The rise of online payments and the future of Click to Pay

Online and e-commerce payments are booming, growing five times faster than in-store payments. However, this dramatic shift brings challenges for merchants, issuers, and end users, including security concerns, higher drop-off rates, increased operational costs, and missed revenue opportunities for banks.
It has been estimated that 70.19% of online shopping carts will have been abandoned worldwide during the course of 2024. Key reasons include reluctance to create new accounts (26%), lack of trust in site security (25%), and lengthy checkout processes (22%). To address these issues, in 2017 EMVCo defined a framework for secure remote commerce and a unified secure checkout experience, supported by major payment networks like Visa, Mastercard, Amex, and Discover.