Secure biometric payments will trigger Ukraine ecommerce boom: Visa report

Nine out of 10 Ukrainians wouldn’t mind frequently engaging in online trade transactions if the payment method available to them is secure, with robust but easy biometric authentication.

This is the major finding from the latest Visa Checkout Friction Report released by the global digital payments giants recently, an announcement reveals.

The study, which focuses on Ukraine, mentions that the country’s e-commerce sector has enormous potential, but this can be fully exploited only if online shopping checkout options are secure and easy to use. More than half of those interviewed said they would be online shopping regulars if “a universal streamlined checkout option were available.”

Because of the many hassles involved sometimes including insecure payments, about 73 percent of Ukrainians surveyed said they had abandoned an online purchase at some point. Forty-three percent of respondents said they were fed up with repetitive processes for payments like having to re-enter their card details at every new purchase.

According to the report, many Ukrainians frequently carry out online commercial transactions of different categories, from the purchase of groceries and beverages, to other purchases in areas like fashion and beauty, electronics, and health, just to mention a few.

Another issue the report highlights is the importance of trust in online shopping, with 81 percent of users saying they feared using their payment card on a website because they didn’t trust it. Another 47 percent said in choosing a method for online shopping payment, the first consideration for them is the available security protections.

Commenting on the outcome of the study, Visa Vice President and Country Manager for Ukraine, Tetiana Chorna, said: “The Checkout Friction Report clearly demonstrates that Ukrainians are actively shopping online, expect a convenient and seamless checkout, and pay special attention to transaction security. By responding to these demands, merchants can significantly increase conversion and strengthen customer loyalty.”

“Visa’s innovative solutions, such as Click to Pay and Visa Payment Passkey, are purpose-built to deliver the seamless, secure, and trusted experiences that consumers are looking for. By simplifying checkout and enhancing protection, Visa is committed to fostering greater confidence and driving digital adoption, which will, ultimately, contribute to the development of the future of commerce in Ukraine,” she added.

The last Visa Checkout Friction Report before this one also revealed strong demand for secure payments and smooth checkout options for e-shoppers.

Globally, online shopping is on a steady growth, with the market size estimated to exceed $8.9 trillion by 2030, according to Capital One Shopping research.

Article Topics

biometric payments  |  biometrics  |  digital payments  |  ecommerce  |  payment passkey  |  Ukraine  |  Visa