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Trust in the

digital economy

TRUST IN

THE DIGITAL

ECONOMY

2025

Trust in the

digital economy

WHERE THE WORLD

CHECKS OUT

Trust in the

digital economy

METHODOLOGY

Checkout.com partnered with YouGov to survey adults from around the

world to understand what drives Trust in the Digital Economy and in the

brands that operate within it.

NUMBER OF COUNTRIES: 16 NUMBER OF RESPONDENTS18,000

Australia, Saudi Arabia, United Arab Emirates, Egypt, China, Japan, New Zealand,

Netherlands, Sweden, Germany, France, Spain, UK, USA, Canada, Brazil.

Census-balanced demographic per country (18+) and Nationally representative.

Interviews conducted with 20

brands and industry experts.

Interviews conducted with 15

consumers. Images are stock

images to protect their identities.

Checkout.com network data gives

a unique view on transaction

trends and fraud trends through

billions of payments processed

by Checkout.com.

SURVEY

INTERVIEWS NETWORK DATA

Trust in the

digital economy

CONTENTS

102

104

105

106

111

114

Trusted to deliver: How digital commerce underpins daily life

Brazil: A snapshot of one of the world’s fastest growing digital economies

Trust compounds online: The power of social proof

From IRL to URL: How choice took the digital economy in-store

Trust: Won and lost at the checkout

Consumers fear for the safety of their card data

Why PCI DSS 4.0 is fundamental to a thriving digital economy

Real-time10 gig economy payouts: Why speed fosters trust

Rise of the circular economy: Pre-loved takes top spot for young shoppers

E-gaming: A third of the world games weekly

The cycle of trust: Five steps to combating chargebacks and fraud in gaming

Trust is a two-way street: Refund and chargeback abuse

Building trust in online luxury markets

Doubling down on trust: How embedded insurance is empowering consumers in an uncertain world

The great wealth transfer: Millennials and Gen Z trust it online

Why we brought ecommerce to B2B healthcare - and what it says about trust in the digital economy

Trust in consumer AI gains momentum

Concerns about AI in ecommerce

The hidden cost of children voice shopping

The invisible hand gets an upgrade: How agentic AI will reshape the future of payments

Trust was never simple: Why the digital economy depends on the right approach to complexity

Consumer scams hit business revenue

Maintaining trust while navigating an impending fraud epidemic

AI enabled fraud

Trends in identity fraud

Face authentication: How businesses can combat deepfakes

Digital ID: The future of payments?

Who are you doing business with? The future of digital ID verification

Trust has no finish line

PART 1: THE DIGITAL ECONOMY

How people live spend and earn

PART 2: THE FUTURE OF TRUST

AI’s power to perform, protect-and prey

Trust in the

digital economy

EXECUTIVE

SUMMARY

This report, based on a global YouGov

study of 18,000 consumers across 16

markets, examines how trust shapes

consumer behavior in the Digital Economy

(the vast global ecosystem of products

and services paid for online in billions of

digital payments made every day). It also

draws on Checkout.com’s own network

data – billions of data points that indicate

payments trends as money flows from

consumers to merchants around the world

24 hours every day. With 92% of people

surveyed transacting online, participation

is high – but trust remains conditional.

It is won and lost in key moments: the

decision to share personal data, commit to

a transaction, interact with AI chatbots, or

engage with a digital identity.

In traditional commerce, trust is built in.

You pay with chip and PIN or cash, and

leave with your products in hand. In the

digital economy, trust is earned. The

virtual nature of the digital economy

makes trust an even more valuable and

potentially volatile currency. Trust is a

measurable, strategic asset that directly

impacts conversion, retention, and

competitive advantage.

Trust in the

digital economy

WHY IT MATTERS

• 83% of Gen Z regularly send money

to peers using mobile wallets. Most

Gen Zs and Millennials globally are

managing their money, investing their

wealth and buying insurance via apps

– upending old-style financial services

as the great wealth transfer takes hold.

• Card-not-present card payments

are now supporting six or seven

figure transactions for items such as

luxury goods, or medical devices – a

significant level of trust supported

by Identity Verification and product

verification tools.

Trust fuels the full spectrum of

digital life and consumers expect

always-on, high-performing

experiences. Merchants must

meet rising expectations for

speed, security, and service,

or risk breaking trust with

highly engaged and savvy

users, in an increasingly

competitive market.

Trust is an action: clicking “buy,” sharing

your data, accepting a ride. Consumers

are embedding digital commerce into

every part of life, from shopping and

socializing to managing money and

earning income. This embedded behavior

signals growing trust – but it also raises

the bar for performance.

• 75% of global consumers transact

online weekly or more. 35% of

Brazilians and 27% of Chinese

consumers make multiple digital

purchases each day. Since 2022, daily

online transactions have increased by

150% in the US and 300% in MENA.

• 46% of global Gen Zs now earn

income via the Gig or Creator

economies, a signal of the rise of

supplementary incomes and the

culture of side hustles. This rises to

58% of the whole population surveyed

in Brazil and 53% in Egypt.

• A quarter of Millennials and Gen Z

across Europe and the UK have made

a lifestyle of the Circular Economy –

prioritizing second hand purchases

online and frequently earning an

income from re-sale on the

same platforms.

1. TRUST, MEASURED

IN CLICKS

KEY INSIGHTS

Trust in the

digital economy

• 46% of consumers say peer reviews

and third-party content are the most

important factor in building trust in a

brand or product – equal to the power

of brand recognition itself

• 30% of shoppers compare prices on

their phones while in-store; over 45%

of Gen Z do so regularly

• More than 50% of regular online users

engage with AI tools such as voice

assistants, image search, or virtual

try-ons. Global Gen Zs as well as China

and MENA markets are leading the way

in adoption. AI-sourced traffic to UK

retail sites grew by 500% between Oct

2024 and Feb 2025

Trust spreads online through networks:

reviews, ratings, social proof. These

signals now matter as much as brand

recognition and they flow through both

human and algorithmic filters. Increasingly,

social channels are not just sources of

information but also points of purchase.

This accelerates shifts in consumer trust

and intensifies competition.

Mobile access to information is also

pushing the Digital Economy into

physical stores. QR codes, mobile

checkouts, and digital loyalty programs

are bridging the gap between online

and offline experiences.

Meanwhile, as consumers ramp up their

use of AI for search and shopping, AI

doesn’t replace human trust signals – it

amplifies them. Social proof, ratings,

reviews, and user-generated content

now flow through algorithmic filters that

influence discovery. Brands must optimize

not only for consumer experience but also

for machine visibility on networked trust.

Reputation, responsiveness, and credible

feedback all feed into how consumers –

and AI – evaluate trustworthiness.

2. NETWORKS

OF TRUST

WHY IT MATTERS

When people trust, they’ll convert.

Given the power of social proof,

that makes timing and channel

strategy critical. Merchants must

meet consumers in the moment

of emotional connection –

optimizing for all devices, using

payment links, ensuring perfect

brand continuity and integrating

with any platform necessary to

stay connected.

KEY INSIGHTS

Trust in the

digital economy

The point of payment is where trust is

most visible, valuable and vulnerable.

Brands invest heavily in customer

acquisition, with ecommerce customer

acquisition costs ranging from $50 to

$130. But a single failed payment can

undo all that investment in seconds.

Poorly performing payments damage

not just revenue, but reputation and

loyalty. According to consumers, payment

performance means: security, speed,

the right payment method, in the right

currency, and appropriate authentication

methods. Most consumers say they’d

avoid storing card details on ecommerce

platforms.A smooth, secure transaction

reinforces confidence; any friction

can undo the entire customer journey.

While strong UX and product appeal get

consumers to the cart, trust determines

whether they complete the purchase.

KEY INSIGHTS

• 66% of consumers say payment

performance is the key driver of trust

at the checkout, overtaking returns

policies which were cited as more

important in 2022

• 40% have abandoned a cart due

to security concerns; 42% wouldn’t

return after a failed payment

• Uncertainty about the security of a

checkout is the number one reason for

lost trust according to consumers

• 69% of consumers don’t feel

secure storing card details on

ecommerce platforms

3. TRUST AT

THE CHECKOUT

WHY IT MATTERS

To protect trust, merchants

must signal security clearly –

through perfect brand continuity,

PCI compliance, 3D Secure

Authentication, and trusted

encryption cues. A strong

payments strategy builds trust

by increasing approval rates,

preventing fraud, and protecting

user data. It means deploying

Network Tokens and machine

learning models to reduce fraud

and maximize acceptance.

Trust in the

digital economy

Trust in the Digital Economy is

accompanied by rising caution. While

educated caution is important, most

consumers do not feel well-informed to

deal with threats. As consumer scams rise,

so does payments fraud, leading to a high

risk of costly chargebacks and lost trust

for merchants. Meanwhile, consumers

also cite growing concerns over data

security when searching and transacting

online. Resale bots, algorithmic bias, image

theft for deepfakes, and politically driven

misuse of data all threaten consumer

confidence in the Digital Economy today.

Indeed, deepfakes, face reenactments,

synthetic identity scams, and real-time

phishing are becoming harder to detect.

Julie Fergerson, CEO of the Merchant

Risk Council, warns that these scams

could drive $40 billion in losses in the

US alone by 2027. Data suggests older

consumers are more vulnerable to online

social engineering; younger ones are more

exposed to physical threats like phone

theft and QR code fraud.

• 60% of consumers say the rise of AI

poses a risk to their data security.

• 40% of consumers report payment

fraud linked to hacking, scams, or theft

and 56% do not feel well-informed

about how to keep their money safe

online

• Nearly half say deepfakes are a

serious personal safety concern

to them

• The MRC predicts AI-enabled scams

could cost the US $40 billion by 2027

4. EMERGING

THREATS TO TRUST

WHY IT MATTERS

To address escalating fraud,

businesses are turning to AI

and machine learning for more

sophisticated fraud detection.

Tools such as face authentication,

behavioral analytics, and

intelligent ID verification are fast

becoming the foundation of a

new trust stack. Experts also call

for a united campaign to educate

consumers – lead by ecosystem

players such as merchants, banks,

and fintech apps.

KEY INSIGHTS

Trust in the

digital economy

In card-not-present payments, identity

isn’t confirmed in person, it’s inferred

through proxy. And thanks to smart

authentication methods, that proxy is

getting sharper all the time. From 3DS to

wallet-native authentication, today’s tools

can dynamically assess risk, confirm user

intent, and stop fraud – all in a matter

of milliseconds. Biometric prompts go

further still, reducing friction and boosting

confidence with a glance or a touch. These

systems work. But they’re momentary.

They validate the transaction – not the

individual behind it. And in an age where

agentic AI may transact on a shopper’s

behalf, that presents a new challenge:

when the agent acts, who’s accountable?

When the signal comes from software, not

a person, what does “verified” look like?

This is where the conversation expands

from authentication to identity. A

persistent, portable digital ID could

serve as a trust anchor across channels,

platforms, and use cases. A new layer of

assurance enabling agent-led commerce

without losing sight of the consumer –

many of whom already seem prepared for

a future where their digital ID becomes

their payment method.

• ⅓ of all under 45s are using biometrics

to verify transactions

• Over 50% of consumers – and nearly

60% of Gen Z – believe their digital ID

will be their main payment method in

the future

• 48% believe that merging ID

verification with payments would

be the key to making them feel more

secure when transacting online, rising

to 54% of Millennials

• 43% of consumers would like to have

a digital ID wallet. Interest in digital ID

wallets is highest in the Middle East

and Asia, where digital adoption is

accelerating

5. AUTHENTICATION

TO IDENTIFICATION

Securing trust

in flux

WHY IT MATTERS

The conversation around paying with

Digital ID is hotting up. Merchants must

consider a future where transactions are

identity-verified by default – improving

not just safety, but also speed, access,

and personalization. Nevertheless, trust in

Digital ID and ID verification depends on

data protection, government transparency,

intuitive design, and inclusion – especially

where facial recognition is used. Younger

consumers worry about biometric bias;

older ones, about political surveillance.

Cross-border interoperability is a pressing

challenge for regulators looking to unlock

the full potential of digital ID.

KEY INSIGHTS

Trust in the

digital economy

While new tech creates new convenience,

people are unsettled by what they perceive

as new tech-related security threats when

they transact online today. On balance,

slightly more consumers think tech is

making the Digital Economy safer – but it

is almost too close to call. When we dig

down, there are big differences between

countries and generations. Merchants will

need to bring their full consumer base

with them on the innovation journey in the

years to come. In a landscape defined by

constant change, trust is what endures. It’s

built through reliable service, transparent

practices, and well-handled risks. As AI,

digital ID, and agentic commerce reshape

the rules, trust will remain a fundamental

driver of success. The brands that

prioritize trust at every layer of the digital

experience will lead the next chapter of

global commerce.

TRUST HAS NO

FINISH LINE

Trust that technology is making

the Digital Economy safer

On balance as technology

evolves it is becoming

easier to trust that online...

On balance as technology

evolves it is becoming

harder to trust that online...

I don't know

Harder to trust

I don’t know

Easier to trust

38% 36%

26%

Trust in the

digital economy

Trust in the

digital economy

THE DIGITAL

ECONOMY

PART 1

How people live, spend and earn

Trust in the

digital economy

Trust, Click, Buy: Digital engagement

signals consumer confidence

BRAZIL

50% of the population

earns in the Gig and

Creator economies

57% of Baby Boomers

plan to increase their

ecommerce spend in

the next 12 months

41% of the population regularly

orders food on delivery apps

UAE

24% of the population

buys their luxury

goods online

SPAIN

33% of the population

plan to increase their

use of online travel

booking sites in the

next 12 months

AUSTRALIA

54% of the

population make

purchasing decisions

strongly informed

by online reviews

EUROPE

30% of Gen Z across Europe buy

and sell in the Circular economy

JAPAN

20% of Baby

Boomers shop

online multiple

times each day

EGYPT

53% of the population

earns in the Gig and

Creator economies

CANADA

36% of the population

are deal-hunting on

their mobiles while

browsing in-store

CHINA

49% of the

population play

e-games multiple

times a week

How people live,

spend and earn

Trust in the

digital economy

Trust isn’t something you simply

have - it’s something you do. Your

behavior, such as sharing personal

data, clicking “buy,” or accepting

a ride from a stranger is the

clearest expression of trust. Trust

is a confident relationship with the

unknown - and it’s expressed

through action.

Rachel Botsman,

Digital trust expert,

Said Business School

TRUSTED TO DELIVER

Trust in the Digital Economy is visible

in everyday behaviors – from shopping,

dining, and gig work to gaming, streaming,

and travel. It powers the way we live,

connect, and do business. And it’s growing

fast. The World Bank estimates the Digital

Economy is expanding 2.5 times faster

than the physical economy in GDP terms.

The Digital Economy is accessible anytime,

anywhere, through the devices in our

hands. The sheer scale of participation

is a benchmark of confidence, and the

frequency of online shopping signals how

deeply digital commerce is embedded in

daily life. Central to this trust is choice,

convenience, and consistency. Even in a

tough economy, the appetite to buy online

does not appear to be slowing down.

Consumers are adjusting, not retreating:

shifting spend online to buy in bulk, chase

better deals, and make smarter use of

split or deferred payment options. These

behaviors point to a more intentional

shopper – one that expects retailers to

deliver value, flexibility, and ease. For retail

brands, the opportunity lies in meeting

that mindset with transparent digital

experiences, clear pricing, and payment

options that support financial control

without sacrificing speed.

How people live,

spend and earn

Trust in the

digital economy

% of shoppers

who plan to

increase

e-commerce

use in the next

12 months

% of global

population

who buy goods

and services

online at

least monthly

Food & groceries

Clothing

Travel & transport

Streamed content

Cosmetics

Homeware

E-games

Pet supplies

Second-hand goods

News media

Event tickets

Electronics

Medical services

Experiences

Government & public services

Luxury goods

Dating apps

71%

Food & Groceries

Clothing

Travel & Transport

Streamed content

Cosmetics

Homeware

E-games

Pet supplies

Second-hand goods

News media

Event tickets

Electronics

Medical services

Experiences

Government & Public services

Luxury goods

Dating apps

Percentage of global consumers purchasing these goods & services online

53%

50%

33%

30%

28%

26%

25%

22%

14%

20%

12%

10%

How people live,

spend and earn

Trust in the

digital economy

Trust is never static. It can be lost, but it

can also be pushed in new directions –

making continuous growth and innovation

possible. Botsman describes trust as

“elastic”, allowing consumers to adapt to

innovations in technology and business

models. Healthy skepticism turns into trust

when enough people take the leap, see the

rewards, and come back for more. In this

way, “trust is the conduit through which

new ideas travel – trust drives change.”

This is fundamentally positive for growth

in the Digital Economy. Because “the

bigger the trust problem, the greater

the opportunity” – an insight that drove

Alibaba’s Jack Ma to launch Alipay. Solving

the ecommerce-payments-trust-gap

faced by his business in the early 2000s

unleashed a $120 billion business. The

lesson? Where trust is a barrier, those who

build the right technology hold the keys to

unlocking entirely new markets.

“Trust is the conduit

through which new

ideas travel”

The gig or sharing economies are a prime

example: The emergence of platforms

like Uber, Airbnb, and TaskRabbit

seemed radical – they asked people to

trust strangers with their “most valuable

possessions, experiences, and even

their lives.” What once seemed radical

has become the norm, forming a $150

billion market. Today our research

suggests 46% of Gen Zs earn income

through gig economy platforms, while

40% of the global population relies on

them for services such as food delivery,

transportation, tutoring, and programming.

Humans welcome good innovation. They

reorganize their lives around it.

I live alone and have mobility

problems, so the internet has become

my trusted lifeline. When I go out it’s

to see people. But I rarely have to

worry about getting out to shops if

I can’t because I know I can plan my

needs around online orders.

Dorthe,

65, Bradford

CONSUMER INSIGHT

How people live,

spend and earn

Trust in the

digital economy

2022

2025

High-frequency transactions signal deep

consumer trust in the Digital Economy

Growth in frequent online

shopping (2022-2025)

2022 2025

+167%USA

+50%ESP

FRA +150%

+100%GBR

How people live,

spend and earn

Trust in the

digital economy

People who

transact online

every day

Brazil

KSA

Japan

UAE

China

Egypt

Australia

Canada

Netherlands

New Zealand

France

Spain

Sweden

Germany

Daily online shopping by millennials and gen z’s (under 45’s)

% of population who shop online daily or more

Brazil

KSA

Japan

UAE

China

Egypt

Australia

Canada

Netherlands

New Zealand

France

Spain

Sweden

Germany

0% 10% 20% 30% 40%

% of Millennials

and Gen Z

35%

24%

22%

21%

23%

17%

40%

15%

12%

16%

10%

12%

15%

10%

22%

16%

27%

23%

41%

% of total

population

How people live,

spend and earn

Trust in the

digital economy

I don’t think I’m alone in saying

that Pix was my gateway to

ecommerce. It started out as a

really helpful way to manage my

money and pay for things in ‘real

life’ but ultimately, it has given me

access to the internet as a place

I can buy anything, especially

goods from other countries.

Gabriel

30, São Paulo

CONSUMER INSIGHT How people live,

spend and earn

Trust in the

digital economy

A SNAPSHOT OF ONE OF THE WORLD’S

FASTEST GROWING DIGITAL ECONOMIES

Brazil’s digital economy is expanding

rapidly, driven by financial inclusion,

regulatory changes, and ecommerce

growth. Post-pandemic, 84% of Brazilians

are now banked, accelerating fintech

adoption and shifting the country towards

a digital-first payments landscape.

In addition to mobile phones’ high

penetration (above 80%), another catalyst

is the fact that the Brazilian Central Bank

has fueled this transformation by replacing

restrictive policies with regulations that

encourage innovation.

Pix, Brazil’s instant payment system, has

quickly become the dominant payment

method, with 35% of ecommerce

checkouts in 2024 and projections to

surpass 45% in 2025. Its zero-cost peer-

to-peer transfers and ease of use have

disrupted traditional payments, challenging

credit cards, which remain strong in

installment-based (BNPL) purchases.

Brazil leads Latin America in credit card

penetration, with Visa and Mastercard

controlling 90% of the market. Boleto

Bancário, once a key cash-based payment

method, is fading as Pix offers a more

seamless alternative.

Ecommerce in Brazil is growing at over

60% annually, outpacing the regional

average. Online sales make up 15% of total

retail and continue to rise.

Juarez Borges Filho

General Manager, Brazil,

Checkout.com

Cross-border ecommerce trade is expanding,

particularly through Chinese marketplaces

like Shein, Alibaba, and Temu, which maintain

high order volumes despite new import taxes.

Shein alone ships 80,000 packages daily

to Brazil – Amazon: a further 10,000 daily.

To support demand, Chinese retailers are

investing in local logistics, including a new

323,000 square feet Anjun Express facility at

Guarulhos International Airport.

This rigorous growth comes despite some

challenging macroeconomic conditions

present challenges. Inflation reached 4.56%

in 2024, and interest rates remain high.

GDP growth projections for 2025 indicate a

deceleration and may be under 3% (between

2.8% to 2.9%). Foreign exchange fluctuations

affect cross-border purchases, yet demand

remains strong due to competitive pricing.

Despite a 60% import tax on small purchases

lower than USD 50, goods from China often

remain cheaper than domestic alternatives.

Payment providers benefit from cross-border

transactions not just through processing fees,

but also FX transaction spreads, particularly

when operating as merchants of record for

global platforms.

How people live,

spend and earn

Trust in the

digital economy

In the face of recent rises in

unemployment, the gig economy is also

reshaping economic activity, with rising

participation in ride-hailing and delivery

services increasing reliance on flexible

digital payments. Brazil’s digital economy

represents more than 50% of Latin

America’s ecommerce and continues

to grow. Businesses that adapt to its

evolving payments ecosystem, shifting

consumer habits, and regulatory

landscape will be best positioned to

capture its opportunities.

Apps like Just Eat, Delivery Hero, and

Deliveroo have made ordering groceries,

meals and household goods effortless,

while ride-hailing services ensure trips are

booked, completed, and paid for instantly.

What was once an occasional online

purchase has become a real-time financial

ecosystem, driven by an invisible, always-

on payments infrastructure.

Checkout.com network data showing Friday and Saturday

food delivery spikes through 2025 to date

2025-03-26

2025-03-24

2025-03-22

2025-03-20

2025-03-18

2025-03-16

2025-03-14

2025-03-12

2025-03-10

2025-03-08

2025-03-06

2025-03-04

2025-03-02

2025-02-28

2025-02-26

2025-02-24

2025-02-22

2025-02-20

2025-02-18

2025-02-13

2025-02-09

10000

15000

10000

15000

10000

15000

10000

15000

10000

10,000

% of shoppers who plan to increase e-commerce use in the next 12 months

Tuesday

Thursday

Saturday

Monday

February March

Wednesday

Friday

Sunday

Tuesday

Thursday

Saturday

Monday

Wednesday

Friday

Sunday

Tuesday

Thursday

Saturday

Monday

Wednesday

How people live,

spend and earn

Trust in the

digital economy

The core appeal of these apps

lies in the trust that they will

deliver within the hour, simplify

mealtime decisions and reduce

the mental burden of planning and

preparation. They give me back

time to do the things that matter

most – earn a living and spend

time with my children, knowing

we have what we need when

we need it.

Tom

34, London

CONSUMER INSIGHT How people live,

spend and earn

Trust in the

digital economy

When the world checks out:

Peak shopping hours during

Black Friday-Cyber Monday

THE DIGITAL ECONOMY

NEVER SLEEPS

The Digital Economy enables 24/7

shopping, letting consumers buy whenever

it suits them best. During peak spending

periods like Black Friday-Cyber Monday,

transaction spikes varied by market.

Hong Kong shoppers led early, with sales

surging at 1 AM local time. In the UK,

activity peaked at the start of the workday,

while US consumers preferred prime-time

browsing, with transactions peaking at

8 PM local time.

*All hours are local

time, all data is from

Checkout.com

network data

Black Friday

Noon Sunday

Cyber Monday

Friday Saturday Sunday Monday

How people live,

spend and earn

Trust in the

digital economy

TRUST COMPOUNDS

ONLINE

In the UK, 60% of consumers say online

reviews strongly inform their purchase

decisions, followed closely by the US,

Germany, and the Netherlands. 58% of the

population for all three countries say their

purchasing decisions are strongly informed

by online reviews. At its core, the Internet

is a communication technology, shaping

consumer behavior by providing instant

access to vast amounts of information.

The ability to compare products, read

peer experiences, and engage in online

discussions before making a purchase

empowers consumers like never before.

“Social proof” and digital word-of-mouth

have become dominant forces in shaping

brand perceptions, with review platforms

acting as modern consumer forums that

influence purchasing decisions across

industries. For businesses, online reviews

– whether on formal “trust” platforms

or within social media channels – are a

key component of trust-building. This

has led companies to invest heavily

in reputation management strategies,

actively engaging with customers online,

responding to concerns, and leveraging

AI-driven analytics to track sentiment. As

digital ecosystems continue to evolve,

the interplay between communication

technology and consumer trust will remain

central to the future of commerce.

