Over a third (41%) of Saudi consumers would rather switch retailers or shop on another site than wait if there were delays in completing their online purchase while nearly one in three consumers (32%) said they would not complete a purchase at a store that did not offer contactless payment options via Near-Field Communication, according to the 2021 Stay Secure survey released by Saudi Payments, owned by the Saudi Central Bank, and world leader in digital payments, Visa as part of their annual Stay Secure consumer education campaign.

The survey indicates that Saudi consumers have become increasingly savvy about paying digitally, and their expectations for both in-store and eCommerce payment experiences have skyrocketed. When shopping online, one in two consumers (52%) abandon their shopping cart if they experience a delay or authentication error.

eCommerce sites that offer customer reviews (49%), have logos of payment providers (43%), offer payment options in local currency (42%), provide a variety of payment options (42%), and seamless refunds (38%) performed better in building high levels of consumer trust.

As consumers are now more aware of the underlying security technology that protects their digital payments, more than half (51%) are also more open to storing their card information on merchant sites if this helps to improve or speed up their shopping experience. The survey also showed that close to half of consumers surveyed (48%) do not intend to slow down their online shopping habit, while 41% said they are shopping less in stores despite the easing of lockdown restrictions.

Ali Bailoun, General Manager for Saudi Arabia at Visa, commented, "Consumers in Saudi Arabia are very savvy and will not settle for a shopping experience that does not match their expectations. Merchants need to recognize this and our survey provides them actionable insights that can help them combat fraud and ensure consumers feel safe when transacting with them. The 2021 Stay Secure survey also outlines steps merchants can take to improve the shopping experience both online and in-store. We are pleased to be able to share the results of this survey as part of our ongoing education efforts with Saudi Payments and to help support local merchants’ recovery needs and their digital transformation.”

Consumers surveyed said they feel safe shopping on merchant sites that provide customer reviews, a seamless refund experience and offer a variety of payment options.  Logos of payment providers and visible security features like ‘lock’ icon and SSL certificate also helped consumers know a merchant site was secure.

The survey corresponds with the launch of Visa's fourth annual "Stay Secure" social media campaign on Facebook (@VisaMiddleEast, @mada) in partnership with Saudi Payments. The campaign reinforces safe digital payment practices and reminds consumers on how they can protect personal data even as they enjoy the benefits and convenience of eCommerce and contactless payments. The Saudi Arabia Stay Secure webpage also includes fraud prevention tips for consumers and information on security features of digital payments.

-ends-

About Saudi Payments

Saudi Payments is the authority responsible for developing and operating all national payments systems under the supervision of the Saudi Central Bank. Since its establishment, it has played a vital role in enabling the public and private sectors to connect with domestic and international payment services.

Saudi Payments provides fast, flexible, and safe electronic payment services at low cost, through mada, Sadad, Esal, and SARIE, enhancing the national electronic payment infrastructure and reducing cash transactions.

Saudi Payments operates in line with international best practices to connect local and international service providers - banks and other licensed payment companies - to support the transition to a society less dependent on cash and enhance financial inclusion through providing secure and reliable payments solutions, in line with the goals of the Financial Sector Development Program (FSDP) and Saudi Vision 2030.

About Visa’s 2021 Stay Secure Survey 600 people were interviewed for 15 minutes each in February 2021, comprising Saudi citizens (79%), expat Arabs (16%), and expat Asians (5%). 51% of the respondents were men and 49% were women. Respondents lived in Riyadh (51%), Jeddah/Mekkah (29%), Dammam (14%), and others (8%). They were aged between 18-22 (33%), 23-34 (45%), 35-44 (19%), and 45+(5%) years old. Each had a banking relationship in the country of residence and was a user of payment cards – having made at least one online payment in the past six months. Research was conducted by 4SiGHT Research & Analytics.

About Visa Inc.  

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit  About Visa, visamiddleeast.com/blog and @Visamiddleeast.

For further information, please contact:

asda’a bcw, Dubai, UAE

Dhanya Issac | Danaisha Gulabani

E-mail : Dhanya.Issac@bcw-global.com, Danaisha Gulabani@bcw-global.com

Tel: 971-4-450-7600