Internet PIN Debit: Aligning the Needs of Merchants, FIs and Consumers for Online Payments
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Overview: This white paper details the opportunity Internet PIN debit provides to merchants and financial institutions to align consumer preferences with their own interests and bottom lines. The paper finds that Internet PIN debit fits the profile of a preferred “cash-based” payment method with a popular physical analog, and has the opportunity to capture a significant portion of Internet transactions.
Topics covered in the white paper include: the shift in consumer payment preferences from credit cards to “pay now” debit based payments; the merchant, FI and consumer criteria a new payment method must meet to become a successful alternative in everyday use; the opportunity Internet PIN debit presents to FIs to combat alternatives, increase transactional revenue, and maintain the long-term customer relationship value; the potential for Internet PIN debit to bring merchants rapid consumer acceptance, reduced costs and incremental purchase volume; and the potential for Internet PIN debit to meet consumer needs for ease of use and security by capitalizing on a familiar payment behavior.
The paper also includes custom consumer research conducted by Javelin Strategy & Research in March 2009 on PaySecure, a software-only service for Internet PIN debit.