Three Things Customers Want With Online Transactions

Online payment methods in Malaysia (such as FPX, e-wallets, and credit cards) have steadily grown since the mid-2000s. From a time when ‘cash was king,’ consumers are now leaving their wallets behind, relying instead on their phones or cards for payments.

However, as online transactions continue to rise, so do customer expectations. Whether you run an SME or an enterprise, understanding what works best for your customers is crucial to ensuring customer conversion.

What Do Your Customers Want?

1) Trust and Security

In 2024, 67% of Malaysian businesses worry about hacking and data breaches. It has made buyers more cautious than ever. This is because when customers shop online, they are required to input sensitive financial details such as credit card numbers, banking credentials, and personal data. If a checkout doesn’t appear secure, consumers may abandon their purchase due to security concerns.

To enhance payment security, Curlec is regulated and in compliance with Bank Negara Malaysia (BNM) – implementing its strict regulatory frameworks to safeguard online transactions. Curlec is also compliant with the Payment Card Industry Data Security Standard (PCI DSS), ensuring that businesses handle payment data securely.

2) Flexibility and Convenience

While security builds trust, payment flexibility drives conversions. But what does flexibility in payments mean? Simply put, it’s about offering seamless and convenient payment options that cater to different customer preferences. The more payment methods a business provides, the easier it is for customers to check out – reducing the likelihood of cart abandonment and frustration over not having a convenient option to pay.

Now, about some of the available payment methods in the market today, digital wallets like Touch ‘n Go eWallet and GrabPay continue to gain traction, while DuitNow or FPX remains a preferred method for instant transfers. Credit cards and instalment plans (such as Easy Payment Plans (EPP) and Buy Now, Pay Later (BNPL)) offer financial flexibility for higher-value items. BNPL, in particular, is on a rapid rise with 3.7 million users transacting in 2024. It’s an opportunity for businesses to attract a new customer base.

3) Speed and ease

Here comes the third element customers crave when making payments: speed. It’s the key to reducing friction at checkout. Curlec’s way to tap into that is through saved checkouts powered by tokenization. It allows customers to securely store their card details for future purchases and eliminates the need to re-enter payment information each time. This aligns with having fewer fields to complete checkout, reducing the clicks-to-checkout rate by 43% compared to other payment gateways in the market.

The 3-in-1 Experience

Looking at all three points, it’s clear what it takes to deliver an exceptional checkout experience – one that blends security, flexibility, and speed. These are the key aspects customers want, and fortunately, the Curlec Payment Gateway brings them together in one seamless solution. The Curlec Payment Gateway offers more than just these three pillars, find out how it can help your business grow here.