46%

of consumers say online reviews

are the top driver of their

purchasing decisions

of consumers say brand familiarity

is the top driver of their

purchasing decisions

of consumers say price is the top driver

of their purchasing decisions

In the digital economy, trust scales through

reputation, not simply brand recognition.

Consumers are just as likely to trust a

brand based on peer reviews and third-

party feedback as they are through direct

familiarity. That shift reframes how trust

is built: not through brand legacy, but

through consistent, verifiable delivery

which has a network effect online. In a

competitive market, where information is

democratized, every trusted interaction

becomes a growth engine – because trust

travels through digital channels.

How people live,

spend and earn

Trust in the

digital economy

User-generated content is our trust signal.

Verified reviews, transparent ratings, and

tailored recommendations give travellers

the confidence to book real-world

experiences through a screen—because

when you can’t try before you buy, knowing

others have matters. And when the platform

is digital but the moment is real, that trust

becomes everything.

Arjun Muralidharan

Director of Product, GetYourGuide

Trust in the

digital economy

Consumers who say online reviews strongly

inform their purchase decisions

Trust is something we earn ride by ride. We start with the basics: verified

drivers, real-time tracking, and safety features like live location sharing and

in-app support. But we go further, offering transparent pricing, a seamless

booking experience, and mobility options tailored to every journey. They

know exactly what to expect. That clarity and control is what locks in

trust and keeps people coming back.

Chris von Rumohr,

Vice President FinTech, FREENOW

How people live,

spend and earn

Trust in the

digital economy

FROM IRL TO URL: HOW

CHOICE TOOK THE DIGITAL

ECONOMY INSTORE

Instant access to information has

transformed consumer behavior in store

too. The trust consumers place in the

information and choice offered online

is changing shopping dynamics on the

high street. Increasingly, consumers are

checking reviews and deals online when

they see something they like in store.

An impulse buy is no longer in the bag.

It might be an impulse of inspiration to

look elsewhere.

To deal with this added layer of

competition, retailers are adapting by

embedding digital tools into physical

stores, from QR codes for discounts to

AR-powered product previews. Loyalty

programs can now push real-time offers

based on location and purchase history,

meaning the Digital Economy is reshaping

how consumers do “physical” retail.

of all consumers look for

better deals online while

shopping in-store

of Gen Z look for better

deals online while

shopping in-store

40%

30%

How people live,

spend and earn

Trust in the

digital economy

We used to have this attitude that the

best way to trust it was to see and

touch it, but somehow that’s changed

– now if I’m in a shop and I see

something I like I’m wondering whether

I can get a better or cheaper version

of the same thing online – my phone is

the ultimate source of choice.

Stacey

26, New York

CONSUMER INSIGHT How people live,

spend and earn

Trust in the

digital economy

Digital experiences now feature in many

traditional brick and mortar stores. In

fact, the use of in-store digital payments

grew by 9% in 2023 and already has an

adoption rate of 32% among 18-24-year-

olds. It’s clear that the convenience of the

online world delivers a better experience

to consumers, as more and more move

to this space from the traditional physical

methods of purchase.

You can see examples of these digital

experiences everywhere you look. When

we enter quick service restaurants, we

are often presented with large touch

screens on which to browse and place our

orders. We are also increasingly presented

with QR codes to read menus and to pay

from our table. We can click and collect,

to offer certainty of fulfillment. And in

grocery stores, you can now shop and pay

directly from your phone. SmartShop from

Sainsbury’s is a great example of

how using digital payments in-store

offers consumers a quicker and easier

shopping experience.

Australia

Brazil

Canada

China

Egypt

France

Germany

Japan

KSA

Netherlands

New Zealand

Spain

Sweden

UAE

USA

AVERAGE: 37.2%

% of Gen Z’s and

Millennials

who are deal-

seeking online

when browsing

in-store

Australia

Brazil

Canada

China

Egypt

France

Germany

Japan

KSA

Netherlands

New Zealand

Spain

Sweden

UAE

USA

How people live,

spend and earn

Trust in the

digital economy

Build a mobile app that works in-store

• Include location-triggered offers

and exclusive in-store deals.

• Let shoppers scan items for

instant access to reviews, specs,

and comparisons.

• Reward loyalty with app-based perks

they can only unlock in person.

Make digital displays do more

• Showcase timely promotions, price-

matching policies, and social proof.

• Keep content fresh, localized,

and relevant to what’s on the

shelves today.

How merchants can

keep up with the

digital takeover:

How people live,

spend and earn

Trust in the

digital economy

TRUST: WON AND LOST

AT THE CHECKOUT

Customer Acquisition Cost (CAC) is a key

metric in ecommerce, reflecting how much

it takes to bring a new customer on board.

While CAC varies by industry – from as low

as $21 in arts and entertainment to over

$1,000 in high-value verticals like jewelry

– the average in ecommerce sits between

$50 and $130. With so much at stake, the

checkout becomes a critical performance

moment. It’s where the full value of that

investment is either realized – or lost.

Over the past five years, the biggest

threats to consumer trust at checkout have

evolved. In 2020, the top concern was a

lack of a clear, hassle-free returns process.

For many first-time ecommerce shoppers

during the pandemic, trust hinged on

what happened after the purchase

– whether the product matched

expectations, and whether refunds

would be processed reliably.

Today, that concern has eased. Returns

processes are largely standardized and

trusted. What’s under scrutiny now is

the payment experience itself – speed,

security, clarity, and choice. Trust

has shifted upstream, and checkout

performance is the litmus test. In short,

shoppers want choice, they want speed

and they want security assurance. Failed

payments or uncertainty about the

security of the payment page are the

biggest trust killers.

66%

40%

42%

of consumers will lose trust in a

brand if payments performance

is poor

of consumers have abandoned

cart due to security concerns in

the past 12 months

of consumers say a failed payment

would deter them from returning to

a site or app in the future

How people live,

spend and earn

Trust in the

digital economy

Top reason for

lost trust by

country

Top reasons for

lost trust and

loyalty when

shopping online

Spain

KSA

Egypt

Germany

Netherlands

China

Australia

France

Sweden

Brazil

Canada

New Zealand

Japan

UAE

Top reasons for lost O and loyalty when shopping online

Lack of easy returns process

Lack of preferred payment method

Uncertainty about checkout security

Spain

KSA

Egypt

Germany

Netherlands

Uncertainty about

the safety of the

checkout page

No verification

during payment

process

Lack of preferred

payment method

Lack of easy returns

China

Australia

France

Sweden

Brazil

Canada

New Zealand

Japan

UAE

17%

12%

15%

16%

47%

32%

35%

46%

34%

51%

46%

49%

44%

49%

43%

34%

21%

44%

14%

49%

A slow or failed

payment process

No fast

delivery option

No currency

flexibility

Other

No chatbox

for support

No information about

carbon footprint

Lack of easy

returns process

Lack of

preferred

payment method

Uncertainty

about checkout

safety

How people live,

spend and earn

Trust in the

digital economy

Most trusted

payment methods

globally

Cumulative

growth of

Google Pay

and Apple Pay

(2022-2025)

Volume growth rate according to Checkout.com network data



Gen Z

Google Pay

Global

population

Apple Pay

Digital wallets

Local payment method

Credit cards

Debit cards

Bank transfer

Cash on delivery

Loss of loyalty due to slow or failed payments (indexed)

Gen z’s most favored payment methods globally

Most favored payment methods globally

Digital wallets

Local payment method

Credit cards

Debit cards

Bank transfer

Cash on delivery

Loss of loyalty due to slow or failed payments (indexed)

Gen z’s most favored payment methods globally

Most favored payment methods globally

Digital wallets

Local payment method

Credit cards

Debit cards

Bank transfer

Cash on delivery

2022 2023 2024 2025

35%

21%

17%

14%

22%

14%

15%

40%

+86% +92%

+93%

+66%

+197%

+83%

How people live,

spend and earn

Trust in the

digital economy

If a payment fails, we don’t just lose

revenue – we risk losing trust.

Ramzi Alqrainy

CTO, The Chefz

You can’t do this job properly if you

don’t really care about making the

customer’s life easier. If you look at

people who have been in payments

for a long time, this is what we

have in common.

Gary McMahon

Group Product Manager,

Sainsbury’s Digital, Tech and Data

At the end of the day, it’s about

meeting the customer where they

are at, and providing choice at the

moment of payment which will

translate into more sales and a better

customer experience.

Andres Treviño

Zone Payments Management AVP at L’Oréal

How people live,

spend and earn

Trust in the

digital economy

Powering payments

performance, trust

and revenue

Speed and security are the twin pillars of

a trusted checkout experience. Slow or

glitchy transactions drive customers away,

while a lack of visible security measures

raises doubts. The challenge for merchants

is to strike the right balance: blocking

fraud while ensuring payments remain

frictionless for legitimate customers.

Machine learning is revolutionizing this

space, analyzing vast amounts of data in

real time to optimize both security and

performance. Engineers are continuously

refining algorithms to detect emerging

fraud threats while ensuring genuine

transactions are processed smoothly. By

adapting to evolving patterns across the

payments ecosystem, AI-driven fraud

detection strengthens defenses without

adding unnecessary friction.

Adaptive fraud prevention dynamically

adjusts security measures based on

risk signals. AI can monitor transaction

velocity, flag unusual patterns, and deploy

3D Secure authentication only when

necessary, reducing false declines and

improving the user experience.

“We’ve built our machine learning

platform to continuously improve

payment performance over time,”

explains Maxime Merabet, Principal

Engineer at Checkout.com. “Every

payment submitted is compliant with

regulations and has the best chance

of authorization.”

Since going live with network

tokenization with Checkout.com,

the Financial Times has seen an

overall increase of 1.5% on tokenized

transactions. This has not only

enhanced their success rate but has

led to an enhanced user journey,

removing pain points such as

out-of-date credentials.

Bernard Kpoor

Head of Payment Optimization, FT group

How people live,

spend and earn

Trust in the

digital economy

AI-powered solutions, such as

Intelligent Acceptance, refine payment

formatting to maximize approvals,

ensuring transactions are processed

efficiently and reliably. By leveraging

Network Tokens, failures caused by

outdated card details can also be

prevented without ever hassling

the customer.

In an age where customer

expectations are higher than ever,

AI is transforming the payments

experience, ensuring that security

and convenience go hand in hand.

*Time stamps for blocked

fraud attempts according

to Checkout.com

network data

Fraud never sleeps

By leveraging intelligent fraud

prevention, optimizing payment

acceptance, and reinforcing trust

at every stage of the transaction,

businesses can turn their payment

process into a competitive advantage.

To date, the machine learning

precision of Intelligent Acceptance

has saved merchants over $10 billion

in revenue that would otherwise have

been lost to falsely declined payments.

That’s $10 billion more put back into

the Digital Economy while holding on

to customer trust and loyalty.

Early morning Late morning Afternoon

MarchFebruary

Evening Night

How people live,

spend and earn

Trust in the

digital economy

CONSUMERS FEAR

FOR THE SAFETY OF

THEIR CARD DATA

69% of consumers are so concerned about

card data security that they won’t store

their details on ecommerce sites. This isn’t

just a digital problem – 2025 has already

seen high-profile “skimmer” attacks, where

criminals steal card data from in-store

Point-of-Sale (POS) devices. Still, large-

scale digital data breaches remain a major

threat, keeping consumer trust fragile.

PCI compliance is the gold standard

for protecting card data and helping

businesses avoid hefty fines in case

of a breach.

To reassure customers, merchants should

actively signal site security, whether

through trusted payment badges, clear

PCI compliance messaging, or

authentication protocols.

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Percentage of population who feel safe

saving card data on an e-commerce website

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Percentage of population who feel safe

saving card data on an e-commerce website

% of people who feel safe storing

card data on an ecommerce site

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

30%

28%

18%

42% 43%

32% 32%

40%

35%

31%

24%

25%

24%

19%

22%

40%

How people live,

spend and earn

Trust in the

digital economy

Saving card details online offers

convenience, but it also comes with

risks. Data breaches can expose stored

payment information if a website’s security

is compromised. Phishing and social

engineering attacks may trick users

into revealing login credentials, allowing

fraudsters to misuse saved card details.

Additionally, malware and keyloggers can

capture payment data stored in browsers

or online accounts. Without multi-factor

authentication (MFA), unauthorized

transactions become a threat, as

anyone with account access could make

purchases without additional verification.

To balance security and convenience,

leading payment providers implement

advanced protections. Tokenization

replaces raw card details with

encrypted tokens, so merchants

never store sensitive data.

% of people

who feel safe

storing card

data on an

ecommerce

site, by

generation

Baby Boomers

Gen X

Silent Generation

Millennials

Gen Z

Baby Boomers

Gen X

Silent Generation

Millennials

Gen Z

33%

32%

27%

PCI DSS compliance ensures websites

follow strict security protocols, including

encryption and safe data handling. 3D

Secure (3DS) adds an extra layer of

authentication, requiring OTP codes or

biometrics before completing transactions.

For friction-free yet secure payments,

solutions like Flow Remember Me allow

shoppers to check out quickly with PCI-

compliant stored payment details.

How people live,

spend and earn

Trust in the

digital economy

WHY PCI DSS 4.0 IS FUNDAMENTAL

TO A THRIVING DIGITAL ECONOMY

How can you lock the back door when

you don’t know how many back doors you

have, or where they even are?

In 2018, a single missed security step

exposed British Airways to a massive

cyberattack, leading to the theft of

400,000 customers’ personal and payment

data. The attack went undetected for

months, ultimately resulting in a £20

million fine for BA. This wasn’t an isolated

incident - data breaches are accelerating,

and businesses that fail to meet evolving

security standards are more vulnerable

than ever.

New vulnerabilities emerge as businesses

expand their digital footprints across

supply chains, remote workforces, and

customer touchpoints. Payments leaders

must now navigate an ever-growing list

of threats and vulnerabilities to protect

their customers’ card data and ensure

compliance with industry regulations.

The PCI Security Standards Council (PCI

SSC) and major card networks remain

vigilant, continuously updating compliance

requirements to address real-world

threats. The latest PCI DSS 4.0 standards,

informed by 6,000+ pieces of feedback

from 2,000 organizations, took effect

on March 31, 2024, with full compliance

required by now.

Jo Vane

Director Infosec Compliance,

Checkout.com

For merchants, achieving PCI compliance

requires time and investment–but the cost of

non-compliance is far higher. Beyond the risk

of fines and legal liability, businesses face

operational disruption, reputational damage,

and customer trust erosion in the event of a

breach.

Key merchant responsibilities include:

• Regular security training for employees

• Ongoing security scans for online

checkout pages

• Named compliance leads to oversee

security initiatives

• Built-in security protections within

payments infrastructure

At Checkout.com we support our merchants

with guidance and PCI-compliant products

such as Flow, a clever bit of code that

allows merchants to accept payments using

customizable components – all through

one simple integration. Flow’s customizable

building blocks help businesses present the

right payment methods at the right time,

expand into new markets with one-time

integration, and maintain security with

built-in PCI compliance, GDPR adherence,

and card scheme requirements. We also sit

on the PCI Council to help shape these

standards and ensure our merchants stay

ahead of evolving threats.

How people live,

spend and earn

Trust in the

digital economy

THE DIGITAL ECONOMY:

A WAY OF LIFE

More than a quarter of adults in the US

(27% equating to around 82 million people)

say they earn through digital platforms in

the Gig and Creator economies. In the UK,

that number is approximately 6 million

(9% of adults). According to the World Bank,

the gig economy accounted for up to 12%

of the global labor market in 2023.

When factoring in side-hustles and

supplementary income, our data

indicates participation skyrockets.

Nearly half of Gen Zs

globally say they earn

an income from the Gig

and Creator Economies

58%

50%

46%

of Brazilian respondents earn

income from the Gig and

Creator economies

of Chinese respondents earn

income from the Gig and

Creator economies

of Gen Zs globally say they

earn income from the Gig or

Creator economies

How people live,

spend and earn

Trust in the

digital economy

I’m a full-time nurse, but

I use a gig app to pick up

additional shifts, allowing

me to earn significantly

more per hour than in my

traditional nursing job. This

supplemental income helps

me pay down debt and

achieve financial goals.

Sarah

40, Wisconsin

CONSUMER INSIGHT How people live,

spend and earn

Trust in the

digital economy

Leading countries for Gen Zs earning from

Gig, Content and Gaming platforms

Gig workers

(% of Gen Z)

Content

creators

(% of Gen Z)

Professional

gamers

(% of Gen Z)

Canada

China

Egypt

UAE

KSA

UAE

Egypt

China

Canada

Australia

Japan

Brazil

UAE

Australia

KSA

UAE

Egypt

China

Canada

Australia

Japan

Brazil

UAE

KSA

Australia

Canada

Brazil

UAE

Australia

KSA

28%

22%

24%

25%

29%

32%

24%

30%

32%

33%

35%

40%

56%

65%

26%

21%

20%

How people live,

spend and earn

Trust in the

digital economy

% of population

earning income

from gig

or creator

economies Brazil

58%

Egypt

53%

China

50%

UAE

48%

Japan

34%

27%

Netherlands

16%

Sweden

14%

9% Germany

Canada

24%

23%

Australia

23%

Spain

21%

France

20%

KSA

57%

How people live,

spend and earn

Trust in the

digital economy

REALTIME10 GIG ECONOMY PAYOUTS:

WHY SPEED FOSTERS TRUST

The gig economy has exploded in recent

years, bringing with it a workforce that

values flexibility and immediacy. This

shift towards independent, on-demand

work has exposed a major tension with

traditional bi-weekly or monthly pay cycles.

Independent workers in the gig economy

act as unique personal enterprises and

the traditional payroll model doesn’t fit

this model.

Gig workers often can’t afford to wait

weeks for a paycheck and leading

platforms are responding accordingly.

Across many industries, from ride-hailing

to food delivery, such real-time payout

options are becoming a key differentiator

in attracting gig workers.

Justin Zhao

Head of Global Partnerships,

Visa Direct

The rise of on-demand

pay in the Gig Economy

Why fast and flexible

payouts matter to

gig workers

For workers, fast access to earnings isn’t

just a perk, it’s often a lifeline. Even before

the recent economic turmoil, 78% of

Americans lived paycheck-to-paycheck,

and nearly half had less than $500

saved for emergencies .11

In a Visa survey, over 77% of gig workers

said they’ve faced times when they

urgently needed money, often picking up

extra gigs to make ends meet.12 If their pay

is held for a weekly or bi-weekly cycle,

these workers may struggle to cover

day-to-day expenses. It’s no surprise a

majority say a real-time1 payout option

would be their preferred way of being

paid going forward .

How people live,

spend and earn

Trust in the

digital economy

Real-time1 payments

drive retention and

productivity

Global demand for

faster payouts

Real-time1 payouts also boost

engagement. 70% of gig workers say

they would take more shifts if real-time1

payouts were available.16

Real-time1 payments are a global trend.

Research found at least 50% of gig workers

across all surveyed regions would sign up

for real-time1 payouts. Demand is highest

in Latin America (67%) and North America

(62%), with Europe showing strong interest

as well. In emerging markets, real-time1

pay promotes financial inclusion, enabling

unbanked workers to receive earnings

through digital wallets or prepaid cards.18

Younger generations, particularly

Millennials (93%) and Gen Z (90%)

agree that real-time1 access to money is

important to them.19 A Federal Reserve

study also found that 75% of gig workers

want to be paid more frequently than

bimonthly, confirming that long pay cycles

no longer align with worker expectations.20

Delayed payments have human

consequences: stress, missed bills, or even

inability to afford the fuel to get to the next

gig. In one study, it was found only 38% of

surveyed gig workers can go for a month

or more without income .13

Fast payouts can put food on the table or

help avoid eviction in a crisis. Being able

to tap earnings after a shift means gig

workers can buy groceries tonight with

today’s wages. In fact, 66% of gig workers

would choose to work for a gig company

with real-time1 payment options over

companies that don’t .14 Many gig workers

view on-demand pay as part of the appeal

of gig work itself. When Visa surveyed

on-demand workers about why they chose

gig work, “getting paid fast” ranked among

the top reasons, cited by nearly half of

respondents.15

This shows that alongside flexibility and

autonomy, speed of payment is a core

part of the gig work value proposition for

many individuals. Gig platforms that ignore

this do so at their peril, as workers will

gravitate to opportunities that let them

access their earnings without delay.

Churn reduction is another key advantage.

Businesses offering real-time1 pay

solutions report up to 50% lower employee

turnover.17 Workers are less likely to leave

a job that supports their financial stability,

reinforcing the link between payment

speed and workforce retention.

The future of gig

worker payouts

The push for real-time1 payments is

accelerating, with innovations

shaping the future:

How people live,

spend and earn

Trust in the

digital economy

The gig economy thrives on speed,

flexibility, and autonomy—and workers

expect the same from their pay. Whether

it’s a delivery driver fueling up or a

freelancer covering bills, real-time1

payouts provide financial security

and peace of mind.

As gig platforms evolve, real-time1 pay will

shift from a differentiator to an industry

standard. Workers are sending a clear

message: “Show us the money – and show

it to us now.” Businesses that respond will

gain a competitive edge, while those that

delay may struggle to retain talent. The

future of gig work is one where earnings

are accessible the moment they are made

- because, in a modern economy, waiting

for payday is becoming obsolete.

Disclaimer:

The material contained in this presentation and

all meeting summaries are provided “AS IS” and

intended for informational purposes only. Visa

neither makes any warranty or representation as

to the completeness or accuracy of the

information within this document, nor assumes

any liability or responsibility that may result from

reliance on such information. Nothing contained

herein is intended as investment or legal advice.

• Earned Wage Access (EWA) Goes

Mainstream: Originally designed for

hourly jobs, EWA is expanding to gig

work, allowing workers to access

earnings after each task. With 76%

of employees saying on-demand

pay is “imperative,” gig platforms are

integrating these solutions.21

• Payment Infrastructure

Advancements: Networks like

Visa Direct now support real-time1

payments to over 4 billion cards

globally, including cross-border

transactions.

• Fintech and Platform Partnerships:

Startups are looking to collaborate

with gig companies to enable real-

time1 payouts, budgeting tools, and

financial benefits.

• Financial Inclusion & Flexibility:

Real-time1 pay gives workers control

over when, how, and where they

receive earnings. Whether through

bank accounts, mobile wallets,

or crypto, payment options are

expanding, some of these platforms

even cover real-time1 payout fees to

encourage adoption.

• Regulatory & Market Pressures:

Governments are considering labor law

updates to mandate more flexible pay

schedules. Meanwhile, competitive

pressure will push more companies to

adopt real-time1 payment systems—if

one platform offers free, real-time1

pay, others must follow suit to remain

competitive.

How people live,

spend and earn

Trust in the

digital economy

RISE OF THE CIRCULAR

ECONOMY: PRELOVED

TAKES TOP SPOT FOR

YOUNG SHOPPERS

The second-hand fashion market has

experienced explosive growth in recent

years, with its global value reaching $100

billion, a significant rise from $30-40

billion in 2020 as consumers increasingly

prioritize affordability and sustainability.22

Gen Z and

Millennials

Prefer to buy from

second-hand marketplaces

Frequently sell their

pre-loved goods on

marketplaces

FRANCE

Gen Z and

Millennials

SPAIN

Gen Z and

Millennials

SWEDEN

Gen Z and

Millennials

NETHERLANDS

Gen Z and

Millennials

GERMANY

Gen Z and

Millennials

30% 24% 21%

23% 23% 17%

21% 20% 23%

24% 25% 19%

How people live,

spend and earn

Trust in the

digital economy

People put their trust in the circular

economy because of their values -

cutting waste, saving money, making

more considered choices. But it’s also

about the thrill of finding something rare,

vintage, or ‘just right’. Trust means living

up to both sides of that experience.

Greta Atiminaite

Strategic Partnerships, Payments, Vinted

How people live,

spend and earn

Trust in the

digital economy

Australia

Brazil

Canada

China

Egypt

France

Germany

Japan

KSA

Netherlands

New Zealand

Spain

Sweden

UAE

% of population who play E-games more than once a week

AVERAGE: 32.3%

% of population who play

E-games more than once a week

EGAMING: A THIRD OF

THE WORLD GAMES WEEKLY

A third of the global population plays

e-games multiple times a week, with

younger generations leading the way. 32%

of under-45s (and 40% of men under 45)

are frequent gamers, compared to 25%

of over-45s. Millennials and Gen Zs are

driving in-game spending, purchasing

virtual goods, upgrades, and exclusive

content, with men in these groups

spending even more.

Generation Alpha is already part of this

economy, with 28% of parents reporting

that their under-15s regularly make

independent in-game purchases – making

it the most popular purchase category for

children, ahead of sweets and fashion.

