Any merchant interested in expanding the payment options on their site needs to first understand why consumers are forgoing traditional payment services such as credit cards, debit cards, and checks, in favor of digital payment services.
That’s why we tackled ten reasons customers decide to use digital payment services for the March edition of our Paytalks webinar series. We shared the results of Amazon Pay-conducted research into the key choice drivers that are important for consumer who are choosing these services.
Avoiding fraud is by far the most important consumer consideration when they use a digital payment service, ranking 25% higher than the next important concern and looms much larger than other security-related factors in all three of the countries (US, UK, Germany) where the consumer study was conducted.1
But other security concerns are also top-of-mind for consumers: alerts regarding security threats; guaranteed refunds for products that are undelivered, damaged, or poor-quality; and the ability to avoid sharing card/bank details with merchants are all important factors.
There’s also the matter of convenience. For customers using digital payment services, the convenience and ease of a fast checkout by using a familiar login and password, as well as the ease in tracking purchases, are highly valued.
When it comes to why customers choose a digital payment service instead of a credit or debit card, there are several big themes at work, including trust, security, and convenience. As you look for ways to optimize your checkout experience it’s essential that you consider these insights and more.
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1Source: Survey conducted by Amazon Pay in 2018 among 2251 Amazon customers in the United States, United Kingdom, and Germany. Results in this article are from a trade-off exercise that tested 35 benefits. The context of the trade-off exercise was: “In this section, you will see a list of benefits that might be important to you in choosing a digital payment service (such as Amazon Pay) over traditional payment services (such as Credit cards, Debit cards, Checks, Bank accounts etc.). On the next few screens, we will ask you to follow a series of steps to rate the importance of these benefits.”