Two thirds of Canadian credit cardholders ranked security as the most important element of a credit card transaction, surpassing convenience (14%) and speed (10%). Nearly half of credit cardholders report they worry about fraud when shopping online.
A new study commissioned by Visa Canada also found consumers are noticing the chip and PIN benefits with 69% said they felt the technology was secure, an overwhelming majority (84%) agreed that paying with chip and PIN was easy, and most cardholders (60%) cited an easy transition from magnetic stripe to chip and PIN.
About 83% of transactions processed in Canada are now ‘chip-on-chip’ (a chip card processed at a chip terminal) and according to Visa data, fraud rates (6 cents for every $100 of global Visa transactions) are historically low.
Contactless NFC payments are the next step in this rapid evolution of commerce in Canada. Seven Visa payWave contactless transactions happen every single second across the country, and new form factors like smartphones now offer NFC technology built-in for connected consumers on-the-go. More than half (58 per cent) of credit card users who have made purchases in person reported having used contactless payments, and almost three quarters (74 per cent) of contactless payment users consider this type of payment quicker than other card payments.
When it comes to e-commerce, most credit cardholders have shopped online (86 per cent of card holders), but many still have privacy and fraud concerns, with 48 per cent reporting they feel their credit card details are less secure online. Visa’s multiple layers of security like Verified by Visa, Address Verification Service (AVS), E-Promise, Card Verification Value 2 (CVV2, or the three digit code) offer reassurance that cardholders are protected when using their Visa payment card when shopping online.
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