Australia

Brazil

Canada

China

Egypt

France

Germany

Japan

KSA

Netherlands

New Zealand

Spain

Sweden

UAE

How people live,

spend and earn

Trust in the

digital economy

THE CYCLE OF TRUST: FIVE STEPS

TO COMBATING CHARGEBACKS AND

FRAUD IN GAMING

Trust is the foundation of any gaming

platform, but for businesses like Blitz –

where real money is at stake – trust must

be established, managed, and defended

at multiple levels. Our users must trust us,

and we need to trust our users are who

they say they are. Nevertheless, malicious

fraud and chargeback fraud are a fact

of life across all industries operating in

the digital economy. And while malicious

fraud can be managed with the right

partnerships and technology, so-called

Friendly fraud can be harder to pre-empt.

Indeed, many merchants only focus on

fighting chargebacks after they happen,

but preventing them in the first place is

far more valuable.

This article outlines our five-step approach

to combatting friendly fraud while

maintaining the delicate balance of

trust between all parties involved.

Camil Haroune

CEO, Blitz US

When Blitz first launched in 2021, our

biggest concern was malicious fraud –

stolen credit cards, fake accounts,

and money laundering schemes. Our

response was to build a very robust in-

house fraud detection system, based

on but not restricted to:

Step 1: Building a fraud

model that understands

both malicious and

friendly fraud

• Payment velocity tracking and

account behavior analysis –

identifying unusual gaming

activity, detecting rapid,

suspicious transactions

• Card verification protocols –

flagging high-risk payment methods

How people live,

spend and earn

Trust in the

digital economy

Gaming &

in-game shopping

behaviour breakdown

Total population (weekly

gamers)

Total population (in-game

shoppers)

Millennials & gen z

(in-game shoppers)

Millennial and gen z

females (in-game

shoppers)

Millennial and gen z males

(in-game shoppers)

Gaming & in-game shopping behaviour breakdown

Total population

(weekly gamers)

Total population

(in-game shoppers)

Millennials & Gen Z



Millennials & Gen Z females



Millennials & Gen Z males



This model worked well. We succeeded

in seeing a significant drop in malicious

fraud drop without suffering too many

false positives.

But as we eliminated malicious fraud,

another more complex challenge emerged:

Friendly fraud – Where real users dispute

legitimate transactions to reclaim lost

money. Understanding friendly fraud

means viewing it as a behavioral problem,

not just a security one.

How people live,

spend and earn

Trust in the

digital economy

To combat friendly fraud effectively, we

had to find a way to predict which users

are most likely to file chargebacks. But

unlike traditional fraud, chargebacks

occur at a low frequency, making pattern

detection difficult. The problem is twofold:

1. Low sample size: Chargebacks, by

nature, represent a small fraction of

total transactions – making it harder to

train accurate predictive models.

2. Lack of clear indicators: Many users

who file chargebacks don’t display

suspicious activity beforehand -

meaning there’s often no obvious

warning sign.

Despite these challenges, we’ve developed

a chargeback prediction model that

assesses multiple behavioral patterns,

including:

• Win/loss rates: Users experiencing

too many losses may be more likely to

dispute charges

• Spending behavior: Spikes in deposit

activity followed by withdrawals can

indicate risk

• Historical chargeback behavior:

Users who have filed chargebacks

before are more likely to do it again

Step 2: Identifying

high-risk chargebacks

before they happen

Unlike malicious fraud, chargeback fraud

stems from user psychology rather than

criminal intent. A player makes a purchase,

regrets it, and files a chargeback. The

motivations vary:

• Loss aversion: Players lose money

and want it back

• Buyer’s remorse: A purchase made

in the heat of the moment feels

unjustified later

• Exploitation of chargeback policies:

Some users know they can get away

with it – especially in regions with less

rigorous issuer oversight

This isn’t just a payment issue, it’s a

customer behavior issue that can be

tricky to predict. Tricky, but not

completely impossible.

How people live,

spend and earn

Trust in the

digital economy

This prediction model is a work in

progress. We are already seeing significant

success from it and by the end of the year,

we aim to have a model that can predict

chargebacks with over 90% precision

within a 2-3 week window.

Trust is a two-way street. A gaming

platform must not only trust its users, but it

must also earn the trust of its customers to

reduce chargeback likelihood. If a user is

flagged as high-risk for friendly fraud, we

take a preventative approach:

• Marketing incentives: If a player has

lost too much, we may offer incentives

and benefits to reduce their sense of

frustration

• Game adjustments: If users struggle

with challenges, we may adjust their

experience to make gameplay slightly

easier and more enjoyable

• Education and transparency:

Making it clear how purchases

work, refund policies and dispute

processes help to build trust and

avoid misunderstandings

The final piece of the trust cycle is the

merchant’s relationship with payment

schemes and issuers.

Many businesses pick their battles,

choosing which chargebacks to dispute

based on cost. The reason? Most

companies lack the operational resources

to dispute every chargeback manually.

At Blitz, we take a radically different

approach: We dispute every chargeback

that looks like friendly fraud. We use

automation to ensure consistency.

We’ve observed a fascinating trend – the

more we dispute, the higher our success

rate becomes.

Why? Because allegedly when issuers

see a merchant consistently disputing

chargebacks with structured, well-

documented evidence, they:

• Recognize the merchant as credible

• Are more likely to rule in the merchant’s

favor

• View the merchant as a mature, well-

managed business rather than a small

or scam operation

Many companies avoid fighting chargeback

fraud out of fear of losing, but by showing

up consistently, we are building trust with

the financial ecosystem itself.

Step 3: Strengthening

customer trust to

prevent chargebacks

Step 4: Fighting

chargebacks

consistently to earn

scheme and issuer trust

How people live,

spend and earn

Trust in the

digital economy

The gaming industry is constantly evolving,

and so are fraud tactics. New industry

protections like Compelling Evidence

3.0 (CE3.0) and Mastercard’s first-party

misuse program are game-changers for

combating friendly fraud.

Step 5: Establishing

the future of fraud

prevention in gaming

% of male Gen Zs

who plan to

increase e-game

use in the

next 12 months

As these tools become widely adopted,

we expect more automatic wins for

merchants with strong user verification

data. We also expect better fraud

detection at the issuer level and a decline

in abuse of chargeback systems.

At Blitz, we will continue refining our fraud

prevention strategy, ensuring that our

trust cycle remains intact – from users

to platforms, to issuers, and back again.

Without this cycle of trust, the

ecosystem collapses.

How people live,

spend and earn

Trust in the

digital economy

TRUST IS A

TWOWAY STREET

Types of fraud experienced by merchants in the

last 12 months (according to MRC research 2025)

BY REGION

BY MERCHANT SIZE

NORTH AMERICA

SMB

ASIA-PACIFIC

ENTERPRISE

EUROPE

MID-MARKET

LATIN AMERICA

Real-time

payment fraud

Refund/policy

abuse

Refund/policy/

abuse

Refund/policy/

abuse

Phishing/

pharming/

whaling

Real-time

payment fraud

Refund/policy

abuse

Refund/policy

abuse

Phishing/

pharming/

whaling

Real-time

payment fraud

Real-time

payment fraud

Real-time

payment fraud

Refund/policy

abuse

First-party

misuse

First-party

misuse

Real-time

payment fraud

Phishing/

pharming/

whaling

Phishing/

pharming/

whaling

Refund/policy

abuse

First-party

misuse

Card testing

Identity theft

Coupon/

discount abuse

First-party

misuse

Card testing

Real-time

payment fraud

Phishing/

pharming/

whaling

First-party

misuse

Coupon/

discount abuse

First-party

misuse

First-party

misuse

Phishing/

pharming/

whaling

Phishing/

pharming/

whaling

How people live,

spend and earn

Trust in the

digital economy

While merchants seek to earn trust from

consumers and prioritize weeding out

criminal actors, data from the Merchant

Risk Council shows “friendly fraud” and

refund or policy abuse top the list of

fraud experienced by businesses in

the past 12 months. Trust in the Digital

Economy is a two-way street and requires

customers to act in good faith, too. While

those who believe they could game the

system are in the minority, Gen Z seem to

be especially emboldened.

Merchants can protect their businesses

from refund abuse, chargebacks, and

friendly fraud by implementing clear

policies, secure payment processes,

and proactive customer engagement.

Transparent return and refund policies,

along with detailed transaction

descriptors, help set clear expectations

and prevent disputes.

AI-driven fraud detection tools can identify

suspicious behavior, flag excessive

returners, and track customer patterns,

while multi-factor authentication (MFA),

3D Secure (3DS), and ID verification for

high-value transactions add extra layers

of security. Offering store credit instead of

cash refunds, providing real-time customer

support, and maintaining comprehensive

records – including proof of delivery and

customer communication – can deter

fraudulent claims. Regularly analyzing

chargeback trends allows merchants to

identify vulnerabilities and refine their

approach. By combining strong policies,

fraud prevention technology, and strategic

refund practices, businesses can reduce

losses, maintain trust, and create a fair,

secure shopping experience.

% of population who believe

they would get away with

refund/policy abuse

Men

Women

Percentage of population who

believe they could get away

with refund/policy abuse

Men

Women

10%

15%

How people live,

spend and earn

Trust in the

digital economy

% of population

who believe they

would get away

with refund/

policy abuse

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Percentage of population who believe they could get

away with refund/policy abuse

Gen Z

Millennials

Gen X

Baby Boomers

Silent Generation

Percentage of population who believe they could get

away with refund/policy abuse

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Gen Z

Millennials

Gen X

Baby Boomers

Silent Generation

25%

27%

26%

10%

23%

12%

15%

20%

10%

16%

17%

How people live,

spend and earn

Trust in the

digital economy

BUILDING TRUST IN THE ONLINE

LUXURY WATCH MARKET

The luxury watch market has long

been synonymous with exclusivity,

craftsmanship, and prestige. Purchasing a

luxury timepiece is an event. Historically,

one that involved visiting boutique stores

and dealerships, speaking to experts,

and feeling the weight of the watch in

your hands before making a decision. For

collectors and those in search of a rare

edition, it might well involve a flight to

the other side of the world. However, the

Digital Economy has steadily changed

this dynamic. At Chrono24, we cultivate

an end-to-end experience that provides

enough robust trust that people will spend

up to six or seven figures digitally on

an item they have not physically seen –

knowing every aspect of the transaction

will be safe, secure and bona fide.

Christoph Emminger

Head of Payments,

Chrono24

Luxury isn’t purely transactional –

it’s deeply personal. This is why our

customer service extends beyond typical

ecommerce interactions. Buyers can

consult with Chrono24 representatives

from around the globe in real time to

find rare timepieces, receive valuation

insights, and ask any other questions

they may have. This human touch,

paired with technology, is what

differentiates us from traditional retail

and generic online marketplaces.

The point about a successful luxury

marketplace is that it’s not just about trying

to replicate the in-person experience – it’s

about providing services that a traditional

retail setting simply cannot.

New luxuries: How

leading digital

tech can elevate

the experience

How people live,

spend and earn

Trust in the

digital economy

We facilitate the exchange of rare and very

high-value goods with very large sums

of money. For our customers to do so

online requires a very high level of trust.

When I joined Chrono24 over a decade

ago, we were a listing platform – a place

where buyers and sellers could connect

but handled transactions independently.

The model worked because trust was

built through user validation and reviews –

other users could vouch for a seller, which

was often enough to instill confidence.

Comparison of

online luxury

goods buyers

by demographic

group (%)

UAE

KSA

Australia

Netherlands

Canada

China

Egypt

New Zealand

Sweden

Germany

Japan

Spain

France

General

population

Gen Z

Content

creators

UAE

KSA

Australia

Netherlands

Canada

China

Egypt

New Zealand

Sweden

Germany

Japan

Spain

France

We leverage AI to enhance both the buying

and selling experience it. One of the most

memorable moments that showcased our

technology was when Cristiano Ronaldo

tested our AI-powered watch scanner. As

an investor in Chrono24, he was curious

to see how it worked. He scanned his

partner’s watch and everything came up

instantly – the model, the price range,

and the market value. That’s when people

experience a real ‘wow’ factor.

Transactional trust

However, purchases typically remained

within a limited radius – somewhere

the buyer could theoretically reach by

car. This was a risk mitigation tactic, an

indication confidence had its limits. When

we started to manage secure payments

for our customers, we introduced an

escrow payment system in 2014, securing

transactions by holding funds securely

until buyers confirmed receipt of their

watches. International sales suddenly

surged, with buyers now willing to

purchase watches from across continents,

knowing their money was protected.

1. Verified sellers and provenance checks

The foundation of trust begins with

knowing who you are transacting with.

For professional luxury watch dealers, we

conduct audits to certify their legitimacy.

For private sellers, we implement Know

Your Customer (KYC) procedures, which

include Checkout.com’s machine learning

Identity Verification tool (IDV) which we

can apply to both buyers and sellers as a

best-in-class verification process.

How people live,

spend and earn

Trust in the

digital economy

2. Payment security and fraud prevention

Handling high-value transactions

necessitates robust fraud prevention

mechanisms in the payment system, too.

We leverage AI-driven fraud detection

to flag suspicious transactions almost

before they happen by tracking behavioral

patterns. It’s important that we analyze

how users interact with our platform

because if, for example, a brand-new user

with no track record suddenly attempts

to purchase a high-value Rolex with no

questions asked, that definitely triggers an

internal review before any purchase can

proceed.

When we introduced card payments in

2016, we did so with a highly cautious

approach, insisting on 3D Secure (3DS)

authentication to ensure liability shifts and

mitigate chargeback risks. Before that,

we relied solely on bank transfers, which

provided strong security but lacked the

instant confirmation buyers now expect.

In fact, the delays involved would make

people nervous and didn’t help people’s

feelings of trust.

PSD2, which mandates Strong Customer

Authentication (SCA) for many digital

payments across Europe, played an

important educative role in helping

consumers become familiar with secure

authentication, making it easier for us

to implement strict security standards

without negatively impacting customer

approval rates.

Partnering with Checkout.com we use

machine learning and vast amounts of

network data to optimize payment flows

based on issuer preferences, regulatory

requirements, and our goals.

Network Tokens help us strike the perfect

balance between acceptance, security,

cost and user experience.

Our co-founder, Tim Stracke, has always

emphasized the importance of high

performing payments for our business:

“People have come a long way emotionally

and mentally by the time they decide to

make that card transaction with us – the

absolute last thing we want is for the

payment experience to be the part that

ruins it.”

3. Transparent and secure logistics

Insured shipping services are contractually

required for our sellers, ensuring that

high-value watches reach their destination

securely. Additionally, buyers can track

their orders in real-time, eliminating

uncertainty and reducing transaction

anxiety. We localize the communications

and send them at the right frequency.

We know that too many updates can be

unnerving, and so can too few. The simple

step of communicating everything in the

local language to buyers and sellers makes

a huge difference in their levels of trust.

Trust is no luxury -

it’s our most valuable

currency

Trust is not built overnight – it takes years

of consistency, security, and customer-

centric processes. It’s a necessity, not a

luxury. One bad experience can damage

a reputation, and in an industry where

purchases often exceed six figures, there

is no room for error. At Chrono24, we are

committed to ensuring that the online

luxury watch market is not only as safe as

buying in a boutique but, in many ways,

even better.

How people live,

spend and earn

Trust in the

digital economy

DOUBLING DOWN ON TRUST: HOW

EMBEDDED INSURANCE IS EMPOWERING

CONSUMERS IN AN UNCERTAIN WORLD

Trust in established systems, technology,

and regulation underpins many daily

activities – such as boarding an airplane,

driving a car, or buying a new cell phone.

But uncertainty is everywhere, and the

insurance industry exists to provide peace

of mind through protection. However,

the industry has long been hindered by

inefficiencies, outdated processes, and a

failure to fully integrate digital capabilities.

The slow pace of technological adoption

in insurance poses a challenge for large

incumbent insurers seeking to maintain

consumer confidence. The gap in the

market struck me while bumping about

in turbulence on a flight to Las Vegas. I

peered around at aisles of anxious faces

and wondered: where’s your quick and

easy access to life insurance when you feel

you just might need it?

Wayne Slavin

CEO of Sure, Inc.

Nobody wakes up in the morning with

grand plans of buying insurance. It’s

always a far less exciting, auxiliary

task: Bought a property? You’ll need

homeowners insurance. Booking a holiday?

What about travel insurance? Yet the

conventional approach to purchasing

insurance is notoriously laborious, siloed –

at best a combination of online and offline

processes. Consider the process of buying

a vehicle – after finalizing the purchase

and securing financing, the consumer

must then procure insurance from an

external provider. This fragmentation

adds unnecessary friction and frustration.

There was a clear gap in the market for

the technology rails and network to deliver

insurance to consumers where they are

engaging in another transaction – and

when they need it most.

How people live,

spend and earn

Trust in the

digital economy

I founded Sure, with a vision to provide

easy access to insurance at the point of

need utilizing leading edge technology for

the Digital Economy. Not only was there an

obvious need for this kind of shake-up in

how insurance is delivered, but consumers

simply expect it because nearly everything

else in the digital economy is increasingly

efficient, accessible, and seamless. Proof

in point, Sure’s 2025 consumer research

shows that 64% of digital natives believe

insurance should be primarily purchased

and managed online. The growing

influence of digital-native consumers

necessitates a shift in the insurance sector.

Traditional insurance models, reliant on

manual paperwork, agent interactions,

disjointed infrastructure, and delayed

processing, increasingly fail to meet these

expectations. Today’s Digital Economy

provides a significant opportunity to

embed insurance within new distribution

channels – from luxury goods websites to

travel platforms, the list is endless.

Embedded insurance is a rare case where

the model makes sense for everyone

involved. Consumers get protection

without friction, brands enhance their

value proposition while improving customer

satisfaction, and insurance providers

gain access to a more engaged customer

base at a lower acquisition cost. Unlike

traditional insurance models, which require

consumers to leave their transaction to

seek coverage, embedded insurance

ensures that protection is available exactly

when and where it is needed.

Engineering insurance

for the Digital Economy

Modernizing

infrastructure: The

role of payments in

insurance innovation

Our research found that 65% of consumers

who purchased insurance online did so

through the brand where they made their

primary transaction.

One of the most significant barriers to

digital transformation in insurance lies

in its outdated payment infrastructure.

Many insurers have historically avoided

even credit card payments, relying instead

on traditional billing cycles and manual

processes. The resulting fragmentation

causes inefficiencies such as delayed

policy activation, unexpected payment

failures, and poor customer experiences.

Addressing these challenges requires

the adoption of integrated, real-time

payment solutions. By leveraging fintech-

driven models, insurers can modernize

payment processing, ensuring seamless

policy issuance, automated renewals, and

improved user trust and satisfaction.

The inefficiencies in legacy systems

extend beyond payments to claims

processing. Our research highlights that

44% of consumers consider claim payout

speed to be ‘very important’, yet only 25%

express satisfaction with current claims

processing times. A fully digital insurance

infrastructure not only facilitates easier

purchasing experiences, but also enhances

claims resolution and disbursements.

We know that when it comes to any

receipt of funds for consumers speed

and transparency are critical factors in

consumer trust and loyalty.

How people live,

spend and earn

Trust in the

digital economy

Beyond convenience, embedded insurance

is a critical tool in mitigating emerging

risks. Weather-related events, natural

disasters, and unpredictable risks are

occurring with greater frequency and

severity. According to our research, a

significant portion of consumers recognize

insurance as an essential safeguard but

remain underinsured due to complex

purchasing processes. By embedding

insurance within high-risk transactions,

such as home purchases in disaster-prone

regions, insurers can enhance consumer

protection and trust.

The future of insurance will be defined

by its alignment with modern consumer

expectations – prioritizing integration,

automation, and accessibility. Partnering

with other ecosystem players such as

ecommerce and fintech brands will

become increasingly important. As

embedded financial services continue to

evolve, there is an ongoing discussion

about whether insurance will consolidate

within a single super app or remain

distributed across multiple brand

ecosystems. While Asia has seen success

with platforms like WeChat integrating

various financial services, the US market

may take a more fragmented approach.

Underinsured in a

riskier world

Super-app

ecosystems?

Rather than a singular entity dominating

the space, leading brands such as Apple,

Tesla, and Amazon are positioning

themselves as key players in embedded

financial services.

In the near term, fragmentation may

increase before any consolidation occurs,

with different industries embedding

insurance into their own ecosystems.

However, companies with strong consumer

trust and integrated service offerings –

such as Amazon or Costco – have a unique

opportunity to build centralized financial

hubs that include insurance as part of

a broader value proposition. Embedded

finance and digital ecosystems will play a

critical role in how consumers engage with

insurance in the future. Those who fail to

adapt risk losing relevance as new players

redefine the industry landscape.

How people live,

spend and earn

Trust in the

digital economy

THE GREAT WEALTH

TRANSFER: MILLENNIALS

AND GEN Z TRUST IT ONLINE

Millennials and Gen Z have grown up in a

digital-first world and their financial habits

reflect that. Unlike older generations,

who may still associate trust with

traditional banks and in-person advisors,

these younger consumers are entirely

comfortable managing their money

through apps. In fact, they often

expect it. Fintech platforms offer real-time

access, personalized insights, and

user-friendly interfaces that align with

the way Millennials and Gen Z navigate

the rest of their lives—on-demand,

mobile-first, and fully digital.

This shift isn’t just about convenience.

It reflects a broader generational mindset

about control and transparency. For

Millennials and Gen Z, fintech tools like

budgeting apps, robo-advisors, and

insurance platforms provide more than

just functionality – they provide autonomy.

These generations came of age during

the 2008 financial crisis or its aftermath,

and many have a healthy skepticism

toward legacy financial institutions. As

a result, they’re more likely to seek tools

that empower them to make informed

decisions, often preferring platforms

that offer visibility into where their

money is going, what it’s earning, and

how it’s protected.

% of population who have

used digital insurance

Gen Z

55% Millennials

56% Baby

Boomers

32%

Silent

Generation

30%

Gen X

42%

How people live,

spend and earn

Trust in the

digital economy

That appetite for control doesn’t mean

trust is automatic – it has to be earned. But

the growing use of fintech for everything

from saving and investing to securing

insurance policies suggests that Millennials

and Gen Z not only think their money is

safe online, they think it’s safer, easier

to control and easier to grow when it’s

managed digitally. This trust is often built

on user experience: seamless interfaces,

instant notifications, clear language, and

the perception that digital services are

more responsive than traditional ones.

Many fintech platforms also integrate ID

verification, two-factor authentication,

and encrypted transactions as standard,

helping to build baseline confidence. For

younger generations, the future of financial

trust is digital by default. As the “Great

Wealth Transfer” takes place and the

world’s greatest wealth holders are digital

natives, the implications of this fintech-first

approach to finance could be significant.

China

UAE

KSA

Brazil

Egypt

Netherlands

Japan

Australia

Sweden

Canada

Spain

New Zealand

Germany

France

% of population using insurtech or digital insurance services

China

UAE

KSA

Brazil

Egypt

Netherlands

Japan

Australia

Sweden

Canada

Spain

New Zealand

Germany

France

% of population using insurtech

or digital insurance services

How people live,

spend and earn

Trust in the

digital economy

Investment app usage: Total population

adoption vs Gen Z weekly users

Gen Z weekly

users

Total population

adoption

Germany

Spain

Netherlands

Canada

Australia

New Zealand

Sweden

Egypt

Japan

KSA

UAE

Brazil

China

Germany

Spain

Netherlands

Canada

Australia

New Zealand

Sweden

Egypt

Japan

KSA

UAE

Brazil

China

26% 30%

36%

38%

40%

42%

44%

45%

48%

53%

57%

63%

71%

73%

79%

26%

25%

30%

43%

31%

27%

33%

35%

39%

36%

53%

33%

32%

How people live,

spend and earn

Trust in the

digital economy

The fact that millions use platforms like eToro to trade

and manage their wealth demonstrates that people

trust the digital ecosystem with their money. Not just to

move it, but to grow it, protect it, and give them direct

access to the tools and information they need to make

decisions for themselves. It’s a shift that’s making trading

and investing more accessible and financial participation

more inclusive than ever before, and we believe that AI

has the potential to turbocharge this shift.

Doron Rosenblum

EVP Business Solutions, eToro

How people live,

spend and earn

Trust in the

digital economy

I first read about investment

apps in an online network for

professional women. I had never

considered investing any of my

money in the stock market, but

the barrier to entry was very low

so I thought, why not? Now I’m

obsessed with how I can see my

earnings grow over time.

Jess

38, Melbourne

Trust in the

digital economy

CONSUMER INSIGHT How people live,

spend and earn

Trust in the

digital economy

Peer-to-peer (P2P) payment services have

revolutionized the way individuals transfer

money, allowing for swift and convenient

transactions between friends, family, or

acquaintances. The peer-to-peer payment

landscape is evolving rapidly, influenced

by technological advancements, regulatory

changes, and shifting consumer behaviors.

