Secure payment systems help build brand trust

Securing that valuable information with a secure payment system is a way for brands to build trust and keep their customers coming back.

Many consumers entrust personal and payment data to their favorite brands by setting up digital profiles or accounts, or storing cards on file. The PYMNTS Global Digital Shopping Index, developed in collaboration with Cybersource, and based on four regional surveys, reveal that profiles or accounts have been used by 34 percent of shoppers in the U.S.¹, 22 percent in Australia², and 20 percent in the U.K.³

For customers, the key benefit is a fast, frictionless payment experience, with no need to re-enter card details and delivery addresses—a particular advantage when shopping from a mobile device. At the same time, businesses can benefit from learning more about their customers' shopping habits and preferences, so they can personalize offers and marketing messages.

Although customers are willing to set up accounts and store cards on file, they want to be sure that businesses will protect their data against threats and breaches:

• Just over half of U.S. consumers say data protection is important or very important to them⁴
• Data protection is a top-three priority for U.K. consumers⁵, and a top-five priority for Australians⁶

Top-ranked businesses in our surveys are generally mindful of the need to protect customers' data. In the U.S., for example, all of the top-ranked merchants offer digital features for data protection.⁷

Protecting payment data with a secure payment system

One option for protecting payment card data is to use a payment security solution that removes it from your systems. Approaches include:

• Embedding secure checkout on your site
• Redirecting customers to a secure checkout page
• Using a solution that removes stored payment card information from your environment and exchanges it for a unique identifier (or token) that can't be mathematically reversed

These solutions can also help to simplify PCI DSS compliance.

Safeguarding customer profiles and accounts

Customer profiles and accounts can be at risk from fraudsters who may guess or steal the login credentials. Once a fraudster logs in and takes over an account, they can steal or misuse the account contents, such as the owner's personal information, payment details, and rewards or loyalty points.

To protect accounts and their contents, businesses should consider a solution that monitors account events (creation, login and update) for suspicious activity to help detect and block fraudsters before they can attempt any transactions.

Better for customers, better for business

Customers like the convenience that storing personal and payment card details with merchants brings to the shopping experience—but they want to be sure their information stays safe and secure.

Businesses want the same: No brand wants to be the subject of the next big data breach story. To protect customers' information and allow them to benefit from a frictionless payment experience, businesses should choose secure payment solutions that help to streamline effective data protection—reducing risk and helping to build customer trust and loyalty.

Learn more about data protection and other digital-first features that customers value, and download the Global Digital Shopping Index reports.

Sources:

1 “The 2020 Global Digital Shopping Index, U.S. Edition,” Cybersource and PYMNTS, 2020, p. 24.
2 “The 2020 Global Digital Shopping Index, Australia Edition,” Cybersource and PYMNTS, 2020, p. 18.
3 “The 2020 Global Digital Shopping Index, U.K. Edition,” Cybersource and PYMNTS, 2020, p. 26.
4 “The 2020 Global Digital Shopping Index, U.S. Edition,” Cybersource and PYMNTS, 2020, p. 30.
5 “The 2020 Global Digital Shopping Index, Australia Edition,” Cybersource and PYMNTS, 2020, p. 12.
6 “The 2020 Global Digital Shopping Index, Australia Edition,” Cybersource and PYMNTS, 2020, p. 20.
7 “The 2020 Global Digital Shopping Index, U.S. Edition,” Cybersource and PYMNTS, 2020, p. 37.