eCommerce in Asia Pacific has been accelerated by mobile phone ownership, digital advancements and connectivity in Asia Pacific. Our partnership with ZA Bank is a great example of Visa's ongoing industry collaboration to bring innovative payment solutions that benefit the consumer, merchant and issuer. When Click to Pay is used, and combined with Visa Payment Passkey, consumers can enjoy a seamless checkout experience with just three clicks[4] while merchants will benefit from a quicker checkout time, improved authorisation rates and far lower fraud rates. Visa will continue to uplift the consumer retail and online experience while bringing greater commercial success and more innovations to our bank and merchant partners across the region.' By making Click to Pay a card-level feature that comes ready with Visa cards, cardholders can access the solution without having to sign up separately on third-party eCommerce or merchant sites for Click to Pay. There is no additional setup required by consumers. To provide additional peace of mind with the Click to Pay capability, cardholders can set up their Visa Payment Passkey using their native device's biometric capability or screen lock and use the Passkey for future payment authentication when they check out at participating eCommerce sites. In the Asia Pacific region, major acquirers, including AsiaPay, and a wide range of merchants have geared up with Visa Click to Pay solutions. Consumers can now enjoy enhanced checkout and payment experiences at their favourite shops or merchants. The ZA Bank partnership highlights a growing demand among issuers, acquirers and merchants for prioritising safe, seamless and frictionless checkouts to increase customer satisfaction with a better online shopping experience. It also gives us a glimpse into what next generation eCommerce will look like – safe, seamless, secure and fast.
Globe and Mail
27-05-2025
- Business
- Globe and Mail
Visa (V) Just Launched a Major Update to Make Online Shopping Easier
Payment giant Visa (V) just launched a major update to make online shopping faster and easier. ZA Bank, Hong Kong's biggest digital bank, is the first in Asia Pacific to introduce Visa's new Click to Pay feature. This tool lets shoppers finish purchases in seconds without typing in their card details every time. Indeed, Click to Pay lets shoppers skip guest checkout, form fields, and password entries to cut checkout time from five minutes to under one. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter It is worth noting that Click to Pay works like tap-to-pay but for online shopping. It allows you to pay using just your registered email, phone number, or a Visa Payment Passkey. With fewer steps at checkout, people are more likely to complete their purchases, which should help reduce the number of abandoned carts that can be as high as 84%. Visa says this smoother process can improve purchase approval rates by about 2.5%. Interestingly, users don't have to sign up separately in order to use Click to Pay since it's already included with Visa cards from participating banks. In addition, many merchants and payment processors in Asia Pacific, like AsiaPay, already support this feature. The partnership between Visa and ZA Bank highlights the growing demand for faster, safer, and simpler online shopping. Is Visa Stock a Good Buy? Turning to Wall Street, analysts have a Strong Buy consensus rating on Visa stock based on 21 Buys, four Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average Visa price target of $385 per share implies 8.9% upside potential. See more Visa analyst ratings
Zawya
17-05-2025
- Business
- Zawya
QIB becomes first issuer bank in Qatar and GCC to launch click to pay service for Visa cardholders
Doha, Qatar – Qatar Islamic Bank (QIB), Qatar's leading digital bank has partnered with Visa, a global leader in digital payments, to become the first issuer in Qatar and the GCC to offer to its Visa Cardholders, Click to Pay service with biometric authentication, further strengthening its leadership in digital payments. Click to Pay simplifies the online checkout process by allowing QIB Visa cardholders to register once and use a unique identifier, such as their email or phone number, to complete transactions with participating merchants. Integrated with Visa Payment Passkey Service, the solution enables biometric authentication, eliminating the need to manually enter card details or one-time passcodes. QIB Visa Cardholders can register for Click to Pay instantly through the QIB Mobile App to benefit from a faster, more secure digital payment experience across all internet-enabled devices. Built on FIDO authentication standards, Visa's passkey technology offers a secure and convenient way to confirm identity using fingerprint or facial recognition, reducing online fraud and streamlining the checkout journey. D. Anand, QIB's General Manager – Personal Banking Group, commented: 'We are pleased to be the first bank in the GCC to launch Click to Pay service with biometric authentication to Visa Cardholders customers. This milestone reflects our commitment to leading digital innovation in the region and delivering secure, seamless payment experiences for our customers. As part of our ongoing partnership with Visa, we continue to introduce technologies that enhance convenience while maintaining the highest standards of security and compliance.' Shashank Singh, Visa's Vice President and General Manager for Qatar and Kuwait, said: 'We are delighted to see QIB become the first issuing bank in the GCC to enable Click to Pay for their customers, offering them a faster and more secure digital checkout experience. This collaboration with QIB deepens our efforts to bring enhanced security and better customer experiences as well as to contribute to the Qatar government's digital commerce agenda.' Click to Pay incorporates secure digital codes, replacing sensitive payment data with encrypted tokens that protect users' financial information, making every transaction safer across internet-enabled devices. Customers can login to QIB Mobile App and activate Visa Click to Pay service instantly.
