Despite nearly half of travel transactions being made online, new findings from RBS WorldPay, the leading payment solutions brand, reveal that more than (62%) say they feel their security is at risk purchasing over the internet.
With over half (55%) of consumers ranking security as the most important factor when making an online payment, RBS WorldPay is today highlighting that travel providers may be missing out on potential transactions due to their customers' security concerns.
While consumers are happy with purchasing small ticket products online, nearly a third of consumers (30%) feel more comfortable making a booking offline due to the large amount of money involved in the transaction.In addition to security issues, the new research also shows that technology failure halfway through the online payment transaction process is a further bugbear of online travel bookers - cited as an issue by more than a quarter (26%) of consumers surveyed. Furthermore, whilst travel businesses may not regard payments as an obvious contributor to customer service, nearly a quarter (22%) of consumers specifically says they want faster payment solutions when paying for travel.
Ron Kalifa, Managing Director of RBS WorldPay, explains: This study clearly shows that consumers buying travel services and packages want to see changes in the way they pay - be it in speed or security, on or offline. Security fears could deter transactions, which often involve large sums of money. This is unnecessary when you consider that developments in card payment technology can give everyone peace of mind. Security shouldn't be an issue for consumers or any travel business, regardless of size.
He continues: Travel companies that consider new types of technology and adopt them where relevant will be among those that secure a competitive edge in the future. The efficiency of transactions plays a major part in the overall customer experience so improvements in this area can prove invaluable, particularly in the current economic climate.When it comes to purchasing products offline, travelling consumers are even more demanding. Four in ten said they would like to see a future where we have just one piece of technology (e.g. a mobile phone) or one card to handle all payment transactions and four in ten (42%) said their lives would be much easier if they could pay for everything with cards rather than cash. Half of those interviewed said they expect the UK to become a near cashless society by 2030.
The research also covered the future of payments within the travel industry, showing that consumers are already future gazing. A third (29%) of consumers expect to soon pay for goods and services with automated face recognition and a quarter (24%) believe microdots will be inserted into hands to enable 'wave and pay'.
RBS WorldPay is at the forefront of card payment technology – including online payments– offering a range of tailored solutions to suit the needs of any business, whatever their size or customer base. The different retailer services that have come together as RBS WorldPay include brands such as Streamline, Bibit and Payment Trust. In 2007 these RBS systems processed 4.4 billion transactions worldwide. As the largest acquirer in Europe and one of the largest globally, operating in more than 40 countries, RBS WorldPay is ideally placed to help businesses offer consumers the speed and efficiency of payment that they are looking for.
Note for editors
RBS WorldPay are part of The Royal Bank of Scotland Group. They operate in over 40 countries, and are global leaders in payment processing for small and medium sized businesses, processing millions on online payments a day. Payment services include face-to-face, phone and online payments.