Between friends:

wallets trusted

go-to for P2P

Gender split of mobile wallet use for P2P payments

58.3%

MEN

WOMEN

41.7%

How people live,

spend and earn

Trust in the

digital economy

Use of digital

wallets for P2P

payments by

generation

Digital wallets

powering peer-to-

peer payments China

UAE

Egypt

KSA

Brazil

Sweden

Spain

Australia

Netherlands

New Zealand

Japan

Canada

Germany

France

% of population

who make P2P

wallet transfers

every day

% population

who have

adopted digital

wallets for P2P

payments

China

UAE

Egypt

KSA

Brazil

Sweden

Spain

Australia

Netherlands

New Zealand

Japan

Canada

Germany

France

Silent Generation

Baby Boomers

Generation X

Millennials

Generation Z

Remiitance usage via mobile apps by generation (%)

Silent

Generation

Baby

Boomers

Gen X

Millennials

Gen Z

32%

42%

60%

76%

83%

How people live,

spend and earn

Trust in the

digital economy

WHY WE BROUGHT ECOMMERCE TO B2B

HEALTHCARE  AND WHAT IT SAYS ABOUT

TRUST IN THE DIGITAL ECONOMY

A few years ago, if we had said that

hospitals and clinics would be buying

medical and diagnostic devices online, the

way they would do their groceries - but

spending up to a million dollars with the

click of a button and a credit card - many

would have been skeptical.

But now the healthcare industry is at an

inflection point where the choice offered

by digital commerce is no longer a novelty

but an expectation. GE HealthCare’s

approach demonstrates how embracing

ecommerce can simplify procurement,

improve cash flow management, and

ultimately, get life-saving devices into the

hands of professionals faster.

Kelsey Dowling

Senior Staff Technical Product Manager -

Payment Solutions, GE HealthCare

An industry built on

face-to-face sales

ripe for an ecommerce

revolution

This is an industry built on face-to-face

relationships, trust, and long-standing

procurement processes. Sales teams have

always played a central role in guiding

professionals through complex purchasing

decisions. Contracts were negotiated,

invoices issued, and payments manually

processed. We are always looking to

innovate, and the idea of selling medical

devices online has been discussed within

GE HealthCare for a while.

How people live,

spend and earn

Trust in the

digital economy

We saw an opportunity to actually enhance

trust, while driving efficiency, with a

well-designed and very secure digital

channel. Then the Covid-19 pandemic

accelerated our efforts and provided the

impetus to fully develop and implement a

comprehensive ecommerce strategy.

Healthcare providers were at the sharp

end of this crisis and it was our job to

support as quickly and efficiently as

possible. As we led the transformation

of GE HealthCare’s digital payment and

e-commerce strategy, we seized upon an

opportunity to be smart and unlock real

efficiencies using an e-commerce model

in the right way, for the right products.

E-commerce was no longer just an

interesting idea – it was a critical step for

ensuring business continuity and getting

devices into the hands of professionals

more quickly.

At first, selling medical and diagnostic

devices via an ecommerce model felt like

a radical departure from tradition. Medical

equipment isn’t a consumer product – it’s

highly regulated, expensive, and often

requires expert guidance.

But the way people buy has changed.

And that is true of medical professionals

and institutions too. Medics and hospital

administrators are just like the rest of us.

They expect speed, transparency, and

flexibility in how they shop and pay.

They want to compare products online,

see real-time inventory, and complete a

transaction quickly, without unnecessary

back-and-forth.

Giving time back to

important demands

The response was immediate. Clinicians,

especially those in small practices and

urgent care settings, embraced the ability

to order directly online. Larger institutions

and hospitals not only began adopting

e-commerce procurement but sometimes

now use corporate cards for transactions

for values as high as seven figures. What

had once seemed impossible to conduct

as e-commerce was quickly becoming

routine.

According to the Topol Review, an

independent report commissioned by

the UK Secretary of State for Health and

Social Care, only 27% of clinicians’ time

is spent with patients, with the remaining

time taken up by administrative tasks and

procurement.23 Every extra step in the

purchasing process takes time away from

patient care.

In-person sales absolutely still have their

place and GE HealthCare continues to sell

in this way when most appropriate to do

so. But in building the ecommerce platform

we focused on devices that made sense

for online sale – products that were pre-

configured, portable, and easy to ship,

like our handheld ultrasound scanners.

These are items that professionals can

confidently purchase without needing a

lengthy consultation.

How people live,

spend and earn

Trust in the

digital economy

Doctors, nurses, and hospital

administrators don’t have time to chase

down invoices or go through multiple

approval cycles. When they need

equipment, they need it fast.

By streamlining the buying process,

we’re giving them back valuable

time – time that should be spent with

patients, not paperwork.

Fundamental to unlocking this time and

convenience for medics is ensuring optimal

digital payments – from payment method

choice to security, speed, and flexibility.

GE HealthCare’s payments strategy

focuses on making transactions as

seamless as possible for customers across

130+ countries by offering a broad range

of payment methods.

Credit cards are the most common

payment method, even for very large

transactions, with some institutions paying

invoices as high as $1 million via card due

to built-in protections and chargeback

options. That’s the level of trust and

confidence in online payments that we are

now observing. Additionally, GE HealthCare

has been exploring consumer-style Buy

Now, Pay Later (BNPL) options, integrating

Affirm in the US and Klarna in Germany,

to test and learn before we roll these

solutions out more extensively. Demand

for efficient, digitized financing services

for SMBs in particular is apparent and we

are looking into the various ways we can

support our customers in this regard.

How digital payments

unlock convenience and

build trust in B2B

Of course, selling medical devices online

isn’t as simple as selling consumer

electronics. With great convenience comes

great responsibility – especially when

it comes to security, fraud prevention,

and regulatory compliance. We need

strict Know Your Customer (KYC) checks

to verify that every buyer is who they

say they are. We also have to ensure

compliance with global regulations that

dictate who can legally own and operate

medical equipment. We also adhere to

regional authentication regulations, such

as 3D Secure in EMEA.

And while acceptance rates may not have

quite the same competitive imperative as

they do in many consumer sectors (our

medical practitioners are unlikely to be

deterred by a failed payment thanks to the

trust they have in our brand and therefore

they almost always retry payments

straight away) – payments performance is

nevertheless a priority for us. This comes

back to giving time back to clinicians and

to the overall importance of offering a fast

and convenient purchasing process. As

a deeply established brand with a truly

global presence, our customers trust us to

put them first at every touchpoint, enabling

them to do their important jobs the world

over. A robust and fast payment process is

critical to this experience.

How people live,

spend and earn

Trust in the

digital economy

Through the options that come with digital

payments, we’re seeing the ecommerce

impact extend beyond one-time

purchases. Service contracts, maintenance

agreements, and software subscriptions –

which were once managed through manual

invoicing and follow-ups – are now shifting

to automated, recurring payments. Instead

of worrying about whether their service

plan is up-to-date, healthcare providers

can focus on delivering care, knowing

their equipment is covered without

administrative headaches.

What we’re doing at GE HealthCare is

part of a much larger shift. For years,

ecommerce has been synonymous

with retail, travel, and entertainment –

industries where digital adoption was

straightforward. But we’re now seeing

digital commerce expand into industries

that were once considered too complex

or regulated to make the leap. Or simply

too “B2B”. These barriers needn’t exist

anymore. This is just the beginning. The

companies that embrace automation,

security, and seamless digital experiences

will be the ones that lead the next phase of

the digital economy.

An invitation to

re-imagine anything

that needs improving In my experience, as a pioneer of the

ecommerce model and digital payments

strategy within the business, I see other

leaders and other functions within the

business coming to me for ideas about how

to drive digital-first efficiencies elsewhere.

In the same way as we are looking

everywhere for how AI might improve our

services, products or productivity. It’s a

sign that digital payments are also being

seen as an ‘unlocker’ of value and an

enabler of innovation, even in the places

you might least expect it.

For us at GE HealthCare, this journey

started with a simple idea: make it easier

for customers to pay and get the devices

they and their patients need. But in doing

so, we’ve tapped into something much

bigger – the future of how business itself

will be done.

How people live,

spend and earn

Trust in the

digital economy

Trust in the

digital economy

THE FUTURE

OF TRUST

PART 2

AI’s power to perform,

protect–and prey

Trust in the

digital economy

TRUST IN CONSUMER AI

GAINS MOMENTUM

Artificial intelligence is steadily reshaping

the shopping experience, but consumer

adoption is far from uniform.

While AI has been integrated into retail

for over a decade, from recommendation

engines to automated chatbots, the latest

wave of fully autonomous AI shopping

tools is still in its early days. AI-powered

assistants can now read on-screen content

and complete bookings without human

input, but adoption remains mixed - with

many consumers yet to try these tools

or skeptical about their accuracy and

usefulness.

One of the most memorable moments

that showcased our technology was

when Cristiano Ronaldo tested our

AI-powered watch scanner. As an

investor in Chrono24, he was curious

to see how it worked. He scanned his

partner’s watch and everything came

up instantly – the model, the price

range, and the market value.

That’s when people experience

a real ‘wow’ factor.

Christoph Emminger

Head of Payments, Chrono24

The future

of trust

Trust in the

digital economy

55% 50%

39% 42%

42% 500%

of weekly online shoppers use some

form of AI to assist their search

of Spanish consumers have used

voice search tools

of global consumers have used

AI-powered image search to find products

of Saudi consumers have used

AI-powered virtual try-on

of Brazilians have relied on Generative

AI chat tools for search and shopping

increase in AI sourced traffic to retail

sites from UK consumers between

October 2024 and February 2025

recorded by Adobe Analytics24

The future of AI-assisted shopping is

unfolding, but trust and familiarity will

determine just how quickly consumers

embrace it.

The future

of trust

Trust in the

digital economy

AI tool usage for

product and service

search by country (%)

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Gen AI Chat

Virtual

try-ons

Voice search

Image search

Automated

price alerts

Gen Z

Millennials

Gen X

Baby Boomer

Silent Generation

AI tool usage for product and service search by country (%)

AI tool usage for product and service search by generation (%)

10 20 30 40 50

AI tool usage for product and

service search by generation (%)

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Gen Z

Millennials

Gen X

Baby Boomer

Silent Generation

10 20 30 40

Gen AI Chat

Virtual try-ons

Voice search

Image search

Automated price alerts

The future

of trust

Trust in the

digital economy

We use AI to democratize access to culture and the

arts. Technology is delivering more personalized

recommendations that resonate with individuals all over

the world. That’s why millions around the world trust Fever

as the best way to find events that feel made for them.

Patricia Fernandez Hermida

Director of Operations, Fever

The future

of trust

Trust in the

digital economy

Positive

Negative

User sentiment on AI tools for product and service search (global)

Gen AI chat Virtual try-ons

Voice search

Automated price alerts

Image search

Positive

Negative

User sentiment on AI tools for product and service search (global)

Gen AI chat Virtual try-ons

Voice search

Automated price alerts

Image search

Positive

Negative

User sentiment on AI tools for product and service search (global)

Gen AI chat Virtual try-ons

Voice search

Automated price alerts

Image search

Positive

Negative

User sentiment on AI tools for product and service search (global)

Gen AI chat Virtual try-ons

Voice search

Automated price alerts

Image search

Positive

Negative

User sentiment on AI tools for product and service search (global)

Gen AI chat Virtual try-ons

Voice search

Automated price alerts

Image search

Gen AI chat

Virtual try-ons

Automated price alerts

Voice search

Image search

User sentiment

on AI tools for

product and service

search (global)

Positive

Negative

The future

of trust

Trust in the

digital economy

% of the population who have not yet tried but

intend to do so in the next 12 months by generation

Silent

Generation

Baby Boomer

Generation

Generation X

Millennials

Generation Z

Personalised product recommendations from generative AI

Virtual try-ons (clothes, makeup, shoes, furniture)

Voice search (Alexa, Google Assistant etc)

Visual search (seraarching with images)

AI generated price monitoring or alerts

Thinking about how you use Artificial Intelligence when you shop for

goods and services which of the following Al-driven features do you trust

Silent Generation

Baby Boomers

Gen X

Millennials

Gen Z

15%

16%

13%

19%

21%

19%

24%

29%

26%

34%

32%

26%

24%

28%

34%

30%

21%

27%

11%

Personalised product

recommendations from

generative AI

Voice search (Alexa,

Google Assistant

etc)

Virtual try-ons

(clothes, makeup,

shoes, furniture)

Visual search

(searching

with images)

AI generated

price monitoring

or alerts

The future

of trust

Trust in the

digital economy

4. Performance and trust signals

Fast-loading pages, secure payment

systems, and strong return policies all

serve as trust signals. These are not

just good for conversion – they can also

influence whether AI tools prioritize your

store in response to a query.

5. Omnichannel Visibility

AI tools often draw from multiple

touchpoints – web, social, mobile,

marketplaces. Being discoverable and

consistent across channels improves the

chances of surfacing in AI-led journeys.

In the age of AI-driven search and

recommendation tools, merchants can

reach consumers more effectively by

focusing on:

1. Structured, high-quality content

AI tools rely on structured data to surface

results. Clear product descriptions,

accurate metadata, and rich content (like

FAQs or buying guides) help algorithms

understand and recommend products

more effectively.

2. Authentic reviews and social proof

AI search increasingly surfaces peer-

validated content. Merchants need to

cultivate credible, detailed customer

reviews - these carry weight not just with

buyers, but with the AI ranking systems

they use.

3. Personalization and context

AI search tools reward relevance.

Merchants that use customer data to

personalize experiences –e.g., tailored

recommendations, dynamic landing pages

– are more likely to stay visible in AI-

curated environments.

The future

of trust

Trust in the

digital economy

It was a leap at first but now

I don’t think twice about consulting

gen AI for purchase ideas, most

recently an engagement ring.

Kristian

35, London

CONSUMER INSIGHT The future

of trust

Trust in the

digital economy

CONCERNS ABOUT

AI IN ECOMMERCE

AI is changing how the world shops.

But not everyone is sold on it.

Across markets, concerns around data

privacy, political misuse, and a lack of

transparency are eroding trust in AI-

powered retail experiences

Privacy is the top issue. More than

60% of shoppers in the UK, US, China,

and Australia say they worry AI tools

compromise their data. Political misuse of

data is also front of mind. In the UK and

US, that anxiety is highest – with 40% and

37% of shoppers respectively worried

their data could be used for political

surveillance. The demand for oversight

is growing.

Young shoppers are increasingly wary

of resale bots distorting the ecommerce

experience. Many feel shut out of high-

demand drops, with products snapped

up by bots and resold at inflated prices.

This kind of frustration erodes trust in

the fairness of online retail. For Gen Z in

particular, the expectation is clear: digital

experiences should be fast, but they

should also be fair.

Concerns about re-sale bots by generation

Baby Boomers

Gen X

Gen Z

Millennials

Silent Generation

Baby Boomers

Gen X

Gen Z

Millennials

Silent Generation

% of population worried about the impact of resale bots by generation

The future

of trust

Trust in the

digital economy

Political concerns by country

Concerns about re-sale bots by country

Australia

New Zealand

China

Spain

France

Canada

UAE

Germany

Egypt

KSA

Sweden

Netherlands

Brazil

Japan

% of population who think AI shopping tools threaten privacy

Australia

New Zealand

Egypt

UAE

Canada

KSA

Spain

France

Netherlands

Germany

Sweden

Brazil

China

Japan

% of population concerned about data use for political purposes when using AI for shopping

Privacy concerns by country

UAE

Australia

KSA

New Zealand

Canada

Egypt

Brazil

Spain

France

Sweden

Netherlands

China

Germany

Japan

% of population concerned about the impact of resale bots on the e-commerce market

The future

of trust

Trust in the

digital economy

2018

2019

2020

2021

2022

2023

100

Humans

Good bots

Bad bots

Internet activity:

Humans vs bots

2018

100

2019 2020 2021 2022

Source: Imperva (a Thales company), Citi Global Insights

2023

Humans Good bots Bad bots

2018

2019

2020

2021

2022

2023

100

Humans

Good bots

Bad bots

The future

of trust

Trust in the

digital economy

Online shopping has never been easier, but

that convenience comes with unexpected

risks. In the UK, 4% of parents admit their

child has made an online purchase using

their details or through voice assistants like

Alexa, often without permission. And while

some of these surprise transactions are

small, others can run into the thousands.

Accidental or unauthorized purchases

vary widely in cost according to

respondents:

• 31% of transactions were under £20

• 22% fell between £21-£50

• 13% ranged from £51-£100

• 14% hit between £101-£200

• 11% climbed to £201-£500

• 8% exceeded £500, with 1%

reaching £3,000-£5,000

More than half (51%) of parents who

faced an unexpected charge were able

to successfully secure a refund. For

purchases over £101, that figure rose to

61%. However, a significant portion of

parents – 33% overall and 27% for higher-

value transactions – never attempted

a chargeback, either accepting the

loss or assuming it was unrecoverable.

According to one fraud expert, unwanted

child purchases are a growing cause of

chargebacks or so-called “friendly fraud”

– which accounts for up to 80% of an

ecommerce fraud losses.25

Only 15% of adults believe kids are well-

informed about online financial safety.

How much are they

spending?

Getting money back

– or not

THE HIDDEN COST OF

CHILDREN VOICE SHOPPING

The future

of trust

Trust in the

digital economy

THE INVISIBLE HAND GETS AN UPGRADE:

HOW AGENTIC AI WILL RESHAPE THE

FUTURE OF PAYMENTS

The hum of digital transactions has

become the background music of

modern commerce. But a profound shift

is underway, one that will render today’s

payment processes almost quaint. The rise

of agentic artificial intelligence – AI capable

of autonomous action and decision-making

– is poised to fundamentally reshape how

value is exchanged, prompting a radical

rethink from businesses and financial

institutions alike.

For decades, the evolution of payments

has largely focused on making human-

initiated transactions faster, more secure,

and more convenient. From credit cards to

mobile wallets, the user remained

firmly in control. The era of agentic

AI flips this script.

We are entering a world where intelligent,

autonomous entities will increasingly

initiate and execute payments, often

without direct human intervention.

Imagine a future where your personal

AI assistant seamlessly manages

your finances, negotiating bills,

optimizing subscriptions, and making

purchases based on your evolving

needs and preferences.

Andy Repton

Technical Product Director,

Checkout.com

Picture autonomous vehicles paying for

tolls and parking, smart homes reordering

supplies and settling utility bills, and

industrial robots procuring necessary

components directly from suppliers.

This isn’t science fiction; it’s the logical

progression of increasingly sophisticated

AI capabilities.

This shift heralds the rise of autonomous

commerce, a paradigm where AI agents

interact and transact directly with each

other. Consider an AI-powered logistics

platform automatically paying a drone

delivery service for its services, or imagine

your personal AI proactively managing your

healthcare by autonomously scheduling

appointments, refilling prescriptions,

and even handling insurance claims on

your behalf. These interactions will be

characterized by speed, efficiency, and a

level of dynamism previously unimaginable.

This transformation will necessitate a

significant evolution of the underlying

payment infrastructure.

The future

of trust

Trust in the

digital economy

Key considerations include:

• Interoperability: Seamless

communication and value exchange

between diverse AI agents and

platforms will be crucial. Standardized

protocols and APIs will be essential to

facilitate this autonomous ecosystem.

• Real-Time Processing: In an AI-

driven economy, speed is paramount.

Payment systems will need to operate

in near real-time to support the rapid

pace of autonomous transactions.

• Enhanced Security and Trust:

Securing AI agents and their financial

assets from malicious actors will be

paramount. Robust authentication

mechanisms, advanced fraud detection

the widespread adoption of distributed

ledger technologies will be critical for

building trust in autonomous financial

interactions.

• Contextual and Intent-Based

Payments: The traditional model of

explicit payment initiation may become

less relevant. Future systems will likely

leverage contextual awareness and

inferred intent to trigger secure and

seamless value transfers.

Consider agents acting on our behalf

today to ‘pay’ for goods, like smart fridges

re-ordering milk. Today, you have already

authorized that fridge to buy (e.g. from

Ocado) but with a very tight constraint of

“re-order milk when empty”.

In an agentic world, your general home

agent will decide what ingredients are

needed to order for the meal plan you’ve

asked it to create for the week, as well as

which stores to source the goods from

based on your personal profile (cost,

eating habits, food preferences, cooking

abilities, etc.) To identify the cheapest

ingredients, it may autonomously decide

to use another specialist ‘bargain hunter

agent’, in order to use the bargain hunter

agent, it needs to pay a few pence.

In this autonomous system, your home

agent, pre-authorized with a budget and

permissions, uses its unique digital identity

to digitally sign a payment request to the

bargain hunter agent, which then verifies

this signature to ensure the transaction

is legitimate without requiring any direct

human input.

But how does it know that bargain

hunter agent isn’t funding a nefarious

organization? Or that it’s not a clone of

the real bargain hunter agent it read great

reviews about? So additional services like

Fraud and Identity Verification become

even more important in this agent

ecosystem. What about disputes when

the bargain hunter agent fails to provide

an adequate response or controls when it

tries to charge too much or provides the

more expensive option due to additional

back-end incentives it’s receiving to send

you to Ocado vs. Lidl.

The future

of trust

Trust in the

digital economy

For business leaders, understanding

and preparing for this future is no longer

optional; it’s a strategic consideration.

Here are some areas where businesses

can begin to think and position themselves:

• Exploring AI capabilities:

Organizations might consider how

they can develop and deploy AI

agents capable of managing financial

transactions and interacting with other

autonomous systems.

• Considering new payment

technologies: It could be beneficial

to explore emerging payment

technologies, including blockchain and

advanced biometric authentication, to

understand their potential impact.

• Thinking about evolving business

models: Traditional revenue models

may need to adapt to accommodate

autonomous commerce. Businesses

could start to consider how they might

leverage AI agents as both consumers

and providers of goods and services.

• Engaging with regulatory discussions:

Proactively engaging in discussions

about the evolving regulatory

landscape for AI-driven financial

transactions could help shape a secure

and equitable ecosystem.

• Focusing on security and privacy:

As the volume and complexity of

autonomous transactions increase,

maintaining robust security measures

and a strong commitment to data

privacy will be vital for building

customer trust and navigating

regulatory requirements.

Navigating this future will undoubtedly

present challenges. Concerns around

security vulnerabilities, the potential for

algorithmic bias, and the need for robust

regulatory frameworks will require careful

consideration. However, the potential

benefits are immense: increased efficiency,

fewer transaction costs, the emergence

of entirely new business models, and a

more seamless and integrated economic

experience.

The era of agentic AI is poised to usher

in a new era of payments – one where

the invisible hand of the market gets a

powerful, intelligent upgrade. Businesses

that begin to explore this fundamental shift

and consider their position will be better

prepared to navigate the autonomous

economy of tomorrow. The time to

start thinking strategically about this

transformative future is now.

The future

of trust

Trust in the

digital economy

TRUST WAS NEVER SIMPLE: WHY THE

DIGITAL ECONOMY DEPENDS ON THE

RIGHT APPROACH TO COMPLEXITY

Trust in technology has never been simple.

Even a decade ago – when systems

were largely on-premise and within an

organization’s own four walls – users were

still navigating “black boxes.” Whether your

podcast magically appeared on your phone

is all that mattered - not the complex

delivery system behind it.”

Back then, infrastructure was more

controlled – but also more closed. There

was a single pipe in, a single pipe out, and

a limited set of technologies operating

within tight boundaries. That setup

offered stability, but it also meant

slower development cycles, limited

distribution, and constrained innovation.

The trade-off for that much control was

agility and growth.

Howard Wilson

CFO, PagerDuty

Fast forward to today, and that dynamic

has given way to interdependence and

complexity. Cloud-native architectures,

third-party services, global user bases – all

of these have expanded what’s possible,

but also multiplied the potential points of

failure. And with that shift, the way trust is

built – and broken – has evolved.

Today, every business is a digital business.

Whether it’s streaming, shopping, or

checking your investments, the experience

you expect is instant, reliable, and invisible.

But those experiences are underpinned by

hundreds of systems and services. When

something goes wrong, what matters isn’t

just uptime – it’s how fast it’s resolved, how

responsibility is taken, and whether the

response earns back your confidence.

The future

of trust

Trust in the

digital economy

It’s tempting to think of trust as emotional

or reputational. But in the digital economy,

trust is earned through demonstrated

performance – consistent outcomes, swift

resolution, and clear communication.

The expectation is perfection, without ever

having a glitch. It’s resilience: the ability to

anticipate the unexpected and respond in

a way that prevents user impact – or, when

that’s not possible, to act decisively and

constructively. As we often say, “We want

to resolve the issue before the end user

is even aware. But if they do notice, the

speed of resolution becomes the priority.”

So either way – speed matters.

Owning the response is just as important.

