Digital payments – Bridging the gap between convenience and security – London 6th May 2015
Bridging the gap between convenience and security for digital payments has long been a subject of discussion within the payments industry. Findings from an investigation undertaken by MYPINPAD into the gaps in the payment industry have identified a number of issues:
• Security concerns cause 35% of all abandoned carts in online commerce. Putting that in monetary terms, the cost to retailers is estimated to be $1.4 trillion in 2015
• Consumers want something that they can trust. If payment methods don’t appear trustworthy, they won’t be widely adopted
• Retailers want something that is both future-proofed and easy to slot into existing payment systems
• Banks want security and compliance and something that can work with their systems.
Philip King, MYPINPAD’s Executive Chairman explains what the findings mean:
“Our research indicates that both banks and retailers are ready for change and are cognisant of consumers’ demand for more intuitive and secure alternatives to current digital payment authentication solutions. However, they are unable and unwilling to start from scratch to address the issue. New alternatives must fit or integrate seamlessly into existing protocols and infrastructure without compromising security.