One in three (33%) respondents in a survey by Vesta cited multiple verification and authentication as a payment problem they faced in the last 12 months.
Almost half (47%) of respondents have encountered payment problems in the last 12 months in Singapore, Indonesia and Philippines.
Across all payment methods, multiple verification and authentication is a top payment problem faced by one in three (33%) of respondents; followed by declined payments without valid reasons, experienced by one in five (22%) online shoppers surveyed.
Payment friction can frustrate customers who already buy from multiple brands and will not hesitate to shop at another site that offers a smoother online shopping experience.
Almost six in 10 (57%) online shoppers in the three countries would stop shopping at the eCommerce site should they encounter a problem when making a purchase.
More than half (54%) of those who have faced a payment problem when making an online purchase would also warn their family or friends about the merchant or eCommerce site, resulting in further potential losses in revenue for the merchant.
These are some of the findings of a survey by Vesta, the end-to-end transaction guarantee platform for online purchases.
Vesta unveiled the findings of the Vesta Online Payment Sentiments survey on 8 September. The survey gathered responses from more than 4,300 respondents across Singapore, Indonesia and the Philippines.
“In burgeoning eCommerce and mCommerce markets like Singapore, Indonesia and the Philippines, merchants and customers are increasingly vulnerable to false declines, fraud and poor payment experiences. Our survey has revealed that safety and security remains a top concern among online shoppers and there is an unspoken expectation of merchants to put in place the right solutions. Unsurprisingly, shoppers also see the hassle of multiple verification and authentication as a top payment problem. Overall, the results of this survey indicate an obvious and urgent need for sophisticated solutions that offer a better protection against fraud, drive higher approvals while enabling a seamless consumer payment experience,” said Shabab Muhaddes, Vesta, General Manager, Asia Pacific.