Visa Inc. V has expanded its click-to-pay feature in the Asia Pacific, which offers online shoppers an online checkout option that is fast, simple and secure.
The click-to-pay facility is built on the EMV Secure Remote Commerce (SRC) industry specification, accessible to the participating Australian and New Zealand businesses.
The service will be extended gradually to other regions, such as Hong Kong, Mainland China, Malaysia and Singapore, later in the year.
The launch of this service comes at just the opportune time when e-commerce saw a surge due to the COVID-19 outbreak. In order to follow strict lockdown and social-distancing protocols, people avoided shopping via bricks-and-mortar stores and stuck more to purchasing stuff online, which in turn, drove the need for digital payments. With 41% of consumers in the Asia Pacific belt making five or more e-commerce transactions in the past three months will make the click-to-pay feature a big draw among the online shoppers.
Clicking to pay with Visa makes checkout process easy, safe and rapid as it eliminates the arduous method of manually keying in personal account numbers and passwords. Nearly half of Asia Pacific consumers find this manual system tedious enough to completing the checkout process, thus resulting in abandoned carts and loss of sales for businesses.
Businesses also stand to benefit from the interoperability of this hassle-free click-to-pay feature as a single integration enables them to provide shoppers with the option to pay via multiple networks. Previously, businesses had to link with each individual payment network that complicated the process by connecting to numerous payment network buttons on a checkout page. This complex approach would make it difficult for one-third of consumers in the Asia Pacific region to locate the appropriate checkout button for completing a single purchase.
Other payment companies that offer click-to-pay service are American Express Co AXP, Discover Financial Services DFS and Mastercard Inc. MA. All these players announced an e-checkout solution based on the EMV Secure Remote Commerce industry standard in October 2019. More than 10,000 merchants across the United States are offering this attractive click-to-pay experience too woo more shoppers into their fold.
Visa carries a Zacks Rank #3 (Hold), currently. Year to date, the stock has gained 3.4% against its industry’s decline of 1.3%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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