Payment Security is Key as APAC Resets Digital Commerce in Post-Pandemic World
Visa, the leader in digital payments, has set its focus on strengthening payments security as consumer behaviour evolves during the pandemic. Addressing more than 1,500 partners and clients in its first virtual edition of the Asia Pacific Visa Security Summit last week, Visa stressed the need for robust payment experiences in a changing commerce environment.
Joe Cunningham, Regional Risk Officer, Asia Pacific, Visa, said, “The pandemic has greatly accelerated changes in consumer behaviour, commerce and hence digital payments. We believe these patterns are here to stay and many first-time digital consumers will decide where to shop based on whether they trust the seller or not.”
The trends in commerce resulting from the pandemic point to new ways in how consumers shop and transact.
- Contactless payments – As consumers prioritise health and safety, the spotlight will focus on contactless payments and tap to pay infrastructure. In Asia Pacific, one in two face to face Visa transactions are now contactless. Visa expects contactless payments to replace cash and become the preferred payment method for businesses and consumers.
- On-demand eCommerce experiences – Shoppers expect products and services to be available when they want and where they want. This will require faster, smoother and more convenient buying and payment experiences.
- Blurring of lines between eCommerce and physical buying – Visa data shows that excluding travel, global eCommerce payment credentials grew over 20% in the last quarter versus last year, while eCommerce payments volume averaged at least 30% growth in India and Singapore over the last three quarters. This shift is likely to persist as eCommerce growth continues to be robust even as consumers begin to return to stores.
In dealing with the risk of fraud, Visa has introduced solutions without tipping the balance between payment security and customer convenience. Visa Secure, which uses the latest standards of the EMV® 3-D Secure protocol, adds a layer of fraud defense so financial institutions and sellers can be confident that transactions are genuine. To stay ahead of the curve, the payments ecosystem must buttress existing infrastructure with enhanced and trusted fraud management solutions. In an increasingly digital world, payments security is crucial for consumer trust and must be the foundation of business and commerce, now and in the future”
The 2021 Asia Pacific Visa Security Summit is one of the largest payment security events in the region. Held from 18 to 21 May 2021, it brought together leading risk professionals to share learnings and best practices on payment security innovation.
(This content is surmised from a press release)