Today in PYMNTS data, cross-border transactions are creating friction-related costs each year, most companies around the world are experiencing cyberattacks and grocery shoppers have reasons why they shop at certain grocers — but not for loyalty programs or digital coupons. In addition, digital shopping carts are abandoned before checkout because of purchase decision friction, and enterprises appear to be breaking the rules.
Here are the numbers:
$170 billion | Amount that cross-border transactions cost banks annually in friction-related costs, according to Lawrence Cooke, CEO of nanopay. Cooke doesn’t believe cryptocurrencies are the future of payments, however; instead he says digital offerings will supplant the promise and peril of bitcoin and its digital currency brethren.
86 percent | Percentage of companies around the world that experienced at least one cyberattack last year, according to Kroll research. Fraud experts warn it could be a business-shuttering mistake to assume a small or medium-sized business (SMB) is less susceptible to fraud than large enterprises.
75 percent | Portion of grocery shoppers who already knew most of the things they were going to buy before they got to the grocery store. In addition, fewer than 20 percent of all grocery shoppers said they chose a grocery store for loyalty programs or digital coupons.
60 to 75 percent | Percentage of digital shopping carts that are abandoned before checkout, the step that requires a purchase decision, according to Cosmin Ene, CEO and board member of LaterPay. A registration flow that requires payment info too early encourages consumers’ natural human inclination to abandon their carts when it comes time to pay.
17 | Number of enterprises that were adhering to government requirements to report supplier payment habits, according to auditing giant KPMG’s assessment of corporate compliance. At the time, the company’s Regional Advisory Practice Director Alan Flower told reporters that SMBs will likely be most affected by a lack of compliance.