Whether it’s a retailer experiencing a

checkout failure or a platform facing an

outage, how a company responds tells

users everything they need to know. We’ve

seen this in practice: publishing real-time

incident updates and postmortems not

only restores trust – it reinforces that

accountability is non-negotiable in a

digital first world.

We are now in a period of significant

transition when it comes to tech and trust.

As we move from AI as a tool for insight

to agentic AI that takes real-time action,

this shift introduces new dynamics around

responsibility. Can a machine be trusted to

make decisions humans once owned?

Our answer is structured. At PagerDuty,

we believe agentic AI must earn trust in

stages:

• If the problem is well understood, AI

can resolve it autonomously.

• If it’s partially understood, AI leads,

with humans validating or completing.

• If it’s novel, humans take charge, using

AI to assist.

Over time, this builds confidence – not

just in the agent, but in the system

around it. We don’t unleash agents

indiscriminately. We deploy them with

context, train them under human guidance,

and monitor them closely.

It’s not about replacing human expertise.

It’s about combining the speed and scale

of AI with the judgment, experience, and

oversight of people. That’s how fidelity is

maintained and trust is formed.

Trust is built through

performance

Agentic AI and the

changing relationship

between agency and

accountability

The future

of trust

Trust in the

digital economy

In the next decade, trust in AI won’t hinge

on how powerful or general-purpose a tool

is – but on how specific, responsible, and

effective it is in context. The mythic idea of

one monolithic AI system doing everything

is already fading. Just as no one person is

a doctor, lawyer, and engineer all at once,

no single agent can solve every problem.

Instead, we’ll see the rise of domain-

specific agents, trained on proprietary data

and designed to do one job reliably and

well. These will become the next iteration

of software: embedded into operations,

acting autonomously within scope,

and earning trust through repeatable,

predictable performance. An agent is really

just another application – only now, it’s one

that communicates, reasons, and acts.

Consumer trust in technology was never

about having perfect information. It was

never about seeing inside every black

box. It’s about believing the system will

behave as expected – and that if it doesn’t,

someone is responsible for making it right.

The future of trust is

domain-specific

Trust requires action

That belief doesn’t come for free. It’s

earned – through performance, responsible

system design, and clear, confident

leadership in moments of failure.

And that challenge isn’t going away.

In fact, it’s accelerating. Technological

change is often ahead of consumption.

We start developing new technologies

in anticipation of how they’re going to

be used, but we don’t know exactly how

they’ll play out until they’re in the world.

That means the responsibility to build

and maintain trust will only grow. As

innovation speeds up, adoption will need

to keep pace – not just with technical

readiness, but with operational integrity

and ethical deployment.

In the complex, high-stakes digital

economy, the organizations that retain

trust will not be the ones that avoid failure

altogether. They will be the ones who

understand that trust is not the absence

of failure, but how you act when failure

happens. And that is a responsibility

we all share.

The future

of trust

Trust in the

digital economy

CONSUMER SCAMS HIT

BUSINESS REVENUE

Fraud is reaching unprecedented levels,

with 40% of consumers reporting that

they’ve been victims of theft or scams

leading to fraudulent payments. The most

common scam? Social engineering tactics

like phishing and “pig slaughtering”, which

account for 30% of reported fraud cases

globally. The data suggests that younger

generations are more likely to have fallen

prey to cybercrime – this despite being

less concerned about the threats posed by

social engineering and deepfakes.

% of population

report being

victims of

card fraud

39%

35%

38%

44%

41%

Gen Z Millennials Gen X Baby Boomers Silent Generation

The future

of trust

Trust in the

digital economy

Yet the next wave of fraud is already here

and its AI-generated deepfakes. 43% of all

consumers surveyed (and 36% of Gen Zs)

see deepfake scams as a serious security

threat to themselves, and they’re equally

concerned about their own image being

stolen and manipulated.

% of people who

have been a victim

of card fraud

% of people who don’t know if they

have been a victim of card fraud

Brazil

UAE

Australia

KSA

Canada

Egypt

New Zealand

Spain

France

China

Sweden

Germany

Netherlands

Japan

% of population who have been a victim of fraud resulting in theft of card details

Japan

Netherlands

Brazil

China

Sweden

Canada

Germany

Egypt

France

KSA

Spain

Australia

New Zealand

UAE

% of population who do not know whether they have been a victim of fraud

Brazil

UAE

Australia

KSA

Canada

Egypt

New Zealand

Spain

France

China

Sweden

Germany

Netherlands

Japan

Netherlands

Brazil

China

Sweden

Germany

Egypt

France

KSA

Spain

Australia

New Zealand

UAE

For merchants, soaring fraud rates

bring a surge in chargebacks,

operational costs, and

reputational damage.

The future

of trust

Trust in the

digital economy

Phishing

Hacking

Card Theft

QR Code Scam

Phone Theft

Fraud type distribution (Total = 41 as 100%)

Types of theft leading to card fraud

14.6

17.1

17.1 24.4

26.8

Gen Z, in particular, considers itself tech-savvy, and to some extent, they

are. Digital natives are more attuned to online threats, consuming educational

content via social platforms like TikTok. However, even they are unaware of

how much personal information is already available online.

Julie Fergerson,

CEO, MRC

The future

of trust

Trust in the

digital economy

MAINTAINING TRUST WHILE NAVIGATING

AN IMPENDING FRAUD EPIDEMIC

For merchants, trust in the digital economy

hinges on three key priorities: increasing

acceptance, reducing fraud, and delivering

the best possible customer experience.

These priorities shape every decision

merchants make, yet the rising tide of

increasingly sophisticated fraud and

scams threatens to erode consumer trust.

I believe fraud will escalate dramatically

over the next three years. Right now, we

are merely patching cracks in a dam, but

sooner or later the structure will break,

forcing us to rebuild swiftly. To stay ahead,

merchants, issuers, and payment providers

must anticipate fraud trends and prepare

accordingly.

Julie Fergerson

CEO, Merchant Risk Council

The proliferation of fake websites has

conditioned consumers to question the

authenticity of what they see online. Even

I, an industry expert, fell victim to one

last year – a fraudulent website imitating

a well-known global furniture brand. The

site appeared entirely legitimate, but after

I completed my purchase, I had a nagging

suspicion. A quick call to the company

confirmed my fears – it was a scam. I then

had to contact my bank to address the

fraudulent charge.

This is the reality many consumers face,

often realizing too late that they have

been deceived. However, as these scams

become more prevalent, shoppers are

becoming more discerning.

The growing threat

of fraud

Fraud manifests in countless ways,

and one of the most pressing

concerns is the rise of copycat

brands deceiving online shoppers.

The future

of trust

100

Trust in the

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They are scrutinizing web addresses,

bypassing paid social media

advertisements – often used by fraudulent

actors – and seeking trusted sources

before making purchases.

The scale of global scam operations is

staggering. There are at least seven major

scam centers worldwide, each employing

over 500,000 individuals – many of whom

have been trafficked or coerced into

executing fraud full-time. These scams

span the globe and evolve constantly,

encompassing romance frauds, fake gift

card schemes, and sophisticated social

engineering tactics. AI is accelerating this

problem at an alarming rate. Deepfake

technology has become so advanced that

it can now bypass some ID verification

processes, making it increasingly difficult

to confirm someone’s identity. For instance,

merchants renting homes often request a

short video and an ID photo as verification

– both of which can now be convincingly

fabricated using AI. The unfortunate

reality is that fraudsters likely have more

resources to invest in technological

advancements than those combating

them. They are stealing billions of

dollars and reinvesting in superior

scams, continually staying ahead of

security measures.

When it comes to payments, merchants

are fortunate that really strong machine

learning solutions exist that are keeping a

lid on the situation today.

The concern is to what extent these tools

will be equipped to handle the challenges

of tomorrow.

A key strategy in mitigating fraud

is implementing more stringent

authentication measures. However,

merchants must strike a delicate

balance – ensuring security without

creating excessive friction for customers.

Consumers expect smooth, seamless

transactions, but stronger authentication

may soon become a necessity.

Determining the appropriate level of

verification will depend on the transaction

value and the nature of the purchase.

Europe has already adopted risk-based

authentication under the Strong Customer

Authentication (SCA) framework. This

system dynamically adjusts security

layers based on perceived risk.

Looking ahead, I anticipate that every

transaction may require some form of

authentication as fraud tactics become

increasingly sophisticated.

Some propose digital ID wallets as a

potential solution. The European Union

is rolling out these systems, which could

prove effective, but interoperability

remains a major challenge. How will a

European traveler authenticate a

purchase in the U.S., and vice versa?

Achieving global standardization is a

daunting task that will take years, if not

decades, to resolve.

Finding the right

balance: Trust vs.

Friction

The future

of trust

101

Trust in the

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At present, education is our most powerful

weapon against fraud. Banks, as the most

trusted financial entities, should lead

these efforts. However, merchants can

also play a crucial role. When customers

report fraudulent charges, issuing a refund

should not be the only response – this is an

opportunity to educate consumers about

fraud prevention. By turning a potentially

damaging experience into a trust-building

moment, businesses can reinforce

consumer confidence in their brand while

increasing fraud awareness.

Many consumers underestimate the risks

they face. While they believe they act with

caution, they are often far less vigilant than

necessary. Gen Z, in particular, considers

itself tech-savvy, and to some extent,

they are. Digital natives are more attuned

to online threats, consuming educational

content via social platforms like TikTok.

However, even they are unaware of how

much personal information is already

available online. For example, when my

family attempted to create a secure

password, my Mom suggested answers

based on publicly available data – such

as my first car or the hospital where

my kids were born. This false sense of

security highlights the need for continuous

education about online safety.

Despite the mounting challenges, the

payments ecosystem will adapt and

strengthen. We have faced significant

threats before 0 such as massive data

breaches – and the industry evolved in

response. The same will happen with this

growing fraud epidemic. By staying ahead

of emerging threats, implementing smarter

authentication solutions, and prioritizing

education, we can protect consumer trust

and sustain a thriving digital marketplace.

To prepare for this, merchants and

financial institutions must remain vigilant.

The MRC community is constantly sharing

intelligence to stay ahead of fraud trends.

If you’re a merchant, you need to be

plugged into an organization that

keeps you informed.

Education: Our

best defense

The future

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Trust in the

digital economy

% of people who feel their image is at

risk of theft for deepfakes

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

AI ENABLED FRAUD

In November 2024, the U.S. Treasury’s

Financial Crimes Enforcement Network

(FinCEN) issued an alert to financial

institutions after observing a surge in

fraud schemes involving deepfake media.26

Deloitte’s Center for Financial Services

projects that generative AI (including

deepfakes) could enable fraud losses to

reach $40 billion in the US by 2027, up

from about $12.3 billion in 2023.27

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

% of population who feel image theft for deepfake poses a direct threa

Consumers too are concerned

and display a healthy skepticism

that will help to keep them secure.

Nevertheless, the sophistication of

these scams is designed to outwit

even the most digitally savvy whether

in their private or professional lives.

The future

of trust

103

Trust in the

digital economy

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Percentage of population who believe AI-generated social engineering scams pose a direct thread

Percentage of population who believe deepfake scams pose a direct threat

Social engineering and deepfake scams

Consumers feel under threat

from AI-powered scams

Gen Z

Millennials

Gen X

Baby Boomers

Silent Generation

Percentage of population who believe AI-generated content scams pose a direct threat to their security

Percentage of population who believe deepfake scams pose a direct threat to their security

AI generated content and deepfake scams

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Gen Z

Millennials

Gen X

Baby Boomers

Silent Generation

% of people who believe

AI-generated social engineering

is a direct threat to them

38%

30%

35% 38%

49%

56%

18%

56%

48%

62%

45%

42%

28%

44%

54%

41%

52%

33%

45%

32%

27%

22%

47%

50%

39%

56%

34%

53%

13%

14%

44%

% of people who believe

deepfakes are a direct

threat to them

The future

of trust

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Trust in the

digital economy

TRENDS IN

IDENTITY FRAUD

At Checkout.com we are constantly

monitoring for identity fraud for our

Identity Verification product. According

to Justine Lin, Fraud Officer, Checkout.

com: “One of the most common types

of ID fraud we encounter today are

counterfeit documents – fake IDs created

with increasingly advanced techniques.”

Fraudsters aren’t cutting corners, say Lin,

many go to great lengths to make these

fakes convincing, printing them on high-

quality paper, trimming them carefully,

and even inserting them into booklets to

pass as authentic documents: “A growing

number of these attempts appear to

be generated using AI-powered tools,

reflecting a broader shift toward more

sophisticated digital forgery”.

Lin also points out that biometric fraud

tends to center around identity theft:

“We regularly see attempts to complete

verification using someone else’s real ID

– sometimes even involving collections

of genuine documents stolen or acquired

from others. The tools are changing,

but the intent remains the same: to

bypass authentication and exploit

systems at scale”.

“We’re also seeing an increase in face

reenactment fraud” according to Lin, “this

involves animating parts of a still photo

– like blinking or subtle mouth movement –

to fake ‘liveness’ during biometric checks.”

While not as technically complex as full

deepfakes, these reenactments are faster

and easier to produce, making them a

more common method of attack.

Lin also notes that in terms of geographic

shifts in the European market, there’s

been a noticeable uptick in fraud attempts

from Central and Eastern Europe over the

past few months – including countries like

Austria, Croatia, and Hungary. Previously,

most activity originated in Western

and Southern Europe, with Spain, Italy,

Belgium, Greece, and Portugal being the

most common sources.

“Across the board, the sharpest trend

we’re tracking is the rise of AI-assisted

fraud. It’s making counterfeit documents

more convincing, verification attempts

more targeted – and the need for robust,

adaptive fraud prevention more urgent

than ever.”

The future

of trust

105

Trust in the

digital economy

FACE AUTHENTICATION:

HOW BUSINESSES CAN

COMBAT DEEPFAKES

In a world where security and trust

are non-negotiable, businesses are

turning to face authentication as a user-

friendly, secure way to verify identities.

From preventing fraud to streamlining

compliance, facial recognition technology

is transforming how companies protect

customers, reduce risk, and build trust.

Face authentication is a biometric

verification method that maps and

analyzes an individual’s facial features –

such as the distance between the eyes or

the contours of the face – to confirm their

identity. It replaces passwords and PINs

with something that can’t be forgotten,

stolen, or shared: a person’s unique

biometric data. With liveness detection

built in, modern face authentication

systems can distinguish between a real

person and a photo, mask, or deepfake –

making it one of the most secure and user-

friendly authentication methods available.

Unlike passwords or physical ID

documents, biometric authentication is

intrinsic to an individual, meaning it can’t

be easily stolen, copied, or forgotten.

How it works:

1. Image capture:

The user’s face is scanned

using a smartphone or

camera-equipped device

2. Facial mapping:

AI-powered algorithms analyze

features like bone structure

and eye placement

3. Digital template creation:

The system converts the analysis

into a secure, encrypted template

4. Identity Verification:

The template is matched against

stored data for authentication

The future

of trust

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Trust in the

digital economy

DIGITAL ID: THE FUTURE

OF PAYMENTS?

Forms of digital identity are rapidly

emerging as a cornerstone of the Digital

Economy’s infrastructure. Yet, over 850

million people worldwide still lack any

form of legal ID, and even more are

without a usable digital identity. This gap

impedes access to essential services and

economic participation. Recent research

from Visa highlights how trusted digital

identity systems, when linked with digital

payments, can unlock powerful synergies

for financial inclusion, public service

delivery, and economic growth.28

Digital identity enables individuals to

verify who they are online in a secure,

efficient, and privacy-conscious way. It

supports access to healthcare, education,

government services, and commerce

– and can be particularly transformative

in underserved or remote communities.

Studies by McKinsey Global Institute

suggest digital ID systems could boost

GDP by 3–13% in some economies by

2030, depending on the implementation

strategy. These studies emphasize the

mutually reinforcing relationship between

digital identity and digital payments.

Digital payments offer everyday, trusted

use cases (e.g., buying goods, receiving

payments) that can foster trust in digital

identity systems. Conversely, a secure

digital identity strengthens payment

authentication, improves Know Your

Customer (KYC) processes, and

reduces fraud.

This creates a virtuous cycle: trust in

payments builds trust in identity,

and vice versa.

As Julie Fergerson of the MRC, and

Maxime Hambersin at Docusign have

pointed out, governments will play a

central role in building legal and regulatory

frameworks that ensure privacy, consent,

security, and especially interoperability.

At the same time, the private sector

brings technical expertise, innovation,

and high-frequency touchpoints that help

drive adoption. Real-world examples –

like Ukraine’s Diia, Belgium’s itsme®, and

Bhutan’s National Digital Identity – show

how mobile-first and public-private models

are accelerating success.

As digital ID becomes more embedded in

financial ecosystems, the benefits multiply

– including greater efficiency, inclusion,

security, and economic opportunity for

individuals and institutions alike.

Our data explores consumer attitudes

towards Digital ID, asking whether they

believe ID verification will make it safer

to transact online, whether they feel

comfortable with the idea of having a

Digital ID card or wallet (such as those

already in use in Ukraine or planned by

the EU by the end of 2026), and

whether they can imagine a future where

their ID becomes their sole currency or

payment method.

The future

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Trust in the

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Privacy and political data use are critical

fault lines in consumer trust, shaping

attitudes toward Digital ID. Our data

suggests that populations most concerned

about how their data is handled are also

the most hesitant about adopting Digital ID

or digital ID wallets. Despite the European

Digital Identity Framework Regulation’s aim

to establish a secure and interoperable

European Digital Identity Wallet – allowing

citizens and businesses to identify and

authenticate themselves across the EU

and enhancing digital trust and security –

some Europeans remain cautious.

People who would trust online

transactions more with ID verification

People in France and Spain appear

relatively comfortable with the introduction

of an internationally recognized,

interoperable Digital ID, while those in

Germany, the Netherlands, and Sweden

are less so. Across most countries, men

tend to be more comfortable with Digital

ID than women and in all countries, Gen

Z express more positive sentiments than

any other generation. The generational

difference is most marked in the US,

Canada, and Australia.

There’s still work to be done on two fronts

– reassuring citizens that their data is

safe from cybercriminals, and ensuring

transparency around how governments

access and use identity data.

Digital ID Verification

Egypt

Spain

UAE

KSA

Sweden

Japan

USA

Germany

Netherlands

Canada

Brazil

New Zealand

China

France

Australia

ID verification?

The future

of trust

Australia

France

China

New Zealand

Brazil

Canada

Netherlands

Germany

USA

Japan

Sweden

KSA

UAE

Spain

Egypt

Male Female

108

Trust in the

digital economy

Digital ID wallets

Male Female

People who would be comfortable having an

internationally recognized digital ID wallet

Sweden

Germany

Japan

Canada

Spain

Netherlands

France

Australia

New Zealand

China

Brazil

Egypt

UAE

Saudi Arabia

% of population who would be comfortablewith a digital ID card

Saudi Arabia

UAE

Egypt

Brazil

China

New Zealand

Australia

France

Netherlands

Spain

Canada

Japan

Germany

Sweden

Saudi Arabia

UAE

Egypt

Brazil

China

New Zealand

Spain

Netherlands

Australia

France

Japan

Sweden

Canada

Germany

Saudi Arabia

UAE

Egypt

Brazil

China

New Zealand

Spain

Netherlands

Australia

France

Japan

Sweden

Canada

Germany

% of population who would be comfortable having an Internationally

recognised digital ID wallet

The future

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109

Trust in the

digital economy

Canada

Australia

Believe Digital ID is the

future of payments

Trust security of

transactions with Digital ID

Believe Digital ID will

make the internet safer

Comfortable with an

international Digital ID

Countries with

the biggest

generation gaps

in appetite for

Digital ID as

payment method

Gen Z leads on

Digital ID

Canada

Australia

Total population

Gen z

Digital ID is the payment method of the future

58%

68%

64%

46%

53%

46%

Believe Digital ID is the Future

of Payments

Believe Digital ID Will Make

the Internet Safer

Trust Security of Transactions

with Digital ID

Comfortable with an

International Digital ID

% of gen z globally on digital ID perceptions

56%

51%

Digital ID as the payment

method of the future?

Total

population

Gen Z

The future

of trust

110

Trust in the

digital economy

UAE

KSA

Spain

New Zealand

China

France

Egypt

Australia

Canada

Brazil

Germany

Sweden

Netherlands

Japan

People who think Digital ID is the

payment method of the future

UAE

KSA

Spain

New Zealand

China

France

Egypt

Australia

Canada

Brazil

Germany

Sweden

Netherlands

Japan

Percentage of people who think digital ID is the payment method of

the future

The future

of trust

111

Trust in the

digital economy

WHO ARE YOU DOING BUSINESS WITH?

THE FUTURE OF DIGITAL ID VERIFICATION

Digital identity verification has come a

long way - from basic static image checks

to live video chat solutions, where fraud

could easily slip through due to a lack of

industry standards. Early forms of online ID

verification progressed from static images

to live video chat solutions – there were no

industry standards for verification, leaving

plenty of scope for easy fraud.

Now, as fraud and deepfakes grow more

sophisticated, knowing who you’re doing

business with online is nearly impossible

without robust technology. In just five

years, the proportion of fraud attempts

involving deepfakes has multiplied 15X.

That’s why AI-powered solutions like

Checkout.com’s Identity Verification (IDV)

have taken center stage – redefining digital

trust and making online interactions more

secure and seamless.

Maxime Hambersin

Senior Director of Product Management International,

Docusign

“The levels of trust introduced to the

ecosystem by solutions such as IDV have

clearly led to a surge in adoption.” says

Docusign’s Maxime Hambersin. “There’s

no doubt we have acquired many new

users of online identity verification since

introducing Identity Verification because

individuals and businesses are feeling

more trust in the process and want to

benefit from it.”

Digital ID wallets:

Trust at scale

With digital identity verification expanding

across industries, demand is rising for

reusable verification methods. “Initially

used primarily for onboarding purposes

in various sectors such as services and

employment, these verification systems

are now being leveraged for a broader

and broader array of use cases.” says

Hambersin.

The future

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Trust in the

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The eIDAS 2.0 EU legislation is a significant

step toward creating a standardized

digital identity system across Europe. It

aims to strengthen trust, security, and

interoperability – allowing consumers

and businesses to verify identities

across borders with confidence. “This is

a real opportunity for Europe to step in

and define the next level of how we do

business online,” says Hambersin. “And we

commend the fact that the EU is focused

on an interoperability model – that’s going

to be difficult but crucial.”

eIDAS 2.0 and the future

of EU-wide ID wallets

But with this scale comes increased

expectations for speed, convenience,

and reliability. Just as online shoppers

now expect their payment details to

autofill, users are starting to demand the

same functionality for identity verification.

“Businesses have no interest in putting

loyal customers through additional,

repeated friction if they can avoid it,”

says Hambersin. This push for efficiency

has fueled demand for digital Identity

Wallets – a concept poised to

revolutionize online identity.

A digital Identity Wallet provides a secure,

encrypted ID verification that can be

reused across platforms, reducing the

time and cost of traditional verification

methods like live video checks. Hambersin

notes that reusable ID wallets achieve

extremely high conversion rates within

seconds, making transactions faster and

more efficient. Beyond speed, digital ID

wallets enhance security by eliminating the

need for physical ID documents, reducing

the risks of theft or loss. “The balance

between trust and convenience is always a

little bit of ‘give and take’ depending on the

nature of the agreement at stake,”

says Hambersin.

But he believes that soon, verification will

be as simple and standardized as handing

over a passport at border control. There

is a huge opportunity – but also major

complexity. It’s like adding another layer of

infrastructure to the internet.

Security is at the core of digital ID wallet

discussions. Fraud threats, especially

deepfakes, highlight the critical need for

watertight verification standards. “Although

society may tolerate a certain level of fraud

in analog contexts, digital environments

demand a higher standard of reliability,”

says Hambersin. Weak security doesn’t just

hurt individuals, it undermines entire digital

ecosystems. “A compromised ID wallet

doesn’t just impact the user,”

Hambersin explains. “It jeopardizes trust in

all subsequent transactions and threatens

the stability of the whole system.” Data

protection is equally critical. “Rightly,

people demand control over their sensitive

information,” says Hambersin. “Users will

only adopt ID wallets if they are completely

certain their data is secure”.

The need for

bulletproof security

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Trust in the

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Ensuring consistent trust levels across

all EU digital identity wallets will be

key. With varying levels of maturity in

achieving initial ID verifications across

member states, ensuring interoperability

becomes imperative for seamless cross-

border transactions. Hambersin warns

that businesses operating across multiple

EU countries could face major logistical

challenges if ID wallets don’t align.

“A French bank, for example, would be

required to accept the onboarding of Italian

clients. If Italy’s ID verification scheme was

less reliable than France’s, the bank might

have to enforce additional verification

steps - giving Italian customers a worse

experience and creating competitive

disadvantages.”

