Online shopping is a daily routine for Slovak customers. 92 percent of people, who on average make two purchases per month, order goods from e-shops. The card is the most popular payment method, used most often by 69 percent of customers. Digital wallets and modern payment methods such as Click to Pay, which enable fast and secure online payment without lengthy entering of payment card details, are on the rise. says the latest Mastercard survey.
Every year, the Mastercard iResearch survey maps cashless payment trends on a representative sample of more than 1,200 Slovaks.
People shop online because it is comfortable. They can easily compare prices and find the lowest possible price for products. They also appreciate a wider selection of merchandise and the ability to shop anytime, anywhere, without leaving their homes. They expect the same convenience from the checkout process. For example, they are bothered when they have to look for their card in their wallet and then manually enter data into the payment gateway.
69 percent of customers make the most purchases using a credit card. However, in recent years, there has been an increase in the number of people who use various digital wallets instead of writing off the card number. In 2020, 12 percent of customers used them to pay; today, it is 32 percent. Starting this year, Mastercard in Slovakia offers an innovative Click to Pay method that works on all devices and allows you to make a purchase in a few clicks without entering passwords or manually entering payment card details.
“The goal of Mastercard is to provide customers with the same convenience when paying online as when shopping in brick-and-mortar stores, where all they need to do is put a contactless payment card into the terminal. We introduced tokenization, i.e., replacing cards, especially in the online environment, with their secure digital fingerprints, ten years ago, and this is a trend that is gradually becoming standard locally and globally. For customers, when shopping online, it brings exactly what they require: security, speed, and comfort,” says Jana Lvová, CEO of Mastercard for Slovakia and the Czech Republic.
The tokenization process replaces sensitive payment card data with a unique identifier, i.e., a token. This process enhances payment security by protecting real card details from misuse in online and contactless transactions. Using a token reduces the risk of fraud and improves consumer privacy.
In addition, Mastercard recently released its prediction for 100% tokenization of online e-commerce in Europe by 2030. It is part of the global goal of completely eliminating the need to manually enter credit card information, making e-commerce not only safer but also significantly more accessible. In Slovakia, the share of payments made by token has doubled in the last two and a half years.
In recent years, the popularity of shopping directly from mobile applications has also been growing in our country. This method is used by 4 out of 10 customers. On the contrary, fewer and fewer people use cash on delivery, and when they choose this option, they pay by card, not in cash. The main reasons why people prefer cash on delivery include distrust of a particular merchant and the possibility of not paying for the goods in advance but only when they really arrive.
Text: Bison & Rose, foto: Mastercard
