In a bid to help reduce the shopping cart abandonment rate, Visa has launched a quick and easy payment service, called Visa Checkout, in Singapore.
With Visa Checkout, shoppers will use their username and password to make online payments, thus eliminating the need to key in their 16-digit payment card number and expiry date for every transaction.
According to the Visa Consumer Payment Attitudes Study 2015, Singaporeans are among the top online shoppers in Southeast Asia, with 71 percent of them shopping online at least once a month. Despite this, two in three Singaporean shoppers have abandoned a purchase because the payment process took too long or it was too cumbersome to enter their personal and payment details. The top five categories for abandoned purchases are fashion and accessories, travel, movie tickets, bill payment and fines, and groceries.
Understanding this, Visa Checkout was designed to enable Singaporeans consumers to securely pay for their online goods on any device in just a few clicks. "Visa Checkout addresses some of the problems faced by online shoppers by reducing the number of steps required for them to complete their online purchases, thus enhancing the entire shopping experience. The solution can be used on any device and this is crucial since abandoned transactions online are more likely to be on mobile devices (55 percent)," said Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei.
The service is now accepted at a variety of online retailers in Singapore including Golden Village, Spizza, Cold Storage, Guardian, Giant, Aviva and ComGateway. Visa said that more retailers, including online travel agency Zuji and supermarket chain NTUC FairPrice, will be coming onboard in the next few months.
Banks in Singapore that are currently live for Visa Checkout enrolment include ANZ, Bank of China, Citibank, DBS, ICBC, Maybank, OCBC, Standard Chartered Bank and UOB.
Besides Singapore, Visa Checkout is available in 15 other markets around the world including Australia, Argentina, Brazil, Canada, Chile, China, Colombia, Hong Kong, Malaysia, Mexico, New Zealand, Peru, South Africa, United Arab Emirates, and the United States.
Since its launch in 2014, more than 10 million users have signed up for Visa Checkout accounts. The service is accepted at more than 250,000 large and small merchants around the world including Abercrombie, Orbitz, Shutterfly, and Virgin America.
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