Source: Retail Decisions
Retail Decisions (ReD), a world leader in payment fraud prevention and payment processing, has expanded its payments types by adding six new payment methods to service the growing popularity of alternative payment methods as consumers look for a wider choice of options online.
While credit cards continue to be the top online payment choice, consumers are increasingly demanding multiple payment options. ReD's online retailers will now be able to accept payment through Amazon Payments™, Google™ Checkout, Green Dot®, Mazooma™, Moneybookers, and Ukash™.
Credit card's share of online payments is expected to decline from 60% today to 44% by 2012 and already 41% of online consumers prefer alternative payment options over credit cards*. Fraud-conscious consumers are increasingly reluctant to provide credit card details and alternative payment options such as eWallets are seen as more secure.
Carl Clump, CEO of ReD, commented; "ReD has supported alternative payments for some time but the addition of these six new methods expands our expertise in alternative payment processing. It is important that ReD meets the changing needs of consumers and online retailers internationally, taking into consideration payment preferences which vary dramatically across cultures. For example, in the US and UK the trend is the growing use of debit cards, rather than credit cards, but in the Far East many people use eWallets to pay for items ordered online. The emergence of alternative payment options has attracted new online shoppers, who previously had a variety of concerns about ecommerce or no access to credit cards. This in turn has created a new opportunity for online merchants and we are delighted to be able to offer this service to our clients."
*Javelin Strategy & Research, Online Retail Payments Forecast 2010-2014