Neil Fernandes Visa Head of Risk for MENA About three quarters stated that they 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 Dubai Police, DET and Visa
Dubai, United Arab Emirates : Eighty-four percent (84%) 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 conducted jointly by the Department of Economy and Tourism (DET) in Dubai and Visa. Guarantees their payment data would be protected (maintaining privacy) was second (64% of consumers) while price of goods or services was the least important consideration (17%) for choosing payment option.
The same trend was also observed in-store, wherein consumers ranked security of merchant’s payment facility (65%) as the topmost factor when considering digital payment options to pay for goods and services, followed by guarantees and return policies (49%) and safety and hygiene (45%). Three out of four consumers surveyed have made a digital payment in the last month, and nearly 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 34% of consumers prefer using cash for tipping at hotels, restaurants or tourist locations and utilities.
And while majority of consumers (70%) say they are confident about recognizing a fraud or scam, a third surveyed in the UAE still struggle in this area.
Data privacy and security is critical […]
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