- Visa’s Security Week in partnership with Kuwait Banking Association (KBA) promotes safe card usage and protection against digital payment-related frauds
- As digital payments continue to grow1, 84% of shoppers now trust online payments and more than two-thirds become frequent users of new tech (contactless cards and digital wallets) once they’ve tried it, according to Visa survey
Kuwait City, Kuwait; June 24, 2018: The Kuwait Banking Association, and the world’s leader in digital payments, Visa (NYSE:V), today launched “Security Week” in Kuwait, a consumer education campaign that aims to promote safe card usage and provide consumers with tips and advice to protect themselves against payment-related fraud.
Visa and KBA surveyed consumers across Kuwait regarding eCommerce and digital payments, providing compelling insights into their experiences, attitudes and behaviors. Eighty-four percent of consumers now trust online payments (government payments, utility bills) and online shopping (75%). The survey identifies where shoppers can improve their payments security. Visa’s tips, posts and videos throughout the week will show them how to do this as part of the #VisaSecurityWeek social media campaign.
Dr. Hamad al Hasawi, Secretary General of KBA, said: “As the high levels of trust and usage revealed in the Security Week research demonstrates, we have a strong payments ecosystem in Kuwait. The key to further enhancing consumer confidence remains in educating the population on how to maximize security when using existing and new payment technology. This is where Visa’s Security Week plays an important role by empowering our consumers with financial education and awareness. We are excited to support Visa in this campaign.”
Neil Fernandes, Visa’s Head of Risk for Middle East and North Africa, commented: “As digital commerce grows and new payment methods emerge, it’s imperative that we maintain trust and confidence in the ecosystem. It is everyone’s responsibility, from consumers themselves to payment service providers to the banks and merchants, to ensure that card data is secure. Our Security Week seeks to raise consumer awareness of the security around digital payments and provide them the tools to help them identify and prevent potential fraud. This year, we are delighted to have the support of KBA, our distinguished partner for the campaign, and together, play a significant role in the ongoing progress of Kuwait’s eCommerce sector.”
Benefits of eCommerce and contactless technologies being felt by consumers
As the survey indicates, shoppers are experiencing and recognizing the benefits of going digital when shopping and paying2:
- The majority of shoppers in Kuwait are now frequent online shoppers, and that figure is as high as 91% for those aged between 18-35 years old.
- New payment technologies are capturing consumers’ imaginations, with the vast majority aware of contactless cards (86%) and digital wallets (84%). Once they’ve tried new ways to pay, 85% who have a contactless card and 80% who have a digital wallet use them at least once a week.
- Overall card payments once again gained in popularity as the top method of online payment (for 71% of respondents) while Cash on Delivery remained steady at 12%.
Helping consumers stay safe at all times
One of Visa’s key recommendations for online shopping is to shop only at well-known eCommerce sites – only 52% of Kuwait shoppers do so. In addition, 66% have used an unsecured, open WiFi connection, with 94% using one at least once a week and 59% using one for shopping, whereas Visa advises using only a strong, secure data connection to transact online.
Visa’s survey identifies how retailers can reassure consumers regarding security and thus encourage them to shop with the confidence knowing that they’re protected from fraud. For example, dynamic, one-time passwords (OTPs) were the number one choice (67%) for consumers when it comes to steps retailers can take to encourage digital purchases. Visa partners with retailers to adopt Verified by Visa, an authentication protocol for shoppers that uses OTPs to ensure payments are made by the rightful owner of the Visa account.
Digital wallets for contactless payments are protected by multiple layers of security, so shoppers can use these new payment technologies both in-store and online with the comfort that they are secure. Visa’s tokenization technology, for example, replaces card data, including the 16-digit card number, with a “token”, a random number, to protect cardholders’ account information. During the transaction, the token is submitted instead of the actual card information. Digital wallets, such as Apple Pay and Samsung Pay, are enabled by Visa tokenization, meaning shoppers have a safe and seamless experience whether paying in person or online.
About Visa’s MENA research on Consumer Attitudes and Behavior Towards Card Security, 2018
Visa commissioned 4SiGHT Research & Analytics to explore digital and online shopping behaviors and attitudes. 4SiGHT interviewed 615 people in Kuwait in February 2018, comprising Kuwaiti citizens (92%), expat Arabs (7%), and expat Asians (1%). Respondents lived in Hawalli Governorate (25%), Al Asimah Governorate (22%), Al Farwaniyah Governorate (23%) and other cities (30%). They were aged between 18-35 (71%), 36-45 (25%) and 46-55 years old (4%), with males accounting for 76% and females for 24% of the respondents. Each had made at least one online payment in the past six months.
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 connected commerce on any device, and a driving force behind the dream of a cashless future 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 www.visamiddleeast.com, www.visanewsmena.tumblr.com or follow us on Twitter @Visamiddleeast.
1 Source: Oxford Economics, Haver Analytics and Visa Business & Economic Insights
2 Visa MENA research on Consumer Attitudes and Behavior Towards Card Security, 2018