- One in four consumers struggle with identifying a scam
- Over three quarters (78%) would like to know how security technology works to be able to trust digital payment methods
- Survey corresponds with launch of Stay Secure consumer education campaign by Qatar Central Bank and Visa
Doha, Qatar, 24 October 2022: Seventy-two percent of consumers said security of payment facility offered on a merchant website was the top reason they would choose to pay online with their cards rather than Cash on Delivery (COD), according to the 2022 Stay Secure survey launched today by Visa. Guarantees and return policies ranked second (48% of consumers) while user experience with apps and websites was the least important consideration (14%) for choosing payment option. The survey corresponds with the launch of Visa's first "Stay Secure" social media campaign in coordination with the Qatar Central Bank.
The same trend was also observed in-store, wherein consumers ranked security of merchant’s payment facility (61%) as the topmost factor when considering digital payment options to pay for goods and services, followed by convenience and speed (56%) and guarantees and return policies (52%). Nine out of 10 consumers surveyed have made a digital payment in the last month, and over half of respondents are using more digital payments in stores - especially contactless - and online since the onset of Covid-19.
Majority of consumers (79%) said they would switch stores or online shopping sites and apps, based on the payment methods offered, with most consumers indicating a strong preference for digital payments over cash. The survey found that 36% of consumers prefer using cash for tipping at hotels, restaurants or tourist locations and utilities.
And while majority of consumers (75%) say they are confident about recognizing a fraud or scam, a quarter surveyed in Qatar still struggle in this area.
Data privacy and security is critical for consumers: What merchants can do
A majority (89%) of respondents want to know how their personal information will be handled and protected before providing it to an eCommerce site. Additionally, over three quarters (78%) 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.
Based on the survey findings, merchants can take the following steps to increase consumer trust and improve payment experience: disclosing measures to protect consumers' personal information, providing clear information about guarantees and refund options, and displaying logos/symbols of banking and payment partners.
Neil Fernandes, Visa's Head of Risk for Middle East and North Africa, commented: “That consumers value security and privacy more than price and transparency when it comes to how their personal data is handled are important insights for merchants looking to build and maintain consumer trust in their payment offerings. And the fact that a quarter 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. The launch of Stay Secure campaign for the first time in Qatar is 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 digital payments both in-store and online.”
Dr. Sudheer Nair, Visa’s Country Manager for Qatar, said: "We are pleased to cooperate with the Qatar Central Bank to launch our Stay Secure education campaign for the first time in Qatar. This is another major step in Visa's commitment to support the government's efforts to drive digital commerce for the benefit of the country’s residents and businesses. With the country set to host one of the world's biggest sporting events, it is critical to not only close the gap in consumer awareness around the security of digital payments so they can continue to use them with confidence, but also to help enable merchants to accept secure, frictionless payments so their businesses can thrive in the digital age.”
Jassim Al-Obaidli, Information System Department Director, Qatar Central Bank, said: “The survey conducted by Visa shows that more consumers in Qatar are embracing digital payments for their security and ease. However, some consumers still need education on the risks which is why launching this campaign to empower consumers is so important. The survey also provided a number of important tips for retail sector to offer better customer digital payments experience. The Qatar Central Bank is delighted to work closely with Visa on this first ever Stay Secure education campaign in Qatar. We appreciate Visa’s role in encouraging safe usage of digital payments and their continued support of the Qatari government’s efforts to drive digital commerce for the benefit of both consumers and businesses in the country especially now when the country is gearing up to host one of the most important sports event in the world.”
New payment trends
Two thirds (66%) of consumers are familiar with BNPL (Buy Now Pay Later), of which almost a third (29%) have used it in the past.
An average of 68% said they would be likely to switch stores or online shopping sites or apps that offered a BNPL option, demonstrating the growing popularity of BNPL and the need for more retailers to consider offering new financing options.
On average, only a fifth (21%) of respondents said they feel comfortable using biometrics to pay for goods or services if that option was available, citing convenience, security and not having to remember passwords as the top reason. Around a third of respondents said they would switch away from a financial institution that does not offer biometrics as a payment option.However, 34% are not aware of biometrics – indicating need for more consumer education and awareness before biometrics can evolve as a common and trusted form of payment authentification in Qatar.
The survey corresponds with the launch of Visa's first "Stay Secure" social media campaign on Facebook and Instagram (@VisaMiddleEast @qcbqatar) in Qatar in coordination with the Qatar Central Bank. The campaign reinforces safe digital payment practices and reminds consumers on how they can protect personal data even as they enjoy the benefits and convenience of eCommerce and contactless payments. The Qatar Stay Secure webpage also includes fraud prevention tips for consumers and information on security features of digital payments.