Digital payments are coming of age as Visa Checkout increases consumer engagement and higher order values for online merchants. A new report from comScore found that Visa Checkout shoppers convert to online buyers at a rate of 69%.
Visa Checkout is spreading like wildfire with new merchants including : Dunkin’ Donuts, Fandango, Sundance Catalog and Williams-Sonoma in the U.S.; Pizza Hut, Ticketek and BONDS in Australia; and Indigo, Roots, Running Room and Simons in Canada.
A new report from comScore also found enrolled Visa Checkout customers were 66% more likely to complete a transaction than customers who must enter billing and card information in the traditional online checkout path. Also, the average order total placed with Visa Checkout was seven percent higher than orders placed on retail and travel sites with other payment options.
A separate report by Millward Brown2 found that 95% of Visa Checkout customers said signing up was easy and 96% said they felt secure using it.
Continuing on the success of the co-marketing and advertising campaigns implemented over the last year, Visa will kick-off several new campaigns with merchants throughout the summer months – ranging from surprise and delight consumer promotions to social media campaigns and sponsorship marketing. Some of these marketing programs include:
• “Cinematic Pin” from Pinterest: Pinterest announced today that Visa Checkout will be among its initial launch partners for the highly anticipated “Cinematic Pin,” which goes live this summer. The Cinematic Pin is a new ad format that includes motion in the Pin which is controlled by the user. When a user scrolls, the image moves; when a user stops, the image stops, enabling more motion-based storytelling. Virgin America and Crazy8, a Gymboree Brand, will be among the first Visa partners to utilize Cinematic Pin with Visa Checkout.
• NFL Partnership: This season, Visa will expand its longstanding NFL partnership to further integrate the latest payment technology, including Visa Checkout, into the NFL experience for fans.
• Large Merchant Partnerships: In tandem with some of the top retailers across the web, Visa will activate large-scale marketing campaigns with several new merchants including Dunkin’ Donuts and Williams-Sonoma.
Visa Checkout is an online service from Visa that allows consumers to securely store their shipping and payment information without ever having to re-enter the information when shopping online. With Visa Checkout, consumers can simply enter their username and password, and click a button to complete the purchase.
Since its launch less than a year ago, more than four million customers have signed up for Visa Checkout accounts. More than 125,000 large and small merchants and 260 financial institution partners now offer Visa Checkout globally. These represent some of the biggest retailers on the internet, including: Staples, Rakuten, Neiman Marcus, Gap, Pizza Hut, Orbitz, and Virgin America.
Visa Checkout will be available in 16 markets by the end of 2015. These are: Australia, Argentina, Brazil, Canada, Chile, China, Colombia, Hong Kong, Malaysia, Mexico, New Zealand, Peru, Singapore, South Africa, United Arab Emirates, and the United States.
For data, background and forecasts on Visa: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).