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Trust & Confidence in Payment Security

Posted on 1.11.2015

Online buyers don't seem to have much trust in brands' ability to secure their credit card or personal information.

A recent BizRate Insights insights study found that three out of four (76 percent) online buyers are dissatisfied with the strength of credit card and personal information security among retailers. Across all generations and both genders, a shopper’s own bank is trusted the most with credit card data and personally identifiable information – some 72 percent of all respondents. That's a rather sorry state of affairs. PayPal, Amazon, Apple, American Express, eBay and Google followed personal banks as the companies must trusted with payment and personal information.

“Among these tech transactional titans, it is those that have low barriers for usage and that have put consumer protection in the forefront, that have earned the greatest amount of trust,” stated Hayley Silver, VP of Bizrate Insights, a division of Connexity. She continued, “PayPal ranking number two, and with greater than 50 percent trust from the younger generations, could be a ‘Major Opportunity’ that deserves more investigation among its customer base. With low barriers to usage and such high levels of trust, PayPal could make a strong case to add a wallet-less payment option to its arsenal.”

The average retailer is not likely just going to sit around waiting to be hacked however.

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A new survey out from Boston Retail Partners (BRP) indicates that the top IT priority for retailers in 2015 is improving payment security and protecting the confidentiality of sensitive information. More than 63 percent of responsdents in the BRP 2015 POS/Customer Engagement Benchmarking Survey indicated that payment security is among their top three priorities for 2015. BRP also revealed that 650 percent more retailers will support EMV (Europay, Mastercard and Visa) by October 2015. There's clearly a lot of interest in securing not just credit cards, but also the confidence of consumers.

“EMV is getting lots of attention, but it’s not the Holy Grail in the defense against credit card hackers,” said Perry Kramer, vice president, Boston Retail Partners. “According to our survey, retailers understand a multi-tiered approach, with a combination of EMV, encryption and tokenization are key components of a payment security platform.”

Another top priority in the survey is unified commerce.

“Today’s connected/online customers expect the same interactive experience regardless of where they shop. Retailers must deliver a holistic customer experience that transcends channels,” said Brian Brunk, principal, Boston Retail Partners. “Under the unified commerce approach, retailers are transforming their organization, business processes and technology to better align with their customers.”

Ken Morris, principal, Boston Retail Partners added, “While only 8 percent of retailers have implemented a single commerce platform, more than half of the retailers indicated they will have a single commerce platform implemented within the next 4 years – that’s a 663 percent increase! It is encouraging to see the commitment from retailers to provide the seamless shopping experience consumers want.”

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