Online shopping in Pakistan has become a norm to the average person nowadays and is grasping every nook of the country in every way possible. This brings in Online payments and Digital Payment. The Payment method that a customer chooses indicates how much a customer trusts where he is putting his credentials and also indicates the customers preferences. Prepayment, still emerging, is yet far from reaching the level of trust customers put in Cash On Delivery as there are still a lot of people who have been or are afraid to be part of a potential scam online.
This article goes over the several payment methods available on the leading E-commerce websites in Pakistan such as Daraz.pk which are growing while gaining potential by the day.
The Prepaid Factor:
Daraz.pk, being the widespread organization it is, has gained the trust of the customers and those who are new to the website by a great deal and it surely is doing them a good deal.
Daraz.pk Recent sale known as the Black Fridays sale introduced in November 2015 spiked the benchmark for prepaid payments. The Percentage of people considering prepaid transactions went from a piffling 5% to a hefty 33% during that sale.
Taking that increase in prepaid payments in consideration, Daraz started building partnerships with leading banks like HBL, Standard Chartered Bank, UBL, Meezan Bank, Silk Bank and more. This helped them make their portal 3D Secure and induce mobile wallets and bank transfers.
In MD Zain Suharwardy’s words:
“When you’re Pakistan’s largest online marketplace, it isn’t enough to simply set up shop. The digitization of commerce has to work in tandem with payment solutions in order to truly effect a paradigm shift. We’ve made progress to this end and aim to convert greater numbers of customers to prepaid.”
Numbers To Prove
Daraz, upon looking upon its Independance Day ShopFest sales, found out that 70% of the sales were prepaid and 47% of those were new customers and 25% of them were old customers who opted for prepayment for the first time.
“It’s encouraging to know that almost half our prepayment customers during the Independence Day sale were brand new customers at Daraz, making first-time orders. Prepaid is a vote of confidence in an increasingly sophisticated ecosystem,”
Even leaving the events around, the overall graph for prepayment is showing no less progress and is going up by the day.
Daraz has been making itself better in every way and electronic payment solutions are a part of the procedure. Customers no longer have only Cash On Delivery to rely on but have various ways of payment as per their ease.
Daraz has been working consistently on getting as many verified and valid partners at its side to make it easier for its customers to engage on their website.
For this, Daraz has onboarded EasyPay and JazzCash, which are easily available online payment solutions for e-commerce sellers and customers.
The ways of payment include any local or internationally issued Visa/MasterCard Credit or Debit card holder to pay online on their website, Which is compliant to the International Data Security standards and stringent security checks that ensures safe transactions for its customers.
Pakistan, Being a country with limited bank account availability, needed a breakthrough and Mobile Wallets like EasyPaisa Mobile Account and the JazzCash Mobile Account are the perfect breakthrough as they allow users without bank accounts to make payments online.
Daraz also allows bank transfers through an innovative card-less service in Pakistan known as Keenu NetConnect. It is a secure way for customers to pay online using their bank account.
3D Secure Payments:
Daraz, being affiliated with banks has gotten itself a 3D Secure Portal.
3D Secure is a technology powered by Verified by Visa (VBV) and MasterCard SecureCode and adds an additional layer of security and secondary verification when using credit cards for internet-based transactions. It provides customers added protection from unauthorized online transactions by employing a One-Time Password (OTP) when they shop on 3D Secure enabled websites. Secondary verification is completed via SMS and/or email.
Monthly Instalments Introduced:
Daraz now offers monthly instalments that let customers shop off Daraz through a payment plan that lets them buy what they want in monthly instalments without any markup, processing fee, down payment or other hidden costs.
Users can redeem this instalment plan on over 300,000 products available on Daraz condition being the total cart value to be greater than Rs. 10,000. It can be scheduled in a 3,6 or 12 month tenures on checkout.
This is currently only offered to Standard Chartered Bank customers under Asaan Instalments and other banks are soon expected to introduce the same programe in the near future.
Daraz Offering Special Discounts And Offers to Improve Their Services:
Daraz has been consistently been putting up special offers on a regular basis in the form of Events such as the EasyPay Online Shopping Gala, Jazz Cash Festival, the HBL ShopFest and the scheduling of regular Bank Partner days – Standard Chartered Super Sundays (15% additional discount) and UBL Wednesdays (20% additional discount).
With a lot more in store.
Their partnerships with banks allow customers to avail bank-exclusive additional discounts on their cards further emphasizing card payments and promoting the prepayment culture regularly.
The initiative to sustain a prepaid environment is a good one as COD (Cash On Delivery) cannot be sustained in the long-run. This being the reason, Daraz is trying its best to move to a more prepaid environment like other countries around the world.