Visa: making digital payments fast, simple & secure in Asia
In the past three months, almost 80% of consumers in Asia Pacific have made an ecommerce transaction. With that in mind, Visa aims to help redefine the online shopping experience with more businesses and consumers migrating online.
Built based on the EMV Secure Remote Commerce (SRC) industry specification, Visa has launched its Click to Pay solution in Australia and New Zealand with more markets in the pipeline including Hong Kong, Mainland China, Malaysia and Singapore.
With 41% of consumers in Asia Pacific making five or more ecommerce transactions in the last three months, the launch of Visa’s Click to Pay experience for fast, simple and secure online checkout, comes at a crucial time with businesses and consumers embracing the shift to digital amidst COVID-19.
With nearly half of Asia Pacfiic consumers believing that the manual checkout processes are the key barriers resulting in abandoned carts and lost sales, Visa’s solutions will enable shoppers to increase their checkout process speed, by eliminating the need to manually key-in personal account numbers and passwords.
"Clicking to pay with Visa is designed to be as easy and consistent an experience as when you tap to pay in a physical store," said Chris Clark, regional president, Asia Pacific, Visa. "When you see the Click to Pay icon, you know you can pay online with any card and your transaction will be quick, seamless and secure. This is in keeping with Visa's strategy to enable open, interoperable payments for consumers and businesses in all the places they choose to shop."
The benefits of Visa’s Click to Pay solution for consumers include:
- Ease: shoppers won’t need to enter account numbers and passwords or fill out long billing or shipping forms in order to to make a purchase
- Security: transactions made via Click to Pay are backed by Visa's advanced technologies and multiple layers of security to protect the transaction against fraud
- Speed: once a shopper has activated their account once for a participating business they can choose to be remembered. This will enable a streamlined experience whenever they see the option to Click to Pay with Visa
In addition to consumer benefits, businesses can also benefit from the interoperability of Click to Pay. Its single integration enables businesses to offer shoppers the option to pay with multiple networks.
Prior to Click to Pay, businesses had to integrate with each individual payment network, which resulted in multiple payment network buttons on a checkout page. As a result this made it difficult for a third of consumers in Asia Pacific to locate the appropriate checkout button to complete a purchase.
Since the launch of the e-checkout solutions - ‘Click to Pay’ - by American Express, Discover, Mastercard and Visa based on the EMV® Secure Remote Commerce industry standard in October 2019, over 10,000 merchants in the U.S. are offering the Click to Pay experience.