The EU’s regulations are an important step

toward a more inclusive Digital Economy.

However, adoption will depend on making

ID wallets both reliable and easy to use.

“If they’re not seamless, adoption will be

weak,” says Hambersin. Addressing bias

in facial recognition technology will also

be critical. “It’s not enough to say, ‘Great, it

works for 95% of the population,’ when 5%

are locked out of the digital ecosystem,”

Hambersin stresses.

Interoperability: The

make-or-break factor

Make it inclusive

and unbiased

People who are concerned about

racial bias in facial recognition

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

“Ultimately, it’s not for the private sector

to tell states how to manage the identity

of their citizens,” reflects Hambersin.

“Our job is to support and facilitate this

great initiative, and at Docusign, we are

committed to creating solutions that work

in tandem with the EU framework and drive

adoption.”

Wyss agrees: “As companies committed to

empowering businesses and communities

in the Digital Economy, Checkout.com

and Docusign will continue building next-

generation digital identity solutions to

support the rollout of ID wallets.”

There’s still much work to be done, but as

Wyss and Hambersin agree, momentum

is strong. The next challenge? Ensuring

global interoperability, so that digital

identity can function seamlessly across

borders and industries.

Looking ahead: The role

of the private sector

The future

of trust

114

Trust in the

digital economy

TRUST HAS NO

FINISH LINE

Today, the Digital Economy connects

people and brands worldwide. It offers

choice and convenience, expands financial

inclusion, and fuels innovative business

models. But its success – like that of any

economy – hinges on trust. If, as Digital

Trust expert, Rachel Botsman, observes,

“trust is fundamental to every action, every

relationship, and every transaction,” and

as Edelman notes, “trust is the ultimate

currency,”29 then the Digital Economy

demands not only trust but an extra level

of trust from the people who put their

money into it. Trust built not on face-

to-face interactions, but on the security

and reliability of technology. Digital

transactions require confidence in the

unseen, most fundamentally in the systems

that process payments, verify identities,

and secure financial data. Payments

technology is at the heart of trust in the

Digital Economy.

But trust is never static. It can be broken

but it can also be pushed in new directions

– making growth and innovation possible.

Botsman describes trust as “elastic”,

allowing consumers to adapt to innovations

in technology and business models.

Healthy skepticism turns into trust when

enough people take the leap, see the

rewards, and come back for more. In this

way, “trust is the conduit through which

new ideas travel – trust drives change.”30

This is good news for growth in the Digital

Economy. Because “the bigger the trust

problem, the greater the opportunity” – an

insight that drove Alibaba’s Jack Ma to

launch Alipay.31 Solving the ecommerce-

payments-trust-gap faced in the early

2000s unleashed a $120 billion business.32

The lesson? Where trust is a barrier,

those who build the right technology

unlock new markets.

Gig or sharing platforms like Uber, Airbnb,

and TaskRabbit seemed radical once.

They asked people to trust strangers

with their “most valuable possessions,

experiences, and even their lives.”33 Now

this level of trust is the norm and amounts

to a $150 billion market. Our research

suggests 46% of Gen Zs earn income

through gig economy platforms, while

40% of the global population relies on

them for services such as food delivery,

transportation, tutoring, and programming.

Humans welcome good innovation and

reorganize their lives around it.

Each wave of innovation in the Digital

Economy demands a new level of trust.

• In the 1990s, consumers had to trust

that an online purchase would

arrive at their door

• In the 2000s, they had to trust online

credit card payments

• In the 2010s, they had to trust the gig

and sharing economies

• Now, in the 2020s, they must trust that

their money is safe in the age of AI

The future

of trust

115

Trust in the

digital economy

AI is reshaping how people search, shop,

and interact with businesses. Its ability

to make life easier is weighed against

widespread fears around privacy, bias,

and security. As Gen AI tools evolve at

an unprecedented pace, the UX gaps

consumers see today will likely close

rapidly. For merchants, this means a

new competitive reality – where AI is the

judge. Success will increasingly depend

on how well businesses optimize for AI-

driven discovery, recommendations, and

transactions.

On the flip side, mass-scale AI-driven

scams, such as deepfake-powered identity

fraud, are threatening businesses and

consumers. Merchants have always fought

fraud with rigor and relentless focus,

but the battle is intensifying. The

same technology – AI and Machine

Learning – enabling these threats is

also our best defense. So the right

payments partnerships are now more

critical than ever.

Trust in the digital economy has come a

long way. From early skepticism around

online transactions to a world where

billions confidently shop, trade, and

conduct business digitally, trust has been

built step by step. Across generations

and geographies, a significant baseline

of trust has been established. Yet, just as

we reach one milestone, new challenges

emerge. The rise of AI-driven threats, from

deepfake scams to hyper-personalized

fraud, is unsettling consumers, pushing

trust back into a state of flux.

No finish line

On balance, consumers remain cautiously

optimistic. More people say technology

is making it safer rather than riskier to

transact online. But it is a fine margin. In

some markets, the scale tips the other

way: concern outweighs confidence. The

future of the Digital Economy depends on

closing this trust gap. Throughout history,

every stage of digital innovation – from

ecommerce to mobile payments, to peer-

to-peer platforms – has required a leap of

faith. The businesses that seized these

moments didn’t just fight threats; they

innovated away the trust gap, transforming

hesitation into habit.

Now, we stand at another turning point.

Protective measures like machine learning-

powered fraud detection and real-time

anomaly detection are essential. But the

most forward-thinking businesses aren’t

just preserving trust as it was, they’re

reshaping it for the future.

Consider this: what if your digital ID

became your one and only payment

method? What if identity itself was the

ultimate proof of transaction security,

replacing passwords, PINs, and even

cards? This might sound radical, but half of

consumers globally are already willing to

take the leap. As digital trust expert Rachel

Botsman reminds us, trust is the conduit

through which new ideas travel. It is not a

static force. It does not exist to preserve

the status quo but to enable progress.

Especially as AI agents become

increasingly capable of conducting

commerce autonomously, digital ID will

find its true calling as the technology that

solves for trust in this new era.

The future

of trust

116

Trust in the

digital economy

For these agents to act on behalf of

individuals, they need verifiable identities

that link digital actions to real people.

Identity becomes the essential bridge –

enabling secure, personalized transactions

while preventing unauthorized activity.

Verified digital ID ensures AI agents

operate within user-defined permissions,

comply with KYC and AML regulations,

and maintain accountability in real time.

As agentic AI reshapes commerce, robust

identity infrastructure will be fundamental

to safeguarding trust, enhancing user

experience, and ensuring regulatory

compliance.

Today, a trust gap may be emerging.

But for those who can solve it, the

opportunities are immense. That’s why,

at Checkout.com, we believe there is no

finish line. Performance in payments is

never a one-time victory. And trust is not

a destination. Trust, like performance, is

a constant journey. One that demands

continuous evolution, reinvention, and

bold, imaginative leaps.

Male

Female

Trust that technology is making

the Digital Economy safer

Male

Female

Silent

Generation

Baby Boomers

Gen X

Millennials

Gen Z

On balance as technology evolves it is becoming easier to trust that online transactions are safe and reliable

On balance as technology evolves it is becoming harder to trust that online transactions are safe and reliable

I don’t know

Thinking about your confidence in the safety of your money which of the

following statements do you agree with

- by generation

- by gender

Gen X

Millennials

Gen Z

Silent

Generation

Baby

Boomers

Male

Female

Silent

Generation

Baby Boomers

Gen X

Millennials

Gen Z

On balance as technology evolves it is becoming easier to trust that online transactions are safe and reliable

On balance as technology evolves it is becoming harder to trust that online transactions are safe and reliable

I don’t know

Thinking about your confidence in the safety of your money which of the

following statements do you agree with

Harder to trust Easier to trust I don’t know

The future

of trust

117

Trust in the

digital economy

Endnotes

1Botsman, Who Can You Trust, 2018

2https://www.worldbank.org/en/publication/digital-progress-and-trends-report

3Botsman, Who Can You Trust, 2018

4Botsman, Who Can You Trust, 2018

5Ibid;

6https://www.statista.com/topics/12196/alipay/#:~:text=Since%20then%2C%20the%20service%20catalog,of%20the%20most%20

anticipated%20IPOs.

7Botsman, Who Can You Trust, 2018

8https://wset.com/news/local/card-skimming-devices-found-at-multiple-walmart-locations-in-region-virginia-march-2025

9https://documents1.worldbank.org/curated/en/099112123072531052/pdf/P1773020a74991068097450f0047cedc306.pdf

10Actual fund availability depends on receiving financial institution and region.

11Earned Wage Access Preferences Survey (April 2019). Commissioned by Visa and conducted by AYTM among 1,000 workers

across varying industries in the United States

12Visa Direct Gig Economy Research (2020). Commissioned by Visa and conducted online by Directions Research, Inc. from Dec

5, 2019, to Jan 6, 2020. The 2326 respondents were gig workers, from the US, Canada, the UK, Ireland, France, Spain, Poland,

Ukraine, Russia, South Africa, India, Singapore, Australia, Brazil, Peru and Colombia

13ibid

14Visa Gig Economy Research, January 2020

15Visa Direct Gig Economy Research (2020). Commissioned by Visa and conducted online by Directions Research, Inc. from Dec

5, 2019, to Jan 6, 2020. The 2326 respondents were gig workers, from the US, Canada, the UK, Ireland, France, Spain, Poland,

Ukraine, Russia, South Africa, India, Singapore, Australia, Brazil, Peru and Colombia

16ibid

17Dailypay, “Earned Wage Access 2022: Impact on Retention & Hiring” July 10, 2022.

18Visa Direct Gig Economy Research (2020). Commissioned by Visa and conducted online by Directions Research, Inc. from Dec

5, 2019, to Jan 6, 2020. The 2326 respondents were gig workers, from the US, Canada, the UK, Ireland, France, Spain, Poland,

Ukraine, Russia, South Africa, India, Singapore, Australia, Brazil, Peru and Colombia

19Javelin Strategy & Research Advisory. Real-time payments: an urgent priority for financial institutions. Sponsored by Fiserv. 3,711

respondents were representative of the U.S. population. October 2021.

20The Federal Reserve, “Federal Reserve Payments Insights Brief: Changing environment places premium on payment speed, choice

and control, May 2023

21ADP, Inc., “Earned Wage Access: Tapping into the Potential of Flexible Pay for Today’s World of Work”, January 2022.

22https://www.economist.com/business/2025/02/27/the-business-of-second-hand-clothing-is-booming

23https://topol.hee.nhs.uk/the-topol-review/

24https://retailtechinnovationhub.com/home/2025/3/16/ai-assistants-like-chatgpt-claude-copilot-deepseek-quickly-becoming-part-

of-shopping-journeys

25https://www.crowdfundinsider.com/2025/03/237014-friendly-fraud-has-become-pressing-issue-in-digital-commerce-report/

26https://www.fincen.gov/sites/default/files/shared/FinCEN-Alert-DeepFakes-Alert508FINAL.pdf#:~:text=Beginning%20in%20

2023%20and%20continuing,5The

27https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-predictions/2024/deepfake-

banking-fraud-risk-on-the-rise.html

28https://fintechmagazine.com/articles/visa-report-digital-id-could-transform-payments

29https://www.edelman.com/trust/2025/trust-barometer

30Botsman, Who Can You Trust, 2018

31Ibid;

32https://www.statista.com/topics/12196/alipay/#:~:text=Since%20then%2C%20the%20service%20catalog,of%20the%20most%20

anticipated%20IPOs.

33Botsman, Who Can You Trust, 2018

Checkout.com processes payments for thousands

of companies that shape the digital economy. Our

global digital payments network supports over 145

currencies and delivers high-performance payment

solutions across the world, processing billions of

transactions annually.

With flexible and scalable technology, we help

enterprise merchants boost acceptance rates, reduce

processing costs, combat fraud, and turn payments

into a major revenue driver. Headquartered in London

and with 19 offices worldwide, Checkout.com is

trusted by leading brands such as DocuSign, Vinted,

Temu, Uber Eats, Klarna, Wise, Sainsbury’s,

Financial Times, Grab, and Sony.

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Trust in the

digital economy

TRUST IN

THE DIGITAL

ECONOMY

2025

Trust in the

digital economy

WHERE THE WORLD

CHECKS OUT

Trust in the

digital economy

METHODOLOGY

Checkout.com partnered with YouGov to survey adults from around the

world to understand what drives Trust in the Digital Economy and in the

brands that operate within it.

NUMBER OF COUNTRIES: 16 NUMBER OF RESPONDENTS18,000

Australia, Saudi Arabia, United Arab Emirates, Egypt, China, Japan, New Zealand,

Netherlands, Sweden, Germany, France, Spain, UK, USA, Canada, Brazil.

Census-balanced demographic per country (18+) and Nationally representative.

Interviews conducted with 20

brands and industry experts.

Interviews conducted with 15

consumers. Images are stock

images to protect their identities.

Checkout.com network data gives

a unique view on transaction

trends and fraud trends through

billions of payments processed

by Checkout.com.

SURVEY

INTERVIEWS NETWORK DATA

Trust in the

digital economy

CONTENTS

102

104

105

106

111

114

Trusted to deliver: How digital commerce underpins daily life

Brazil: A snapshot of one of the world’s fastest growing digital economies

Trust compounds online: The power of social proof

From IRL to URL: How choice took the digital economy in-store

Trust: Won and lost at the checkout

Consumers fear for the safety of their card data

Why PCI DSS 4.0 is fundamental to a thriving digital economy

Real-time10 gig economy payouts: Why speed fosters trust

Rise of the circular economy: Pre-loved takes top spot for young shoppers

E-gaming: A third of the world games weekly

The cycle of trust: Five steps to combating chargebacks and fraud in gaming

Trust is a two-way street: Refund and chargeback abuse

Building trust in online luxury markets

Doubling down on trust: How embedded insurance is empowering consumers in an uncertain world

The great wealth transfer: Millennials and Gen Z trust it online

Why we brought ecommerce to B2B healthcare - and what it says about trust in the digital economy

Trust in consumer AI gains momentum

Concerns about AI in ecommerce

The hidden cost of children voice shopping

The invisible hand gets an upgrade: How agentic AI will reshape the future of payments

Trust was never simple: Why the digital economy depends on the right approach to complexity

Consumer scams hit business revenue

Maintaining trust while navigating an impending fraud epidemic

AI enabled fraud

Trends in identity fraud

Face authentication: How businesses can combat deepfakes

Digital ID: The future of payments?

Who are you doing business with? The future of digital ID verification

Trust has no finish line

PART 1: THE DIGITAL ECONOMY

How people live spend and earn

PART 2: THE FUTURE OF TRUST

AI’s power to perform, protect-and prey

Trust in the

digital economy

EXECUTIVE

SUMMARY

This report, based on a global YouGov

study of 18,000 consumers across 16

markets, examines how trust shapes

consumer behavior in the Digital Economy

(the vast global ecosystem of products

and services paid for online in billions of

digital payments made every day). It also

draws on Checkout.com’s own network

data – billions of data points that indicate

payments trends as money flows from

consumers to merchants around the world

24 hours every day. With 92% of people

surveyed transacting online, participation

is high – but trust remains conditional.

It is won and lost in key moments: the

decision to share personal data, commit to

a transaction, interact with AI chatbots, or

engage with a digital identity.

In traditional commerce, trust is built in.

You pay with chip and PIN or cash, and

leave with your products in hand. In the

digital economy, trust is earned. The

virtual nature of the digital economy

makes trust an even more valuable and

potentially volatile currency. Trust is a

measurable, strategic asset that directly

impacts conversion, retention, and

competitive advantage.

Trust in the

digital economy

WHY IT MATTERS

• 83% of Gen Z regularly send money

to peers using mobile wallets. Most

Gen Zs and Millennials globally are

managing their money, investing their

wealth and buying insurance via apps

– upending old-style financial services

as the great wealth transfer takes hold.

• Card-not-present card payments

are now supporting six or seven

figure transactions for items such as

luxury goods, or medical devices – a

significant level of trust supported

by Identity Verification and product

verification tools.

Trust fuels the full spectrum of

digital life and consumers expect

always-on, high-performing

experiences. Merchants must

meet rising expectations for

speed, security, and service,

or risk breaking trust with

highly engaged and savvy

users, in an increasingly

competitive market.

Trust is an action: clicking “buy,” sharing

your data, accepting a ride. Consumers

are embedding digital commerce into

every part of life, from shopping and

socializing to managing money and

earning income. This embedded behavior

signals growing trust – but it also raises

the bar for performance.

• 75% of global consumers transact

online weekly or more. 35% of

Brazilians and 27% of Chinese

consumers make multiple digital

purchases each day. Since 2022, daily

online transactions have increased by

150% in the US and 300% in MENA.

• 46% of global Gen Zs now earn

income via the Gig or Creator

economies, a signal of the rise of

supplementary incomes and the

culture of side hustles. This rises to

58% of the whole population surveyed

in Brazil and 53% in Egypt.

• A quarter of Millennials and Gen Z

across Europe and the UK have made

a lifestyle of the Circular Economy –

prioritizing second hand purchases

online and frequently earning an

income from re-sale on the

same platforms.

1. TRUST, MEASURED

IN CLICKS

KEY INSIGHTS

Trust in the

digital economy

• 46% of consumers say peer reviews

and third-party content are the most

important factor in building trust in a

brand or product – equal to the power

of brand recognition itself

• 30% of shoppers compare prices on

their phones while in-store; over 45%

of Gen Z do so regularly

• More than 50% of regular online users

engage with AI tools such as voice

assistants, image search, or virtual

try-ons. Global Gen Zs as well as China

and MENA markets are leading the way

in adoption. AI-sourced traffic to UK

retail sites grew by 500% between Oct

2024 and Feb 2025

Trust spreads online through networks:

reviews, ratings, social proof. These

signals now matter as much as brand

recognition and they flow through both

human and algorithmic filters. Increasingly,

social channels are not just sources of

information but also points of purchase.

This accelerates shifts in consumer trust

and intensifies competition.

Mobile access to information is also

pushing the Digital Economy into

physical stores. QR codes, mobile

checkouts, and digital loyalty programs

are bridging the gap between online

and offline experiences.

Meanwhile, as consumers ramp up their

use of AI for search and shopping, AI

doesn’t replace human trust signals – it

amplifies them. Social proof, ratings,

reviews, and user-generated content

now flow through algorithmic filters that

influence discovery. Brands must optimize

not only for consumer experience but also

for machine visibility on networked trust.

Reputation, responsiveness, and credible

feedback all feed into how consumers –

and AI – evaluate trustworthiness.

2. NETWORKS

OF TRUST

WHY IT MATTERS

When people trust, they’ll convert.

Given the power of social proof,

that makes timing and channel

strategy critical. Merchants must

meet consumers in the moment

of emotional connection –

optimizing for all devices, using

payment links, ensuring perfect

brand continuity and integrating

with any platform necessary to

stay connected.

KEY INSIGHTS

Trust in the

digital economy

The point of payment is where trust is

most visible, valuable and vulnerable.

Brands invest heavily in customer

acquisition, with ecommerce customer

acquisition costs ranging from $50 to

$130. But a single failed payment can

undo all that investment in seconds.

Poorly performing payments damage

not just revenue, but reputation and

loyalty. According to consumers, payment

performance means: security, speed,

the right payment method, in the right

currency, and appropriate authentication

methods. Most consumers say they’d

avoid storing card details on ecommerce

platforms.A smooth, secure transaction

reinforces confidence; any friction

can undo the entire customer journey.

While strong UX and product appeal get

consumers to the cart, trust determines

whether they complete the purchase.

KEY INSIGHTS

• 66% of consumers say payment

performance is the key driver of trust

at the checkout, overtaking returns

policies which were cited as more

important in 2022

• 40% have abandoned a cart due

to security concerns; 42% wouldn’t

return after a failed payment

• Uncertainty about the security of a

checkout is the number one reason for

lost trust according to consumers

• 69% of consumers don’t feel

secure storing card details on

ecommerce platforms

3. TRUST AT

THE CHECKOUT

WHY IT MATTERS

To protect trust, merchants

must signal security clearly –

through perfect brand continuity,

PCI compliance, 3D Secure

Authentication, and trusted

encryption cues. A strong

payments strategy builds trust

by increasing approval rates,

preventing fraud, and protecting

user data. It means deploying

Network Tokens and machine

learning models to reduce fraud

and maximize acceptance.

Trust in the

digital economy

Trust in the Digital Economy is

accompanied by rising caution. While

educated caution is important, most

consumers do not feel well-informed to

deal with threats. As consumer scams rise,

so does payments fraud, leading to a high

risk of costly chargebacks and lost trust

for merchants. Meanwhile, consumers

also cite growing concerns over data

security when searching and transacting

online. Resale bots, algorithmic bias, image

theft for deepfakes, and politically driven

misuse of data all threaten consumer

confidence in the Digital Economy today.

Indeed, deepfakes, face reenactments,

synthetic identity scams, and real-time

phishing are becoming harder to detect.

Julie Fergerson, CEO of the Merchant

Risk Council, warns that these scams

could drive $40 billion in losses in the

US alone by 2027. Data suggests older

consumers are more vulnerable to online

social engineering; younger ones are more

exposed to physical threats like phone

theft and QR code fraud.

• 60% of consumers say the rise of AI

poses a risk to their data security.

• 40% of consumers report payment

fraud linked to hacking, scams, or theft

and 56% do not feel well-informed

about how to keep their money safe

online

• Nearly half say deepfakes are a

serious personal safety concern

to them

• The MRC predicts AI-enabled scams

could cost the US $40 billion by 2027

4. EMERGING

THREATS TO TRUST

WHY IT MATTERS

To address escalating fraud,

businesses are turning to AI

and machine learning for more

sophisticated fraud detection.

Tools such as face authentication,

behavioral analytics, and

intelligent ID verification are fast

becoming the foundation of a

new trust stack. Experts also call

for a united campaign to educate

consumers – lead by ecosystem

players such as merchants, banks,

and fintech apps.

KEY INSIGHTS

Trust in the

digital economy

In card-not-present payments, identity

isn’t confirmed in person, it’s inferred

through proxy. And thanks to smart

authentication methods, that proxy is

getting sharper all the time. From 3DS to

wallet-native authentication, today’s tools

can dynamically assess risk, confirm user

intent, and stop fraud – all in a matter

of milliseconds. Biometric prompts go

further still, reducing friction and boosting

confidence with a glance or a touch. These

systems work. But they’re momentary.

They validate the transaction – not the

individual behind it. And in an age where

agentic AI may transact on a shopper’s

behalf, that presents a new challenge:

when the agent acts, who’s accountable?

When the signal comes from software, not

a person, what does “verified” look like?

This is where the conversation expands

from authentication to identity. A

persistent, portable digital ID could

serve as a trust anchor across channels,

platforms, and use cases. A new layer of

assurance enabling agent-led commerce

without losing sight of the consumer –

many of whom already seem prepared for

a future where their digital ID becomes

their payment method.

• ⅓ of all under 45s are using biometrics

to verify transactions

• Over 50% of consumers – and nearly

60% of Gen Z – believe their digital ID

will be their main payment method in

the future

• 48% believe that merging ID

verification with payments would

be the key to making them feel more

secure when transacting online, rising

to 54% of Millennials

• 43% of consumers would like to have

a digital ID wallet. Interest in digital ID

wallets is highest in the Middle East

and Asia, where digital adoption is

accelerating

5. AUTHENTICATION

TO IDENTIFICATION

Securing trust

in flux

WHY IT MATTERS

The conversation around paying with

Digital ID is hotting up. Merchants must

consider a future where transactions are

identity-verified by default – improving

not just safety, but also speed, access,

and personalization. Nevertheless, trust in

Digital ID and ID verification depends on

data protection, government transparency,

intuitive design, and inclusion – especially

where facial recognition is used. Younger

consumers worry about biometric bias;

older ones, about political surveillance.

Cross-border interoperability is a pressing

challenge for regulators looking to unlock

the full potential of digital ID.

KEY INSIGHTS

Trust in the

digital economy

While new tech creates new convenience,

people are unsettled by what they perceive

as new tech-related security threats when

they transact online today. On balance,

slightly more consumers think tech is

making the Digital Economy safer – but it

is almost too close to call. When we dig

down, there are big differences between

countries and generations. Merchants will

need to bring their full consumer base

with them on the innovation journey in the

years to come. In a landscape defined by

constant change, trust is what endures. It’s

built through reliable service, transparent

practices, and well-handled risks. As AI,

digital ID, and agentic commerce reshape

the rules, trust will remain a fundamental

driver of success. The brands that

prioritize trust at every layer of the digital

experience will lead the next chapter of

global commerce.

TRUST HAS NO

FINISH LINE

Trust that technology is making

the Digital Economy safer

On balance as technology

evolves it is becoming

easier to trust that online...

On balance as technology

evolves it is becoming

harder to trust that online...

