Visa Checkout Announces Enrolled Customer Conversion Rate of Nearly 70 Percent*
Visa Inc. today announced that more of the Internet’s top merchants will offer Visa Checkout, the online check out service that Visa launched less than a year ago. The newly announced merchants include: Dunkin’ Donuts, Fandango, Sundance Catalog and Williams-Sonoma in the U.S.; Pizza Hut, Ticketek and BONDS in Australia; and Indigo, Roots, Running Room and Simons in Canada.
“With screens and keyboards getting smaller and smaller, checking out online must be incredibly simple and easy,” said Sam Shrauger, Visa’s senior vice president of digital solutions. “Visa Checkout offers just that – a fast, easy way to check out in just a few clicks without filling out endless form fields. The early response from consumers and merchants for Visa Checkout has exceeded our expectations and increased our commitment to seeing its acceptance and usage continue to grow on a global scale.”
Visa Checkout Scores Big in comScore Report
A new report from comScore* found that Visa Checkout shoppers convert to online buyers at a rate of 69 percent. This is likely because Visa Checkout customers complete online transactions faster than other shoppers who have to re-enter card and shipping information every time they want to purchase in the traditional check out flow.
Other findings included:
- Enrolled Visa Checkout customers were 66 percent more likely to complete a transaction than customers who must enter billing and card information in the traditional online checkout path.
- The average order total placed with Visa Checkout was seven percent higher than orders placed on retail and travel sites with other payment options.
“One of the biggest issues for online merchants is the cumbersome process of card data input that leads to consumer cart abandonment. Addressing this pain point for both merchants and consumers is crucial,” said Nick Holland, retail payments practice lead, Javelin Strategy & Research.
A separate report by Millward Brown2 found that 95 percent of Visa Checkout customers said signing up was easy and 96 percent said they felt secure using it.
Amplifying Merchant Partnerships
Continuing on the success of the co-marketing and advertising campaigns implemented over the last year, Visa will kick-off several new campaigns with merchants throughout the summer months – ranging from surprise and delight consumer promotions to social media campaigns and sponsorship marketing. Some of these marketing programs include:
- “Cinematic Pin” from Pinterest: Pinterest announced today that Visa Checkout will be among its initial launch partners for the highly anticipated “Cinematic Pin,” which goes live this summer. The Cinematic Pin is a new ad format that includes motion in the Pin which is controlled by the user. When a user scrolls, the image moves; when a user stops, the image stops, enabling more motion-based storytelling. Virgin America and Crazy8, a Gymboree Brand, will be among the first Visa partners to utilize Cinematic Pin with Visa Checkout.
- NFL Partnership: This season, Visa will expand its longstanding NFL partnership to further integrate the latest payment technology, including Visa Checkout, into the NFL experience for fans.
- Large Merchant Partnerships: In tandem with some of the top retailers across the web, Visa will activate large-scale marketing campaigns with several new merchants including Dunkin’ Donuts and Williams-Sonoma.
Visa Checkout: The Easier Way to Check Out
Visa Checkout is an online service from Visa that allows consumers to securely store their shipping and payment information without ever having to re-enter the information when shopping online. With Visa Checkout, consumers can simply enter their username and password, and click a button to complete the purchase.
Since its launch less than a year ago, more than four million customers have signed up for Visa Checkout accounts. More than 125,000 large and small merchants and 260 financial institution partners now offer Visa Checkout globally. These represent some of the biggest retailers on the internet, including: Staples, Rakuten, Neiman Marcus, Gap, Pizza Hut, Orbitz, and Virgin America.
Visa Checkout will be available in 16 markets by the end of 2015. These are: Australia, Argentina, Brazil, Canada, Chile, China, Colombia, Hong Kong, Malaysia, Mexico, New Zealand, Peru, Singapore, South Africa, United Arab Emirates, and the United States.
1Visa’s comScore study: Visa Checkout, The Right Choice for Online Retailers, March 2015.
2Millward Brown Visa Checkout Customer Experience, March 2015; commissioned by Visa. Based on data from an online survey of 1,241 US consumers.
*comScore, Inc. (NASDAQ:SCOR) is a global leader in digital measurement and analytics, delivering insights on web, mobile and TV consumer behavior that enable clients to maximize the value of their digital investments. For more information, please visit www.comscore.com/companyinfo.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks – VisaNet – that is capable of handling more than 47,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products.
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