Despite the skyrocketing growth witnessed by eCommerce in China, shoppers in the Asian giant are more concerned about online payment security than buyers located in other countries, according to a research published by WorldPay.
According to the study, over 25% of the 430 million Chinese online shoppers consider online payment security as the most important feature in an online shop, while over 70% admit to feel more secure when the logos of certifications and authentications are displayed on the store. Similarly, 65% expect their details to be kept safe and demand the retailer to provide clear explanations on how their data will be treated.
China has since long addressed these concerns, in particular by requiring multiple levels of verifications before finalising a transactions, such as personal passwords, eTokens and SMS to the registered phone number. On the other hand, a few payment platforms such as WeChat and AliPay are bypassing these regulations in order to speed up the online payment procedure, which in turn lead the Government to set up limits in the daily amount that can be processed on a daily basis by the third-party gateways.
According to Stuart Northorn, WorldPay’s vice president of business development in Asia Pacific, the struggle in the next years for eCommerce retailers in the region will be to “inspire confidence in their customers and give them peace of mind throughout the online shopping journey.”