All Payment Channels Face a Distrust Deficit in the Wake of COVID-19
01 Marzo 2022 - 8:00AM
Business Wire
Survey from PCI Pal examines Canadian
consumer confidence in payment security
PCI Pal® (LON: PCIP), the global provider of cloud-based secure
payment solutions, today announced the findings of a survey that
uncovers Canadians’ sentiment towards, and behaviors around, data
security and payments following the COVID-19 pandemic.
As a follow up to its 2019 report, This is Canada: The State of
Security in the Eyes of Canadian Consumers, PCI Pal surveyed over
1,000 Canadian consumers and found that trust in the ability of
organizations to protect personal information and ensure secure
payment processes is of the utmost importance to buyers following a
national increase in fraud during the pandemic.
In fact, an overwhelming 85% of respondents said trust in a
company’s corporate security impacts their spending with that
organization, with 78% of Canadian shoppers saying they will stop
spending with a company that was subject to a security breach,
either forever (23%) or for at least a few months (55%).
The survey shows trust can be rebuilt with consumers following a
breach, but only if that organization can show that it has taken
measures to address the vulnerabilities, such as admitting
responsibility and investing to improve security (42%), announcing
PCI compliance / PIPEDA compliance (25%), or engaging a third party
to confirm that the company’s payment system is safe (25%).
But Canadian consumers continue to proceed cautiously after the
pandemic significantly reduced the number of card present
transactions. Over a third (36%) of all Canadian consumers surveyed
say they vet a company’s security practices before handing over
personal information. An additional 51% are aware this is a
practice that should be part of their shopping process, which is an
indicator of shifting behaviors in the future.
Even though thorough vetting may not be a regular practice of
many consumers, there are certain red flags that can decrease trust
and stop a buyer from proceeding with a purchase. A disjointed, or
unfamiliar payment process, for instance, would lead 31% of
consumers polled to refrain from checking out. This factor was
reported to be the number one reason for cart abandonment, ahead of
shipping costs, slow delivery, and the actual cost of the
product.
Further, it was surprising to see that while 42% of Canadian
consumers felt retail was the least trusted industry, there was no
significant difference in levels of trust between paying in-store
vs online. That said, in addition to social media, in-store and
online were the least trusted payment channels, while relatively
new money sharing apps like PayPal, Venmo and Zelle were
counterintuitively more trusted.
“Based on the patterns we’re seeing among Canadian consumers, it
is evident that trust in a brand is exceptionally important,
particularly due to the increase in understanding around security
best practices of late,” says PCI Pal CISO Geoff Forsyth. “With all
this in mind, Canadian businesses need to consider how best to not
only maintain, but grow trust among a cautious consumer base that
needs to feel secure when making a purchase.”
PCI Pal made the strategic business decision to open an office
in Toronto, further expanding its successful array of trusted
payment security solutions into Canada’s extensive pre-existing
contact center market. The company is further focused on helping
Canadian businesses safeguard customer trust by providing true
cloud secure payment solutions.
If you’re interested in the full findings of the survey and
insights into what these trends mean for Canadian businesses
navigating compliance requirements and secure payments, download
the full report at the link here.
For more information on PCI Pal visit www.pcipal.com or follow
PCI Pal on Twitter.
About PCI Pal
PCI Pal (LON: PCIP) is a leading provider of SaaS solutions that
empower companies to take payments securely, adhere to strict
industry governance, and remove their business from the significant
risks posed by non-compliance and data loss.
Its mission is to safeguard reputation and trust by providing
customers with secure payment solutions for any business
communications environment including voice, chat, social, email,
and contact center.
PCI Pal is integrated to, and resold by, some of the worlds'
leading business communications vendors, as well as major payment
service providers.
PCI Pal products can be used by any size organization globally,
and it is proud to work with some of the largest and most respected
brands in the world.
For more information visit www.pcipal.com or follow the team on
LinkedIn: https://www.linkedin.com/company/pci-pal/.
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Jessica Robinson pcipal@sourcecodecomms.com
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