A regular dose of D2C-centric resources & tools for Growing Brands, Startups & Entrepreneurs.

- A Checkout System that brings Trust -

The number of digital transactions in India increased from 1.06 billion in December 2019 to 2.66 billion in December 2020, according to data from the RBI.

And according to a report by the Association of Certified Fraud Examiners, e-commerce fraud accounts for 34% of all reported fraud cases. While the total amount of e-commerce fraud losses was estimated to be $4.2 billion (2020), according to a report by Statista.

With the increased growth in Payment modes, providers etc., comes an increased opportunity for scammers to commit ecommerce payment fraud.

As more transactions are carried out online, an additional layer of security to protect customer data entered during these transactions becomes an inevitable need.

Therein arises the need for a Secure Checkout System!

For example, our 1Checkout provides a 256-bit Defence-Grade Security and Encryption

Why?

Because it is what’s best for D2C Brands, now and for the future

1. A report by NortonLifeLock found that 84% of Indian consumers are concerned about their online security and privacy.

2. According to a survey by Baymard Institute, 17% of online shoppers abandon their shopping cart due to concerns about payment security.

3. A report by Forrester states that the use of secure payment pages can reduce cart abandonment rates by up to 5%.

4. A survey by ACI Worldwide found that 32% of Indian consumers have experienced fraud while making online payments.

5. The Reserve Bank of India (RBI) mandates that all online transactions must be secured using at least SSL/TLS encryption.

6. According to a survey by FIS, 65% of Indian consumers prefer to use digital payment methods, such as debit or credit cards, e-wallets, or net banking, when making online purchases.

7. The Indian government's push towards a cashless economy has led to a surge in digital payments, with the value of digital payments in the country expected to reach $135.2 billion by 2023, according to a report by KPMG.

Meaning, the entire ecommerce world is leaning towards secure digital payments, and it is a brands’ duty to provide customers with trust worthy purchase experiences.

Unified Payments Interface (UPI) accounts for more than 80% of digital payments in India.

Debit and Credit Cards → 10-15%

Digital Wallets → 5-10%

Net Banking → 5-10%

Immediate Payment Service (IMPS) → 1-2%

Bharat Interface for Money (BHIM) → 1-2%

Mobile Wallets → 1-2%

Pay-On-Delivery → 1-2%

EMI → 1-2%

What Makes a Payment Page Secure?

Here’s a simple checklist that we follow, and also urge brands to opt for a Secure Payment Page which offers the below:

1) SSL/TLS encryption: All data entered on the payment page, including credit card information and personal details, should be encrypted using SSL (Secure Sockets Layer) or TLS (Transport Layer Security) encryption protocols. This ensures that the data is protected from interception or tampering during transmission.

2) Two-factor authentication: Two-factor authentication (2FA) is an additional security measure that requires customers to enter a one-time code or use biometric authentication to verify their identity before completing a transaction. This can help prevent fraudulent transactions and protect customer data from unauthorised access.

3) Fraud detection and prevention: Ecommerce businesses should implement fraud detection and prevention measures, such as real-time monitoring of transactions and automated risk assessments, to identify and prevent fraudulent transactions.

Note: Our 1Checkout coupled with our RTO and NDR data from 450+ brands give us an upper hand when it comes to fraud detection.

4) Secure hosting and infrastructure: The payment page should be hosted on a secure server with robust security features, such as firewalls, intrusion detection and prevention systems, and regular vulnerability scans and updates.

5) Payment gateway security: Payment gateways are third-party services that facilitate online transactions and ensure the secure transfer of payment data. Ecommerce businesses should select a payment gateway that is reliable, secure, and compliant with industry standards.

Note: Apart from Payment Gateway Security, 1Checkout also offers up to 50% refunds on Payment Gateway Charges

6) Regular security assessments and testing: Ecommerce websites should conduct regular security assessments and testing, including vulnerability scans and penetration testing, to identify and address any security weaknesses or vulnerabilities.

Overall, a secure payment page for your ecommerce store should provide a safe and secure environment for online consumers to enter their payment information and complete transactions, while protecting their data from fraud and unauthorised access.

That’s the end of our talk on 'Improving Sales through Security'...

See you on the next coffee date!

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