The payment services giant has expanded Visa Checkout, the online checkout service that expedites the e-commerce process, to Brazil, meaning it is now available in five South American countries.
The service allows customers to store their shipping and billing payment information so they don’t have to enter it for every new transaction. Instead, they log-in with their username and password and click to purchase.
Given the nation’s passion for football, coupled with the fact that it hosted the World Cup tournament last year, it’s not surprising that one of the first sectors that Visa Checkout is targeting is football tickets.
The first merchant to offer Visa Checkout is Futebolcard, the Brazilian service which allows football fans to purchase tickets for games in 12 different stadiums.
Visa and Futebolcard have been in partnership since 2007 when fans started using Visa Passfirst on the Futebolcard website, a service that enabled fans to purchase stadium seats online with their Visa cards, which then act as a digital ticket to the stadium.
“In an increasingly digital world, people are spending more and more time browsing, shopping and paying on their mobile devices. As screens get smaller, it’s more important than ever that shoppers are able to make fast, easy payments in just a few clicks. In the US, shoppers made purchase more often when using Visa Checkout compared to customers using other payment options,” said Percival Jatoba, vice president, products, Visa Brasil.
He went on to highlight that merchants and financial institutions will see higher conversion rates as a result of a faster and simpler checkout service.
Conversion rate pain
Visa describes the current checkout experience as a ‘consumer pain point’, citing statistics such as 68 per cent of shopping carts being abandoned as evidence.
“In many cases, consumers have to click through multiple screens, filling out detailed information before completing a purchase. The problem is even more pronounced as devices become smaller with 86 per cent of shoppers never completing their purchases on mobile devices. A research made by eMarketer also revealed that sales conversion with smartphones users with an express checkout service, such as Visa Checkout, jump to 65 per cent,” the company said in a statement.
Visa is pushing Checkout hard
Given the statistics Visa continues to cite, it is easy to understand why the company is pushing its checkout service so hard.
Visa presents research from comScore that says since August 2014 its average transaction size was seven percent higher than non-Visa Checkout orders in some segments. The research also found that 96 per cent of consumers felt secure making a purchase with Visa Checkout, while 95 percent said the sign-up was quick and easy. Nine out of ten Visa Checkout users said they are likely to continue using the product.
Mastercard partners with Apple on Apple Pay’s Spain launch and rolls out selfie payments in Latin America
The American tech giant has launched its mobile payment service, Apple Pay, in Spain, partnering with Mastercard, Carrefour and American Express.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.
ING has announced that it is scrapping Twyp, its peer-to-peer payments app, in the Netherlands following negative feedback from its customers.
Stripe, the biggest fintech company in the US, is about to consolidate its position at the top by almost doubling its valuation to $9.2 billion following Series D funding.