eCommerce payments involve many players—retailers, card networks, banks, regulators—and how these parties interact to secure consumers’ personal information is crucial to making the process work smoothly.
Research conducted by the Global Insights team at MasterCard shows that there is no global consensus among consumers on the question of who in the eCommerce ecosystem bears responsibility for the security of personal information. Across the surveyed countries, the most common answer for who consumers felt was responsible varied greatly.
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- Brazil – card networks
- Australians – banks
- Indonesians and Canadians – retailers
- Americans – All parties equally
- Italians – Don’t know
What we know from our previous infographic released on this topic is that the issue of securing their personal information is one that consumers take seriously. This newest information suggests they’re looking to put that responsibility in the hands of someone they trust and view as capable of the challenge. So what do we do with this information that there’s no unanimous global idea of a single accountable entity?
The most important thing to communicate to consumers is that their information security is just as big of a priority to the eCommerce players as it is to consumers themselves. As eCommerce grows and innovations surface to improve the flexibility and capability of this retailing channel, the many different eCommerce players should keep in mind that without securing consumers’ information, they’ll get nowhere.