Payment Security Still Prevents Purchases

Payment Security Still Prevents Purchases

The Online Payment Strategies and Preferences Poll by PaymentOne indicates that new payment alternatives to the credit card will help drive online content sales. Conducted in cooperation with Javelin Strategy & Research and eContent Magazine, surveying more than 10,000 consumers and top marketing executives. Fifty-nine percent had purchased Internet services or content online at least once.

The survey indicates there is interest among consumers in paying for online content. By far, respondents were most willing to pay for classified ads. Fifty-two percent chose classifieds as the content they were most likely to purchase. Twelve percent said they were most likely to pay for Internet news; 11 percent for music; and 11 percent for games.

However, when consumers who have not made online purchases were asked what would persuade them to buy online content, 53 percent cited more secure payment options. Payment security was chosen over price or product-related responses by more than a 2-1 margin. Executives, on the other hand, consistently cited pricing, content quality and other non-payment issues as their primary concerns for growing their businesses.

The findings of the survey are supported by other third-party research as well. Published in February 2003, the third annual UCLA Internet Report, "Surveying the Digital Future," found that 92 percent of consumers have at least some level of security concern about using their credit cards online. Slightly more than 63 percent said they were either "very" or "extremely" concerned.

You can find out more here.

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