I don't know

Harder to trust

I don’t know

Easier to trust

38% 36%

26%

Trust in the

digital economy

Trust in the

digital economy

THE DIGITAL

ECONOMY

PART 1

How people live, spend and earn

Trust in the

digital economy

Trust, Click, Buy: Digital engagement

signals consumer confidence

BRAZIL

50% of the population

earns in the Gig and

Creator economies

57% of Baby Boomers

plan to increase their

ecommerce spend in

the next 12 months

41% of the population regularly

orders food on delivery apps

UAE

24% of the population

buys their luxury

goods online

SPAIN

33% of the population

plan to increase their

use of online travel

booking sites in the

next 12 months

AUSTRALIA

54% of the

population make

purchasing decisions

strongly informed

by online reviews

EUROPE

30% of Gen Z across Europe buy

and sell in the Circular economy

JAPAN

20% of Baby

Boomers shop

online multiple

times each day

EGYPT

53% of the population

earns in the Gig and

Creator economies

CANADA

36% of the population

are deal-hunting on

their mobiles while

browsing in-store

CHINA

49% of the

population play

e-games multiple

times a week

How people live,

spend and earn

Trust in the

digital economy

Trust isn’t something you simply

have - it’s something you do. Your

behavior, such as sharing personal

data, clicking “buy,” or accepting

a ride from a stranger is the

clearest expression of trust. Trust

is a confident relationship with the

unknown - and it’s expressed

through action.

Rachel Botsman,

Digital trust expert,

Said Business School

TRUSTED TO DELIVER

Trust in the Digital Economy is visible

in everyday behaviors – from shopping,

dining, and gig work to gaming, streaming,

and travel. It powers the way we live,

connect, and do business. And it’s growing

fast. The World Bank estimates the Digital

Economy is expanding 2.5 times faster

than the physical economy in GDP terms.

The Digital Economy is accessible anytime,

anywhere, through the devices in our

hands. The sheer scale of participation

is a benchmark of confidence, and the

frequency of online shopping signals how

deeply digital commerce is embedded in

daily life. Central to this trust is choice,

convenience, and consistency. Even in a

tough economy, the appetite to buy online

does not appear to be slowing down.

Consumers are adjusting, not retreating:

shifting spend online to buy in bulk, chase

better deals, and make smarter use of

split or deferred payment options. These

behaviors point to a more intentional

shopper – one that expects retailers to

deliver value, flexibility, and ease. For retail

brands, the opportunity lies in meeting

that mindset with transparent digital

experiences, clear pricing, and payment

options that support financial control

without sacrificing speed.

How people live,

spend and earn

Trust in the

digital economy

% of shoppers

who plan to

increase

e-commerce

use in the next

12 months

% of global

population

who buy goods

and services

online at

least monthly

Food & groceries

Clothing

Travel & transport

Streamed content

Cosmetics

Homeware

E-games

Pet supplies

Second-hand goods

News media

Event tickets

Electronics

Medical services

Experiences

Government & public services

Luxury goods

Dating apps

71%

Food & Groceries

Clothing

Travel & Transport

Streamed content

Cosmetics

Homeware

E-games

Pet supplies

Second-hand goods

News media

Event tickets

Electronics

Medical services

Experiences

Government & Public services

Luxury goods

Dating apps

Percentage of global consumers purchasing these goods & services online

53%

50%

33%

30%

28%

26%

25%

22%

14%

20%

12%

10%

How people live,

spend and earn

Trust in the

digital economy

Trust is never static. It can be lost, but it

can also be pushed in new directions –

making continuous growth and innovation

possible. Botsman describes trust as

“elastic”, allowing consumers to adapt to

innovations in technology and business

models. Healthy skepticism turns into trust

when enough people take the leap, see the

rewards, and come back for more. In this

way, “trust is the conduit through which

new ideas travel – trust drives change.”

This is fundamentally positive for growth

in the Digital Economy. Because “the

bigger the trust problem, the greater

the opportunity” – an insight that drove

Alibaba’s Jack Ma to launch Alipay. Solving

the ecommerce-payments-trust-gap

faced by his business in the early 2000s

unleashed a $120 billion business. The

lesson? Where trust is a barrier, those who

build the right technology hold the keys to

unlocking entirely new markets.

“Trust is the conduit

through which new

ideas travel”

The gig or sharing economies are a prime

example: The emergence of platforms

like Uber, Airbnb, and TaskRabbit

seemed radical – they asked people to

trust strangers with their “most valuable

possessions, experiences, and even

their lives.” What once seemed radical

has become the norm, forming a $150

billion market. Today our research

suggests 46% of Gen Zs earn income

through gig economy platforms, while

40% of the global population relies on

them for services such as food delivery,

transportation, tutoring, and programming.

Humans welcome good innovation. They

reorganize their lives around it.

I live alone and have mobility

problems, so the internet has become

my trusted lifeline. When I go out it’s

to see people. But I rarely have to

worry about getting out to shops if

I can’t because I know I can plan my

needs around online orders.

Dorthe,

65, Bradford

CONSUMER INSIGHT

How people live,

spend and earn

Trust in the

digital economy

2022

2025

High-frequency transactions signal deep

consumer trust in the Digital Economy

Growth in frequent online

shopping (2022-2025)

2022 2025

+167%USA

+50%ESP

FRA +150%

+100%GBR

How people live,

spend and earn

Trust in the

digital economy

People who

transact online

every day

Brazil

KSA

Japan

UAE

China

Egypt

Australia

Canada

Netherlands

New Zealand

France

Spain

Sweden

Germany

Daily online shopping by millennials and gen z’s (under 45’s)

% of population who shop online daily or more

Brazil

KSA

Japan

UAE

China

Egypt

Australia

Canada

Netherlands

New Zealand

France

Spain

Sweden

Germany

0% 10% 20% 30% 40%

% of Millennials

and Gen Z

35%

24%

22%

21%

23%

17%

40%

15%

12%

16%

10%

12%

15%

10%

22%

16%

27%

23%

41%

% of total

population

How people live,

spend and earn

Trust in the

digital economy

I don’t think I’m alone in saying

that Pix was my gateway to

ecommerce. It started out as a

really helpful way to manage my

money and pay for things in ‘real

life’ but ultimately, it has given me

access to the internet as a place

I can buy anything, especially

goods from other countries.

Gabriel

30, São Paulo

CONSUMER INSIGHT How people live,

spend and earn

Trust in the

digital economy

A SNAPSHOT OF ONE OF THE WORLD’S

FASTEST GROWING DIGITAL ECONOMIES

Brazil’s digital economy is expanding

rapidly, driven by financial inclusion,

regulatory changes, and ecommerce

growth. Post-pandemic, 84% of Brazilians

are now banked, accelerating fintech

adoption and shifting the country towards

a digital-first payments landscape.

In addition to mobile phones’ high

penetration (above 80%), another catalyst

is the fact that the Brazilian Central Bank

has fueled this transformation by replacing

restrictive policies with regulations that

encourage innovation.

Pix, Brazil’s instant payment system, has

quickly become the dominant payment

method, with 35% of ecommerce

checkouts in 2024 and projections to

surpass 45% in 2025. Its zero-cost peer-

to-peer transfers and ease of use have

disrupted traditional payments, challenging

credit cards, which remain strong in

installment-based (BNPL) purchases.

Brazil leads Latin America in credit card

penetration, with Visa and Mastercard

controlling 90% of the market. Boleto

Bancário, once a key cash-based payment

method, is fading as Pix offers a more

seamless alternative.

Ecommerce in Brazil is growing at over

60% annually, outpacing the regional

average. Online sales make up 15% of total

retail and continue to rise.

Juarez Borges Filho

General Manager, Brazil,

Checkout.com

Cross-border ecommerce trade is expanding,

particularly through Chinese marketplaces

like Shein, Alibaba, and Temu, which maintain

high order volumes despite new import taxes.

Shein alone ships 80,000 packages daily

to Brazil – Amazon: a further 10,000 daily.

To support demand, Chinese retailers are

investing in local logistics, including a new

323,000 square feet Anjun Express facility at

Guarulhos International Airport.

This rigorous growth comes despite some

challenging macroeconomic conditions

present challenges. Inflation reached 4.56%

in 2024, and interest rates remain high.

GDP growth projections for 2025 indicate a

deceleration and may be under 3% (between

2.8% to 2.9%). Foreign exchange fluctuations

affect cross-border purchases, yet demand

remains strong due to competitive pricing.

Despite a 60% import tax on small purchases

lower than USD 50, goods from China often

remain cheaper than domestic alternatives.

Payment providers benefit from cross-border

transactions not just through processing fees,

but also FX transaction spreads, particularly

when operating as merchants of record for

global platforms.

How people live,

spend and earn

Trust in the

digital economy

In the face of recent rises in

unemployment, the gig economy is also

reshaping economic activity, with rising

participation in ride-hailing and delivery

services increasing reliance on flexible

digital payments. Brazil’s digital economy

represents more than 50% of Latin

America’s ecommerce and continues

to grow. Businesses that adapt to its

evolving payments ecosystem, shifting

consumer habits, and regulatory

landscape will be best positioned to

capture its opportunities.

Apps like Just Eat, Delivery Hero, and

Deliveroo have made ordering groceries,

meals and household goods effortless,

while ride-hailing services ensure trips are

booked, completed, and paid for instantly.

What was once an occasional online

purchase has become a real-time financial

ecosystem, driven by an invisible, always-

on payments infrastructure.

Checkout.com network data showing Friday and Saturday

food delivery spikes through 2025 to date

2025-03-26

2025-03-24

2025-03-22

2025-03-20

2025-03-18

2025-03-16

2025-03-14

2025-03-12

2025-03-10

2025-03-08

2025-03-06

2025-03-04

2025-03-02

2025-02-28

2025-02-26

2025-02-24

2025-02-22

2025-02-20

2025-02-18

2025-02-13

2025-02-09

10000

15000

10000

15000

10000

15000

10000

15000

10000

10,000

% of shoppers who plan to increase e-commerce use in the next 12 months

Tuesday

Thursday

Saturday

Monday

February March

Wednesday

Friday

Sunday

Tuesday

Thursday

Saturday

Monday

Wednesday

Friday

Sunday

Tuesday

Thursday

Saturday

Monday

Wednesday

How people live,

spend and earn

Trust in the

digital economy

The core appeal of these apps

lies in the trust that they will

deliver within the hour, simplify

mealtime decisions and reduce

the mental burden of planning and

preparation. They give me back

time to do the things that matter

most – earn a living and spend

time with my children, knowing

we have what we need when

we need it.

Tom

34, London

CONSUMER INSIGHT How people live,

spend and earn

Trust in the

digital economy

When the world checks out:

Peak shopping hours during

Black Friday-Cyber Monday

THE DIGITAL ECONOMY

NEVER SLEEPS

The Digital Economy enables 24/7

shopping, letting consumers buy whenever

it suits them best. During peak spending

periods like Black Friday-Cyber Monday,

transaction spikes varied by market.

Hong Kong shoppers led early, with sales

surging at 1 AM local time. In the UK,

activity peaked at the start of the workday,

while US consumers preferred prime-time

browsing, with transactions peaking at

8 PM local time.

*All hours are local

time, all data is from

Checkout.com

network data

Black Friday

Noon Sunday

Cyber Monday

Friday Saturday Sunday Monday

How people live,

spend and earn

Trust in the

digital economy

TRUST COMPOUNDS

ONLINE

In the UK, 60% of consumers say online

reviews strongly inform their purchase

decisions, followed closely by the US,

Germany, and the Netherlands. 58% of the

population for all three countries say their

purchasing decisions are strongly informed

by online reviews. At its core, the Internet

is a communication technology, shaping

consumer behavior by providing instant

access to vast amounts of information.

The ability to compare products, read

peer experiences, and engage in online

discussions before making a purchase

empowers consumers like never before.

“Social proof” and digital word-of-mouth

have become dominant forces in shaping

brand perceptions, with review platforms

acting as modern consumer forums that

influence purchasing decisions across

industries. For businesses, online reviews

– whether on formal “trust” platforms

or within social media channels – are a

key component of trust-building. This

has led companies to invest heavily

in reputation management strategies,

actively engaging with customers online,

responding to concerns, and leveraging

AI-driven analytics to track sentiment. As

digital ecosystems continue to evolve,

the interplay between communication

technology and consumer trust will remain

central to the future of commerce.

46%

of consumers say online reviews

are the top driver of their

purchasing decisions

of consumers say brand familiarity

is the top driver of their

purchasing decisions

of consumers say price is the top driver

of their purchasing decisions

In the digital economy, trust scales through

reputation, not simply brand recognition.

Consumers are just as likely to trust a

brand based on peer reviews and third-

party feedback as they are through direct

familiarity. That shift reframes how trust

is built: not through brand legacy, but

through consistent, verifiable delivery

which has a network effect online. In a

competitive market, where information is

democratized, every trusted interaction

becomes a growth engine – because trust

travels through digital channels.

How people live,

spend and earn

Trust in the

digital economy

User-generated content is our trust signal.

Verified reviews, transparent ratings, and

tailored recommendations give travellers

the confidence to book real-world

experiences through a screen—because

when you can’t try before you buy, knowing

others have matters. And when the platform

is digital but the moment is real, that trust

becomes everything.

Arjun Muralidharan

Director of Product, GetYourGuide

Trust in the

digital economy

Consumers who say online reviews strongly

inform their purchase decisions

Trust is something we earn ride by ride. We start with the basics: verified

drivers, real-time tracking, and safety features like live location sharing and

in-app support. But we go further, offering transparent pricing, a seamless

booking experience, and mobility options tailored to every journey. They

know exactly what to expect. That clarity and control is what locks in

trust and keeps people coming back.

Chris von Rumohr,

Vice President FinTech, FREENOW

How people live,

spend and earn

Trust in the

digital economy

FROM IRL TO URL: HOW

CHOICE TOOK THE DIGITAL

ECONOMY INSTORE

Instant access to information has

transformed consumer behavior in store

too. The trust consumers place in the

information and choice offered online

is changing shopping dynamics on the

high street. Increasingly, consumers are

checking reviews and deals online when

they see something they like in store.

An impulse buy is no longer in the bag.

It might be an impulse of inspiration to

look elsewhere.

To deal with this added layer of

competition, retailers are adapting by

embedding digital tools into physical

stores, from QR codes for discounts to

AR-powered product previews. Loyalty

programs can now push real-time offers

based on location and purchase history,

meaning the Digital Economy is reshaping

how consumers do “physical” retail.

of all consumers look for

better deals online while

shopping in-store

of Gen Z look for better

deals online while

shopping in-store

40%

30%

How people live,

spend and earn

Trust in the

digital economy

We used to have this attitude that the

best way to trust it was to see and

touch it, but somehow that’s changed

– now if I’m in a shop and I see

something I like I’m wondering whether

I can get a better or cheaper version

of the same thing online – my phone is

the ultimate source of choice.

Stacey

26, New York

CONSUMER INSIGHT How people live,

spend and earn

Trust in the

digital economy

Digital experiences now feature in many

traditional brick and mortar stores. In

fact, the use of in-store digital payments

grew by 9% in 2023 and already has an

adoption rate of 32% among 18-24-year-

olds. It’s clear that the convenience of the

online world delivers a better experience

to consumers, as more and more move

to this space from the traditional physical

methods of purchase.

You can see examples of these digital

experiences everywhere you look. When

we enter quick service restaurants, we

are often presented with large touch

screens on which to browse and place our

orders. We are also increasingly presented

with QR codes to read menus and to pay

from our table. We can click and collect,

to offer certainty of fulfillment. And in

grocery stores, you can now shop and pay

directly from your phone. SmartShop from

Sainsbury’s is a great example of

how using digital payments in-store

offers consumers a quicker and easier

shopping experience.

Australia

Brazil

Canada

China

Egypt

France

Germany

Japan

KSA

Netherlands

New Zealand

Spain

Sweden

UAE

USA

AVERAGE: 37.2%

% of Gen Z’s and

Millennials

who are deal-

seeking online

when browsing

in-store

Australia

Brazil

Canada

China

Egypt

France

Germany

Japan

KSA

Netherlands

New Zealand

Spain

Sweden

UAE

USA

How people live,

spend and earn

Trust in the

digital economy

Build a mobile app that works in-store

• Include location-triggered offers

and exclusive in-store deals.

• Let shoppers scan items for

instant access to reviews, specs,

and comparisons.

• Reward loyalty with app-based perks

they can only unlock in person.

Make digital displays do more

• Showcase timely promotions, price-

matching policies, and social proof.

• Keep content fresh, localized,

and relevant to what’s on the

shelves today.

How merchants can

keep up with the

digital takeover:

How people live,

spend and earn

Trust in the

digital economy

TRUST: WON AND LOST

AT THE CHECKOUT

Customer Acquisition Cost (CAC) is a key

metric in ecommerce, reflecting how much

it takes to bring a new customer on board.

While CAC varies by industry – from as low

as $21 in arts and entertainment to over

$1,000 in high-value verticals like jewelry

– the average in ecommerce sits between

$50 and $130. With so much at stake, the

checkout becomes a critical performance

moment. It’s where the full value of that

investment is either realized – or lost.

Over the past five years, the biggest

threats to consumer trust at checkout have

evolved. In 2020, the top concern was a

lack of a clear, hassle-free returns process.

For many first-time ecommerce shoppers

during the pandemic, trust hinged on

what happened after the purchase

– whether the product matched

expectations, and whether refunds

would be processed reliably.

Today, that concern has eased. Returns

processes are largely standardized and

trusted. What’s under scrutiny now is

the payment experience itself – speed,

security, clarity, and choice. Trust

has shifted upstream, and checkout

performance is the litmus test. In short,

shoppers want choice, they want speed

and they want security assurance. Failed

payments or uncertainty about the

security of the payment page are the

biggest trust killers.

66%

40%

42%

of consumers will lose trust in a

brand if payments performance

is poor

of consumers have abandoned

cart due to security concerns in

the past 12 months

of consumers say a failed payment

would deter them from returning to

a site or app in the future

How people live,

spend and earn

Trust in the

digital economy

Top reason for

lost trust by

country

Top reasons for

lost trust and

loyalty when

shopping online

Spain

KSA

Egypt

Germany

Netherlands

China

Australia

France

Sweden

Brazil

Canada

New Zealand

Japan

UAE

Top reasons for lost O and loyalty when shopping online

Lack of easy returns process

Lack of preferred payment method

Uncertainty about checkout security

Spain

KSA

Egypt

Germany

Netherlands

Uncertainty about

the safety of the

checkout page

No verification

during payment

process

Lack of preferred

payment method

Lack of easy returns

China

Australia

France

Sweden

Brazil

Canada

New Zealand

Japan

UAE

17%

12%

15%

16%

47%

32%

35%

46%

34%

51%

46%

49%

44%

49%

43%

34%

21%

44%

14%

49%

A slow or failed

payment process

No fast

delivery option

No currency

flexibility

Other

No chatbox

for support

No information about

carbon footprint

Lack of easy

returns process

Lack of

preferred

payment method

Uncertainty

about checkout

safety

How people live,

spend and earn

Trust in the

digital economy

Most trusted

payment methods

globally

Cumulative

growth of

Google Pay

and Apple Pay

(2022-2025)

Volume growth rate according to Checkout.com network data



Gen Z

Google Pay

Global

population

Apple Pay

Digital wallets

Local payment method

Credit cards

Debit cards

Bank transfer

Cash on delivery

Loss of loyalty due to slow or failed payments (indexed)

Gen z’s most favored payment methods globally

Most favored payment methods globally

Digital wallets

Local payment method

Credit cards

Debit cards

Bank transfer

Cash on delivery

Loss of loyalty due to slow or failed payments (indexed)

Gen z’s most favored payment methods globally

Most favored payment methods globally

Digital wallets

Local payment method

Credit cards

Debit cards

Bank transfer

Cash on delivery

2022 2023 2024 2025

35%

21%

17%

14%

22%

14%

15%

40%

+86% +92%

+93%

+66%

+197%

+83%

How people live,

spend and earn

Trust in the

digital economy

If a payment fails, we don’t just lose

revenue – we risk losing trust.

Ramzi Alqrainy

CTO, The Chefz

You can’t do this job properly if you

don’t really care about making the

customer’s life easier. If you look at

people who have been in payments

for a long time, this is what we

have in common.

Gary McMahon

Group Product Manager,

Sainsbury’s Digital, Tech and Data

At the end of the day, it’s about

meeting the customer where they

are at, and providing choice at the

moment of payment which will

translate into more sales and a better

customer experience.

Andres Treviño

Zone Payments Management AVP at L’Oréal

How people live,

spend and earn

Trust in the

digital economy

Powering payments

performance, trust

and revenue

Speed and security are the twin pillars of

a trusted checkout experience. Slow or

glitchy transactions drive customers away,

while a lack of visible security measures

raises doubts. The challenge for merchants

is to strike the right balance: blocking

fraud while ensuring payments remain

frictionless for legitimate customers.

Machine learning is revolutionizing this

space, analyzing vast amounts of data in

real time to optimize both security and

performance. Engineers are continuously

refining algorithms to detect emerging

fraud threats while ensuring genuine

transactions are processed smoothly. By

adapting to evolving patterns across the

payments ecosystem, AI-driven fraud

detection strengthens defenses without

adding unnecessary friction.

Adaptive fraud prevention dynamically

adjusts security measures based on

risk signals. AI can monitor transaction

velocity, flag unusual patterns, and deploy

3D Secure authentication only when

necessary, reducing false declines and

improving the user experience.

“We’ve built our machine learning

platform to continuously improve

payment performance over time,”

explains Maxime Merabet, Principal

Engineer at Checkout.com. “Every

payment submitted is compliant with

regulations and has the best chance

of authorization.”

Since going live with network

tokenization with Checkout.com,

the Financial Times has seen an

overall increase of 1.5% on tokenized

transactions. This has not only

enhanced their success rate but has

led to an enhanced user journey,

removing pain points such as

out-of-date credentials.

Bernard Kpoor

Head of Payment Optimization, FT group

How people live,

spend and earn

Trust in the

digital economy

AI-powered solutions, such as

Intelligent Acceptance, refine payment

formatting to maximize approvals,

ensuring transactions are processed

efficiently and reliably. By leveraging

Network Tokens, failures caused by

outdated card details can also be

prevented without ever hassling

the customer.

In an age where customer

expectations are higher than ever,

AI is transforming the payments

experience, ensuring that security

and convenience go hand in hand.

*Time stamps for blocked

fraud attempts according

to Checkout.com

network data

Fraud never sleeps

By leveraging intelligent fraud

prevention, optimizing payment

acceptance, and reinforcing trust

at every stage of the transaction,

businesses can turn their payment

process into a competitive advantage.

To date, the machine learning

precision of Intelligent Acceptance

has saved merchants over $10 billion

in revenue that would otherwise have

been lost to falsely declined payments.

That’s $10 billion more put back into

the Digital Economy while holding on

to customer trust and loyalty.

Early morning Late morning Afternoon

MarchFebruary

Evening Night

How people live,

spend and earn

Trust in the

digital economy

CONSUMERS FEAR

FOR THE SAFETY OF

THEIR CARD DATA

69% of consumers are so concerned about

card data security that they won’t store

their details on ecommerce sites. This isn’t

just a digital problem – 2025 has already

seen high-profile “skimmer” attacks, where

criminals steal card data from in-store

Point-of-Sale (POS) devices. Still, large-

scale digital data breaches remain a major

threat, keeping consumer trust fragile.

PCI compliance is the gold standard

for protecting card data and helping

businesses avoid hefty fines in case

of a breach.

To reassure customers, merchants should

actively signal site security, whether

through trusted payment badges, clear

PCI compliance messaging, or

authentication protocols.

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Percentage of population who feel safe

saving card data on an e-commerce website

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Percentage of population who feel safe

saving card data on an e-commerce website

% of people who feel safe storing

card data on an ecommerce site

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

30%

28%

18%

42% 43%

32% 32%

40%

35%

31%

24%

25%

24%

19%

22%

40%

How people live,

spend and earn

Trust in the

digital economy

Saving card details online offers

convenience, but it also comes with

risks. Data breaches can expose stored

payment information if a website’s security

is compromised. Phishing and social

engineering attacks may trick users

into revealing login credentials, allowing

fraudsters to misuse saved card details.

Additionally, malware and keyloggers can

capture payment data stored in browsers

or online accounts. Without multi-factor

authentication (MFA), unauthorized

transactions become a threat, as

anyone with account access could make

purchases without additional verification.

To balance security and convenience,

leading payment providers implement

advanced protections. Tokenization

replaces raw card details with

encrypted tokens, so merchants

never store sensitive data.

% of people

who feel safe

storing card

data on an

ecommerce

site, by

generation

Baby Boomers

Gen X

Silent Generation

Millennials

Gen Z

Baby Boomers

Gen X

Silent Generation

Millennials

Gen Z

33%

32%

27%

PCI DSS compliance ensures websites

follow strict security protocols, including

encryption and safe data handling. 3D

Secure (3DS) adds an extra layer of

authentication, requiring OTP codes or

biometrics before completing transactions.

