Visa has recently extended its Click to Pay service across the Asia Pacific region, collaborating with payment partners such as 2C2P, Adyen, AsiaPay, and Worldpay.
Enhancing Online Payment Experiences
This initiative seeks to streamline online transactions for consumers while enhancing security and boosting payment success rates for merchants. Click to Pay facilitates quick access to saved payment details using a mobile number or email address, thereby streamlining the checkout process.
This feature addresses one of the primary issues in e-commerce—cart abandonment, with global figures showing that approximately 84% of users abandon their carts due to complex login processes. By making checkouts more straightforward, Click to Pay not only enhances user convenience but also aids merchants in increasing conversion rates, as evidenced by an average increase of 2.5% in payment success through tokenised transactions.
Enhancing Security and Convenience
The platform is compatible with various browsers and devices and supports biometric authentication via passkeys, offering a secure and convenient experience comparable to contactless payments at brick-and-mortar stores. Consumer data is securely tokenised by Visa, addressing concerns over data privacy. Recent studies indicate that 83% of shoppers are concerned about storing personal payment details on third-party sites, underscoring the significance of strong security measures in driving adoption.
Reflecting Regional Trends
This expansion aligns with broader trends in the Asia Pacific where mobile phone usage is prevalent and digital payments are increasingly common. According to Mordor Intelligence, the region’s e-commerce market is expected to hit USD 3.9 trillion by 2025, underlining the demand for efficient and secure digital payment solutions.
Key Partnerships
The Click to Pay service has already been introduced in several markets within Asia Pacific, including Hong Kong with ZA Bank and Vietnam where Techcombank and VPBank Visa cardholders can now enjoy faster and more secure online transactions. These collaborations underscore the growing emphasis on smart, secure, and seamless payment solutions among financial institutions and payment providers.
In conclusion, the continued rollout of Click to Pay is poised to enhance customer satisfaction, reduce transaction friction in digital payments, and support merchants in optimizing revenue opportunities as e-commerce continues to expand.
