If prompted to enter a personal identification number online by a trusted merchant, 80% of consumers say they would do it, according to a survey sponsored by Acculynk, provider of the new PaySecure online PIN-debit service. 65% of respondents say they would feel safer shopping online with PIN-debit, the survey notes.
Three ATM and debit card networks are preparing to test the PaySecure system from Acculynk, which lets consumers pay by entering a debit card number and personal identification number online. One question the networks hope to answer is whether consumers will feel safe entering a PIN online. A survey sponsored by Acculynk suggests the answer may be yes.
In the survey of 500 debit card users who shop online, 80% say they would enter a PIN on the PaySecure online PIN-pad if prompted to do so by a trusted e-retailer. 65% say they would feeler safer shopping online with PaySecure, 63% say they would prefer using PaySecure to online payment service PayPal, and 48% say they would shop more often online if they could use PaySecure, the survey says. The survey was conducted last month by research and consulting firm Javelin Strategy & Research.
In other findings in the survey, 93% of respondents say PaySecure is easy to use, 88% say they understood that PaySecure scrambles the PIN-pad display to make the transaction more secure, 89% say they like the fact that they are not redirected to another site when paying with PaySecure, and 78% say entering a PIN on the PaySecure PIN-pad is similar to entering a PIN into a card reader at an ATM or grocery store.
“Our research shows that consumers are more willing to complete an online purchase when they feel the transaction is secure,” says James Van Dyke, founder and president of Javelin. “In the current economic climate, debit payment methods that increase consumers’ perceived security will be preferred by more consumers.”
Three ATM and debit networks are planning to test Acculynk, as is payments processor Chase Paymentech. The three networks are Pulse, Accel/Exchange and NYCE. Pulse cosponsored the survey with Acculynk.