Participation in Visa Token Service Hits Major Milestone as Digital Commerce Expands
The Visa click to pay experience will help shoppers enjoy simple and secure online checkouts
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200114005300/en/
In 2019, despite a shortened holiday shopping season, consumer spending was up 19.7 percent from 2018, with online shoppers spending a record
While the high numbers can be attributed to several factors, one thing remains clear: the retail industry and consumer behavior continue to be transformed by technology. By next year, there will be 2.1 billion digital buyers worldwide, up from 1.66 billion in 20163, and 69% of US consumers store a card-on-file or have a recurring billing set up with their most trusted retailers4. For those who don’t store their card, consumers can click to pay with their Visa card where they see a click to pay button5 and where Visa is accepted, skip guest checkout and bypass form fields and passwords with select US retailers across the web.
Click to pay with Visa
“At Visa, one of our primary goals has always been to create the best customer experience possible. As digital transaction volume grows, there has never been more urgency to build increased confidence in the seamlessness and security of online shopping,” says
On sites displaying a click to pay button, consumers that have enabled their card will no longer have to enter a 16-digit primary account number, look up passwords or fill out long forms to make a purchase. Consumers paying with their Visa card where they see a click to pay button where Visa is accepted, will also be able to pay with confidence knowing Visa will be using advanced technology and authentication methods, including device binding and biometrics to protect transactions. The click to pay experience is also interoperable with the EMVCo tokenization specification and with the 3-D Secure specification to bring more of today’s most advanced security methods to emerging and existing digital payments channels.
Global Expansion of eCommerce
The Visa simplified online checkout experience will replace Visa Checkout in the US starting
The expansion of the Visa easy, smart and secure online checkout experience will help merchants offer a similar, seamless experience to consumers. According to The Visa Global Merchant eCommerce Study (GME Study), which was released yesterday, eCommerce leaders – and their international customers– want a similar online checkout experience. Executives from around the globe cite the most important factors in successful online sales as: quick delivery (44 percent), easy checkout (41 percent) and convenient payment methods (41 percent).
*This figure is a combination of actuals and PV estimates reported by Visa.
4 Settled Tran Amt, Total Tran Count, Count of Distinct PANS. ECI 2, 5-9, Networks 1-5, Brand: Visa
5 The SRC payment icon is available for use in connection with implementations of the EMV® Secure Remote Commerce Specification. The SRC payment icon image files are provided following execution of the EMVCo Trademark License Agreement for SRC payment icon and may only be used in conformance with the Secure Remote Commerce (SRC): Payment Icon Reproduction Requirements.