How many times have you filled your online shopping cart only to abandon it at the last moment? If you're among the 84% of consumers who've experienced this frustrating phenomenon, relief may be on the way.
Visa is leading a payment revolution across Asia Pacific, partnering with four major payment service providers - 2C2P, Adyen, AsiaPay and Worldpay - to tackle one of e-commerce's most persistent problems: high shopping cart abandonment rates. Their solution? The innovative Click to Pay technology.
The One-Click Wonder
Imagine checking out without scrambling for your credit card or struggling to remember passwords. Click to Pay allows consumers to complete purchases in seconds by simply entering their phone number or email address. The system then securely retrieves encrypted payment information, creating a checkout experience as seamless as contactless payments in physical stores.
Early results are promising. Visa reports that merchants using Click to Pay see an average 2.5% increase in payment success rates - a significant boost in the competitive e-commerce landscape where every percentage point matters.
Security Meets Convenience
While convenience is crucial, security remains paramount. Click to Pay addresses consumer concerns by employing tokenization technology, with all sensitive information securely managed by Visa. This approach directly responds to research showing 83% of consumers worry about third-party platforms storing their personal data.
"This collaboration delivers real sales growth for merchants while strengthening bank customer relationships," said TR Ramachandran, Visa's Asia Pacific Head of Products and Solutions. "Ultimately, it creates a safer, more convenient checkout experience - a true win-win-win scenario."
Asia Pacific Adoption Accelerates
Hong Kong's ZA Bank has emerged as an early adopter, becoming the region's first issuer to make Click to Pay a standard feature. Vietnamese banks Techcombank and VPBank have also implemented the technology for their Visa cardholders at partner merchants.
The payment revolution is gaining momentum across the region. 2C2P, which operates over 600,000 payment points across Southeast Asia, sees transformative potential in the technology. "Click to Pay will fundamentally reshape online payments," said Agnes Chua, General Manager of Business and Product Development at 2C2P. "The improved conversion rates and user trust will be game-changers."
Adyen Asia Pacific President Warren Hayashi emphasized the technology's alignment with Asia's mobile-first consumers: "Click to Pay perfectly meets regional expectations for fast, frictionless payments." The company serves global brands like Meta, LVMH and SHEIN, along with regional leaders including Cathay Pacific, Grab and Klook.
The Thai Opportunity
While Click to Pay's Thailand rollout timeline remains unconfirmed, industry observers consider its arrival inevitable given the country's position as Southeast Asia's second-largest economy and its rapidly growing e-commerce market.
For Thai online retailers, the technology promises to reduce cart abandonment, increase payment success rates, enhance data security, and improve operational efficiency - potentially creating substantial competitive advantages in one of Asia's most dynamic digital commerce markets.
As mobile penetration continues to rise across Asia Pacific, the race to deliver secure yet convenient payment solutions intensifies. With Click to Pay's ecosystem expanding rapidly, regional e-commerce stands on the brink of a transformation that could redefine the online shopping experience.