Released on: October 01, 2010, 2:29 pm
Author:
Barclaycard
Industry: Financial
Barclaycard has announced the launch of Barclaycard SmartPay. This new secure online payment processing system is designed to help European retailers compete with domestic retailers in foreign markets and reduce the number of transactions where customers do not complete their purchase. Developed in partnership with global internet payment and e-commerce solutions provider Adyen, it will revolutionise cross-border e-commerce by offering a simpler, seamless payment experience to consumers.
Barclaycard SmartPay's next generation functionality offers a single payment gateway for large merchants' online shops, adapting language and currency to the origin of the paying customer. While ensuring an interruption-free redirect to the payments page, it also offers a diverse range of payment methods, helping retailers to meet local consumer preferences for online transaction types across European countries which helps lower abandonment rates*.
According to recent figures** for Western Europe, e-commerce sales are expected to reach €77bn this year, and grow by a further 10 per cent per annum to reach €123bn by 2015. Whether in traditional retail sales, leisure and travel or other key online sectors, Barclaycard SmartPay will enable merchants to take maximum advantage of the rapidly growing online sales market.
Paul Cook, Managing Director of Global Payment Acceptance at Barclaycard, said:
"Consumers can quickly get frustrated at online check-out and abandon their
purchase if the experience isn’t straightforward or they can’t select their
preferred payment method. By simplifying the complex online transaction processes,
Barclaycard SmartPay will
make it easy for businesses to present a seamless, familiar payment environment to
customers across the EU and, ultimately, increase conversion rates and confidence
with previously unfamiliar websites."
Pieter van der Does, Chief Executive of Adyen, said: "The Adyen Internet Payment Solution has been designed to provide a scalable, flexible one stop platform for accepting internet payments worldwide with one contract and one connection. The combination of our expertise and Barclaycard’s globally renowned brand offers merchants complete control over a payment platform they can trust and the opportunity to extend their online business across Europe."
Barclaycard SmartPay is PCI DSS compliant and will protect customer transactions with a range of built-in fraud and risk tools. It integrates easily with shopping carts and existing e-commerce solutions, and will provide merchants with a live snapshot of all online sales activity via real-time management reporting.
Paul Cook, adds: "Combined with a merchant's own marketing data, Barclaycard SmartPay's unique reporting capabilities will provide enhanced insight into consumer behaviour in unfamiliar territories, helping them to compete in domestic markets from their home market."
Notes to editors
*According to research from Forrester, the most popular online shopping payment
across the EU is credit cards (41%), but preferred
payment methods vary by country from direct/payment cards to online bank
transfers, credit cards or even PayPal. Source: European Technographics Retail,
Customer Experience and Travel Online Survey, Q3 2009.
**Source: Forrester Research Inc; Internet Shopping Model, 1/10 (Western Europe), which does not include categories such as travel, cars and prescription drugs. It also does not include food and drink sales at a restaurant or fast food chain, consumer-to-consumer commerce, or gasoline sales.
About Barclaycard
Barclaycard, part of Barclays Global Retail Banking division, is a leading global
payment business which helps consumers, retailers and businesses to make and accept
payments flexibly, and to access short-term credit when needed.
The company is one of the pioneers of new forms of payments and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting edge forms of payment for the future. It also issues credit and charge cards to corporate customers and the UK Government. Barclaycard partners with a wide range of organisations across the globe to offer their customers or members payment options and credit.
In addition to the UK, Barclaycard operates in the United States, Europe and Africa.
PR Contact:
Andrew Bond
Barclaycard Press Office
Barclaycard
1234 Pavilion Drive
Northampton
NN4 7SG
01604 251229
www.barclaycard.co.uk