Your customers like frictionless payment experiences that come with features like digital profiles, accounts, and cards on file. Securing their valuable information can help you build trust with your customers.
According to the PYMNTS Global Digital Shopping Index, many consumers set up digital profiles or accounts, or store cards on file with their favorite shopping spots. The key benefit is a fast, easy payment experience, with no need to re-enter card details and delivery addresses—which is especially helpful advantage when shopping from a mobile device.
At the same time, businesses can benefit from learning more about customer shopping habits and preferences, so they can personalize offers and marketing messages.
- While customers are willing to set up accounts and store cards on file, they want to be sure that their data is protected against threats and security 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
- The PYMNTS Global Digital Shopping Index reveals 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
Top-ranked businesses in the surveys know that they need to protect customer data. In the U.S., for example, all of the top-ranked merchants offer digital features for data protection.7
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.
Protecting payment data with secure payments
One option for protecting payment card data is to use a fraud detection tool like our Advanced Fraud Detection Suite, which helps identify, manage, and prevent suspicious and potentially fraudulent transactions.
Having a tool like this can also help to simplify PCI DSS compliance.
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, make sure to choose products that help with data protection—reducing risk and helping to build customer trust and loyalty.
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.