For friction-free yet secure payments,

solutions like Flow Remember Me allow

shoppers to check out quickly with PCI-

compliant stored payment details.

How people live,

spend and earn

Trust in the

digital economy

WHY PCI DSS 4.0 IS FUNDAMENTAL

TO A THRIVING DIGITAL ECONOMY

How can you lock the back door when

you don’t know how many back doors you

have, or where they even are?

In 2018, a single missed security step

exposed British Airways to a massive

cyberattack, leading to the theft of

400,000 customers’ personal and payment

data. The attack went undetected for

months, ultimately resulting in a £20

million fine for BA. This wasn’t an isolated

incident - data breaches are accelerating,

and businesses that fail to meet evolving

security standards are more vulnerable

than ever.

New vulnerabilities emerge as businesses

expand their digital footprints across

supply chains, remote workforces, and

customer touchpoints. Payments leaders

must now navigate an ever-growing list

of threats and vulnerabilities to protect

their customers’ card data and ensure

compliance with industry regulations.

The PCI Security Standards Council (PCI

SSC) and major card networks remain

vigilant, continuously updating compliance

requirements to address real-world

threats. The latest PCI DSS 4.0 standards,

informed by 6,000+ pieces of feedback

from 2,000 organizations, took effect

on March 31, 2024, with full compliance

required by now.

Jo Vane

Director Infosec Compliance,

Checkout.com

For merchants, achieving PCI compliance

requires time and investment–but the cost of

non-compliance is far higher. Beyond the risk

of fines and legal liability, businesses face

operational disruption, reputational damage,

and customer trust erosion in the event of a

breach.

Key merchant responsibilities include:

• Regular security training for employees

• Ongoing security scans for online

checkout pages

• Named compliance leads to oversee

security initiatives

• Built-in security protections within

payments infrastructure

At Checkout.com we support our merchants

with guidance and PCI-compliant products

such as Flow, a clever bit of code that

allows merchants to accept payments using

customizable components – all through

one simple integration. Flow’s customizable

building blocks help businesses present the

right payment methods at the right time,

expand into new markets with one-time

integration, and maintain security with

built-in PCI compliance, GDPR adherence,

and card scheme requirements. We also sit

on the PCI Council to help shape these

standards and ensure our merchants stay

ahead of evolving threats.

How people live,

spend and earn

Trust in the

digital economy

THE DIGITAL ECONOMY:

A WAY OF LIFE

More than a quarter of adults in the US

(27% equating to around 82 million people)

say they earn through digital platforms in

the Gig and Creator economies. In the UK,

that number is approximately 6 million

(9% of adults). According to the World Bank,

the gig economy accounted for up to 12%

of the global labor market in 2023.

When factoring in side-hustles and

supplementary income, our data

indicates participation skyrockets.

Nearly half of Gen Zs

globally say they earn

an income from the Gig

and Creator Economies

58%

50%

46%

of Brazilian respondents earn

income from the Gig and

Creator economies

of Chinese respondents earn

income from the Gig and

Creator economies

of Gen Zs globally say they

earn income from the Gig or

Creator economies

How people live,

spend and earn

Trust in the

digital economy

I’m a full-time nurse, but

I use a gig app to pick up

additional shifts, allowing

me to earn significantly

more per hour than in my

traditional nursing job. This

supplemental income helps

me pay down debt and

achieve financial goals.

Sarah

40, Wisconsin

CONSUMER INSIGHT How people live,

spend and earn

Trust in the

digital economy

Leading countries for Gen Zs earning from

Gig, Content and Gaming platforms

Gig workers

(% of Gen Z)

Content

creators

(% of Gen Z)

Professional

gamers

(% of Gen Z)

Canada

China

Egypt

UAE

KSA

UAE

Egypt

China

Canada

Australia

Japan

Brazil

UAE

Australia

KSA

UAE

Egypt

China

Canada

Australia

Japan

Brazil

UAE

KSA

Australia

Canada

Brazil

UAE

Australia

KSA

28%

22%

24%

25%

29%

32%

24%

30%

32%

33%

35%

40%

56%

65%

26%

21%

20%

How people live,

spend and earn

Trust in the

digital economy

% of population

earning income

from gig

or creator

economies Brazil

58%

Egypt

53%

China

50%

UAE

48%

Japan

34%

27%

Netherlands

16%

Sweden

14%

9% Germany

Canada

24%

23%

Australia

23%

Spain

21%

France

20%

KSA

57%

How people live,

spend and earn

Trust in the

digital economy

REALTIME10 GIG ECONOMY PAYOUTS:

WHY SPEED FOSTERS TRUST

The gig economy has exploded in recent

years, bringing with it a workforce that

values flexibility and immediacy. This

shift towards independent, on-demand

work has exposed a major tension with

traditional bi-weekly or monthly pay cycles.

Independent workers in the gig economy

act as unique personal enterprises and

the traditional payroll model doesn’t fit

this model.

Gig workers often can’t afford to wait

weeks for a paycheck and leading

platforms are responding accordingly.

Across many industries, from ride-hailing

to food delivery, such real-time payout

options are becoming a key differentiator

in attracting gig workers.

Justin Zhao

Head of Global Partnerships,

Visa Direct

The rise of on-demand

pay in the Gig Economy

Why fast and flexible

payouts matter to

gig workers

For workers, fast access to earnings isn’t

just a perk, it’s often a lifeline. Even before

the recent economic turmoil, 78% of

Americans lived paycheck-to-paycheck,

and nearly half had less than $500

saved for emergencies .11

In a Visa survey, over 77% of gig workers

said they’ve faced times when they

urgently needed money, often picking up

extra gigs to make ends meet.12 If their pay

is held for a weekly or bi-weekly cycle,

these workers may struggle to cover

day-to-day expenses. It’s no surprise a

majority say a real-time1 payout option

would be their preferred way of being

paid going forward .

How people live,

spend and earn

Trust in the

digital economy

Real-time1 payments

drive retention and

productivity

Global demand for

faster payouts

Real-time1 payouts also boost

engagement. 70% of gig workers say

they would take more shifts if real-time1

payouts were available.16

Real-time1 payments are a global trend.

Research found at least 50% of gig workers

across all surveyed regions would sign up

for real-time1 payouts. Demand is highest

in Latin America (67%) and North America

(62%), with Europe showing strong interest

as well. In emerging markets, real-time1

pay promotes financial inclusion, enabling

unbanked workers to receive earnings

through digital wallets or prepaid cards.18

Younger generations, particularly

Millennials (93%) and Gen Z (90%)

agree that real-time1 access to money is

important to them.19 A Federal Reserve

study also found that 75% of gig workers

want to be paid more frequently than

bimonthly, confirming that long pay cycles

no longer align with worker expectations.20

Delayed payments have human

consequences: stress, missed bills, or even

inability to afford the fuel to get to the next

gig. In one study, it was found only 38% of

surveyed gig workers can go for a month

or more without income .13

Fast payouts can put food on the table or

help avoid eviction in a crisis. Being able

to tap earnings after a shift means gig

workers can buy groceries tonight with

today’s wages. In fact, 66% of gig workers

would choose to work for a gig company

with real-time1 payment options over

companies that don’t .14 Many gig workers

view on-demand pay as part of the appeal

of gig work itself. When Visa surveyed

on-demand workers about why they chose

gig work, “getting paid fast” ranked among

the top reasons, cited by nearly half of

respondents.15

This shows that alongside flexibility and

autonomy, speed of payment is a core

part of the gig work value proposition for

many individuals. Gig platforms that ignore

this do so at their peril, as workers will

gravitate to opportunities that let them

access their earnings without delay.

Churn reduction is another key advantage.

Businesses offering real-time1 pay

solutions report up to 50% lower employee

turnover.17 Workers are less likely to leave

a job that supports their financial stability,

reinforcing the link between payment

speed and workforce retention.

The future of gig

worker payouts

The push for real-time1 payments is

accelerating, with innovations

shaping the future:

How people live,

spend and earn

Trust in the

digital economy

The gig economy thrives on speed,

flexibility, and autonomy—and workers

expect the same from their pay. Whether

it’s a delivery driver fueling up or a

freelancer covering bills, real-time1

payouts provide financial security

and peace of mind.

As gig platforms evolve, real-time1 pay will

shift from a differentiator to an industry

standard. Workers are sending a clear

message: “Show us the money – and show

it to us now.” Businesses that respond will

gain a competitive edge, while those that

delay may struggle to retain talent. The

future of gig work is one where earnings

are accessible the moment they are made

- because, in a modern economy, waiting

for payday is becoming obsolete.

Disclaimer:

The material contained in this presentation and

all meeting summaries are provided “AS IS” and

intended for informational purposes only. Visa

neither makes any warranty or representation as

to the completeness or accuracy of the

information within this document, nor assumes

any liability or responsibility that may result from

reliance on such information. Nothing contained

herein is intended as investment or legal advice.

• Earned Wage Access (EWA) Goes

Mainstream: Originally designed for

hourly jobs, EWA is expanding to gig

work, allowing workers to access

earnings after each task. With 76%

of employees saying on-demand

pay is “imperative,” gig platforms are

integrating these solutions.21

• Payment Infrastructure

Advancements: Networks like

Visa Direct now support real-time1

payments to over 4 billion cards

globally, including cross-border

transactions.

• Fintech and Platform Partnerships:

Startups are looking to collaborate

with gig companies to enable real-

time1 payouts, budgeting tools, and

financial benefits.

• Financial Inclusion & Flexibility:

Real-time1 pay gives workers control

over when, how, and where they

receive earnings. Whether through

bank accounts, mobile wallets,

or crypto, payment options are

expanding, some of these platforms

even cover real-time1 payout fees to

encourage adoption.

• Regulatory & Market Pressures:

Governments are considering labor law

updates to mandate more flexible pay

schedules. Meanwhile, competitive

pressure will push more companies to

adopt real-time1 payment systems—if

one platform offers free, real-time1

pay, others must follow suit to remain

competitive.

How people live,

spend and earn

Trust in the

digital economy

RISE OF THE CIRCULAR

ECONOMY: PRELOVED

TAKES TOP SPOT FOR

YOUNG SHOPPERS

The second-hand fashion market has

experienced explosive growth in recent

years, with its global value reaching $100

billion, a significant rise from $30-40

billion in 2020 as consumers increasingly

prioritize affordability and sustainability.22

Gen Z and

Millennials

Prefer to buy from

second-hand marketplaces

Frequently sell their

pre-loved goods on

marketplaces

FRANCE

Gen Z and

Millennials

SPAIN

Gen Z and

Millennials

SWEDEN

Gen Z and

Millennials

NETHERLANDS

Gen Z and

Millennials

GERMANY

Gen Z and

Millennials

30% 24% 21%

23% 23% 17%

21% 20% 23%

24% 25% 19%

How people live,

spend and earn

Trust in the

digital economy

People put their trust in the circular

economy because of their values -

cutting waste, saving money, making

more considered choices. But it’s also

about the thrill of finding something rare,

vintage, or ‘just right’. Trust means living

up to both sides of that experience.

Greta Atiminaite

Strategic Partnerships, Payments, Vinted

How people live,

spend and earn

Trust in the

digital economy

Australia

Brazil

Canada

China

Egypt

France

Germany

Japan

KSA

Netherlands

New Zealand

Spain

Sweden

UAE

% of population who play E-games more than once a week

AVERAGE: 32.3%

% of population who play

E-games more than once a week

EGAMING: A THIRD OF

THE WORLD GAMES WEEKLY

A third of the global population plays

e-games multiple times a week, with

younger generations leading the way. 32%

of under-45s (and 40% of men under 45)

are frequent gamers, compared to 25%

of over-45s. Millennials and Gen Zs are

driving in-game spending, purchasing

virtual goods, upgrades, and exclusive

content, with men in these groups

spending even more.

Generation Alpha is already part of this

economy, with 28% of parents reporting

that their under-15s regularly make

independent in-game purchases – making

it the most popular purchase category for

children, ahead of sweets and fashion.

Australia

Brazil

Canada

China

Egypt

France

Germany

Japan

KSA

Netherlands

New Zealand

Spain

Sweden

UAE

How people live,

spend and earn

Trust in the

digital economy

THE CYCLE OF TRUST: FIVE STEPS

TO COMBATING CHARGEBACKS AND

FRAUD IN GAMING

Trust is the foundation of any gaming

platform, but for businesses like Blitz –

where real money is at stake – trust must

be established, managed, and defended

at multiple levels. Our users must trust us,

and we need to trust our users are who

they say they are. Nevertheless, malicious

fraud and chargeback fraud are a fact

of life across all industries operating in

the digital economy. And while malicious

fraud can be managed with the right

partnerships and technology, so-called

Friendly fraud can be harder to pre-empt.

Indeed, many merchants only focus on

fighting chargebacks after they happen,

but preventing them in the first place is

far more valuable.

This article outlines our five-step approach

to combatting friendly fraud while

maintaining the delicate balance of

trust between all parties involved.

Camil Haroune

CEO, Blitz US

When Blitz first launched in 2021, our

biggest concern was malicious fraud –

stolen credit cards, fake accounts,

and money laundering schemes. Our

response was to build a very robust in-

house fraud detection system, based

on but not restricted to:

Step 1: Building a fraud

model that understands

both malicious and

friendly fraud

• Payment velocity tracking and

account behavior analysis –

identifying unusual gaming

activity, detecting rapid,

suspicious transactions

• Card verification protocols –

flagging high-risk payment methods

How people live,

spend and earn

Trust in the

digital economy

Gaming &

in-game shopping

behaviour breakdown

Total population (weekly

gamers)

Total population (in-game

shoppers)

Millennials & gen z

(in-game shoppers)

Millennial and gen z

females (in-game

shoppers)

Millennial and gen z males

(in-game shoppers)

Gaming & in-game shopping behaviour breakdown

Total population

(weekly gamers)

Total population

(in-game shoppers)

Millennials & Gen Z



Millennials & Gen Z females



Millennials & Gen Z males



This model worked well. We succeeded

in seeing a significant drop in malicious

fraud drop without suffering too many

false positives.

But as we eliminated malicious fraud,

another more complex challenge emerged:

Friendly fraud – Where real users dispute

legitimate transactions to reclaim lost

money. Understanding friendly fraud

means viewing it as a behavioral problem,

not just a security one.

How people live,

spend and earn

Trust in the

digital economy

To combat friendly fraud effectively, we

had to find a way to predict which users

are most likely to file chargebacks. But

unlike traditional fraud, chargebacks

occur at a low frequency, making pattern

detection difficult. The problem is twofold:

1. Low sample size: Chargebacks, by

nature, represent a small fraction of

total transactions – making it harder to

train accurate predictive models.

2. Lack of clear indicators: Many users

who file chargebacks don’t display

suspicious activity beforehand -

meaning there’s often no obvious

warning sign.

Despite these challenges, we’ve developed

a chargeback prediction model that

assesses multiple behavioral patterns,

including:

• Win/loss rates: Users experiencing

too many losses may be more likely to

dispute charges

• Spending behavior: Spikes in deposit

activity followed by withdrawals can

indicate risk

• Historical chargeback behavior:

Users who have filed chargebacks

before are more likely to do it again

Step 2: Identifying

high-risk chargebacks

before they happen

Unlike malicious fraud, chargeback fraud

stems from user psychology rather than

criminal intent. A player makes a purchase,

regrets it, and files a chargeback. The

motivations vary:

• Loss aversion: Players lose money

and want it back

• Buyer’s remorse: A purchase made

in the heat of the moment feels

unjustified later

• Exploitation of chargeback policies:

Some users know they can get away

with it – especially in regions with less

rigorous issuer oversight

This isn’t just a payment issue, it’s a

customer behavior issue that can be

tricky to predict. Tricky, but not

completely impossible.

How people live,

spend and earn

Trust in the

digital economy

This prediction model is a work in

progress. We are already seeing significant

success from it and by the end of the year,

we aim to have a model that can predict

chargebacks with over 90% precision

within a 2-3 week window.

Trust is a two-way street. A gaming

platform must not only trust its users, but it

must also earn the trust of its customers to

reduce chargeback likelihood. If a user is

flagged as high-risk for friendly fraud, we

take a preventative approach:

• Marketing incentives: If a player has

lost too much, we may offer incentives

and benefits to reduce their sense of

frustration

• Game adjustments: If users struggle

with challenges, we may adjust their

experience to make gameplay slightly

easier and more enjoyable

• Education and transparency:

Making it clear how purchases

work, refund policies and dispute

processes help to build trust and

avoid misunderstandings

The final piece of the trust cycle is the

merchant’s relationship with payment

schemes and issuers.

Many businesses pick their battles,

choosing which chargebacks to dispute

based on cost. The reason? Most

companies lack the operational resources

to dispute every chargeback manually.

At Blitz, we take a radically different

approach: We dispute every chargeback

that looks like friendly fraud. We use

automation to ensure consistency.

We’ve observed a fascinating trend – the

more we dispute, the higher our success

rate becomes.

Why? Because allegedly when issuers

see a merchant consistently disputing

chargebacks with structured, well-

documented evidence, they:

• Recognize the merchant as credible

• Are more likely to rule in the merchant’s

favor

• View the merchant as a mature, well-

managed business rather than a small

or scam operation

Many companies avoid fighting chargeback

fraud out of fear of losing, but by showing

up consistently, we are building trust with

the financial ecosystem itself.

Step 3: Strengthening

customer trust to

prevent chargebacks

Step 4: Fighting

chargebacks

consistently to earn

scheme and issuer trust

How people live,

spend and earn

Trust in the

digital economy

The gaming industry is constantly evolving,

and so are fraud tactics. New industry

protections like Compelling Evidence

3.0 (CE3.0) and Mastercard’s first-party

misuse program are game-changers for

combating friendly fraud.

Step 5: Establishing

the future of fraud

prevention in gaming

% of male Gen Zs

who plan to

increase e-game

use in the

next 12 months

As these tools become widely adopted,

we expect more automatic wins for

merchants with strong user verification

data. We also expect better fraud

detection at the issuer level and a decline

in abuse of chargeback systems.

At Blitz, we will continue refining our fraud

prevention strategy, ensuring that our

trust cycle remains intact – from users

to platforms, to issuers, and back again.

Without this cycle of trust, the

ecosystem collapses.

How people live,

spend and earn

Trust in the

digital economy

TRUST IS A

TWOWAY STREET

Types of fraud experienced by merchants in the

last 12 months (according to MRC research 2025)

BY REGION

BY MERCHANT SIZE

NORTH AMERICA

SMB

ASIA-PACIFIC

ENTERPRISE

EUROPE

MID-MARKET

LATIN AMERICA

Real-time

payment fraud

Refund/policy

abuse

Refund/policy/

abuse

Refund/policy/

abuse

Phishing/

pharming/

whaling

Real-time

payment fraud

Refund/policy

abuse

Refund/policy

abuse

Phishing/

pharming/

whaling

Real-time

payment fraud

Real-time

payment fraud

Real-time

payment fraud

Refund/policy

abuse

First-party

misuse

First-party

misuse

Real-time

payment fraud

Phishing/

pharming/

whaling

Phishing/

pharming/

whaling

Refund/policy

abuse

First-party

misuse

Card testing

Identity theft

Coupon/

discount abuse

First-party

misuse

Card testing

Real-time

payment fraud

Phishing/

pharming/

whaling

First-party

misuse

Coupon/

discount abuse

First-party

misuse

First-party

misuse

Phishing/

pharming/

whaling

Phishing/

pharming/

whaling

How people live,

spend and earn

Trust in the

digital economy

While merchants seek to earn trust from

consumers and prioritize weeding out

criminal actors, data from the Merchant

Risk Council shows “friendly fraud” and

refund or policy abuse top the list of

fraud experienced by businesses in

the past 12 months. Trust in the Digital

Economy is a two-way street and requires

customers to act in good faith, too. While

those who believe they could game the

system are in the minority, Gen Z seem to

be especially emboldened.

Merchants can protect their businesses

from refund abuse, chargebacks, and

friendly fraud by implementing clear

policies, secure payment processes,

and proactive customer engagement.

Transparent return and refund policies,

along with detailed transaction

descriptors, help set clear expectations

and prevent disputes.

AI-driven fraud detection tools can identify

suspicious behavior, flag excessive

returners, and track customer patterns,

while multi-factor authentication (MFA),

3D Secure (3DS), and ID verification for

high-value transactions add extra layers

of security. Offering store credit instead of

cash refunds, providing real-time customer

support, and maintaining comprehensive

records – including proof of delivery and

customer communication – can deter

fraudulent claims. Regularly analyzing

chargeback trends allows merchants to

identify vulnerabilities and refine their

approach. By combining strong policies,

fraud prevention technology, and strategic

refund practices, businesses can reduce

losses, maintain trust, and create a fair,

secure shopping experience.

% of population who believe

they would get away with

refund/policy abuse

Men

Women

Percentage of population who

believe they could get away

with refund/policy abuse

Men

Women

10%

15%

How people live,

spend and earn

Trust in the

digital economy

% of population

who believe they

would get away

with refund/

policy abuse

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Percentage of population who believe they could get

away with refund/policy abuse

Gen Z

Millennials

Gen X

Baby Boomers

Silent Generation

Percentage of population who believe they could get

away with refund/policy abuse

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Gen Z

Millennials

Gen X

Baby Boomers

Silent Generation

25%

27%

26%

10%

23%

12%

15%

20%

10%

16%

17%

How people live,

spend and earn

Trust in the

digital economy

BUILDING TRUST IN THE ONLINE

LUXURY WATCH MARKET

The luxury watch market has long

been synonymous with exclusivity,

craftsmanship, and prestige. Purchasing a

luxury timepiece is an event. Historically,

one that involved visiting boutique stores

and dealerships, speaking to experts,

and feeling the weight of the watch in

your hands before making a decision. For

collectors and those in search of a rare

edition, it might well involve a flight to

the other side of the world. However, the

Digital Economy has steadily changed

this dynamic. At Chrono24, we cultivate

an end-to-end experience that provides

enough robust trust that people will spend

up to six or seven figures digitally on

an item they have not physically seen –

knowing every aspect of the transaction

will be safe, secure and bona fide.

Christoph Emminger

Head of Payments,

Chrono24

Luxury isn’t purely transactional –

it’s deeply personal. This is why our

customer service extends beyond typical

ecommerce interactions. Buyers can

consult with Chrono24 representatives

from around the globe in real time to

find rare timepieces, receive valuation

insights, and ask any other questions

they may have. This human touch,

paired with technology, is what

differentiates us from traditional retail

and generic online marketplaces.

The point about a successful luxury

marketplace is that it’s not just about trying

to replicate the in-person experience – it’s

about providing services that a traditional

retail setting simply cannot.

New luxuries: How

leading digital

tech can elevate

the experience

How people live,

spend and earn

Trust in the

digital economy

We facilitate the exchange of rare and very

high-value goods with very large sums

of money. For our customers to do so

online requires a very high level of trust.

When I joined Chrono24 over a decade

ago, we were a listing platform – a place

where buyers and sellers could connect

but handled transactions independently.

The model worked because trust was

built through user validation and reviews –

other users could vouch for a seller, which

was often enough to instill confidence.

Comparison of

online luxury

goods buyers

by demographic

group (%)

UAE

KSA

Australia

Netherlands

Canada

China

Egypt

New Zealand

Sweden

Germany

Japan

Spain

France

General

population

Gen Z

Content

creators

UAE

KSA

Australia

Netherlands

Canada

China

Egypt

New Zealand

Sweden

Germany

Japan

Spain

France

We leverage AI to enhance both the buying

and selling experience it. One of the most

memorable moments that showcased our

technology was when Cristiano Ronaldo

tested our AI-powered watch scanner. As

an investor in Chrono24, he was curious

to see how it worked. He scanned his

partner’s watch and everything came up

instantly – the model, the price range,

and the market value. That’s when people

experience a real ‘wow’ factor.

Transactional trust

However, purchases typically remained

within a limited radius – somewhere

the buyer could theoretically reach by

car. This was a risk mitigation tactic, an

indication confidence had its limits. When

we started to manage secure payments

for our customers, we introduced an

escrow payment system in 2014, securing

transactions by holding funds securely

until buyers confirmed receipt of their

watches. International sales suddenly

surged, with buyers now willing to

purchase watches from across continents,

knowing their money was protected.

1. Verified sellers and provenance checks

The foundation of trust begins with

knowing who you are transacting with.

For professional luxury watch dealers, we

conduct audits to certify their legitimacy.

For private sellers, we implement Know

Your Customer (KYC) procedures, which

include Checkout.com’s machine learning

Identity Verification tool (IDV) which we

can apply to both buyers and sellers as a

best-in-class verification process.

How people live,

spend and earn

Trust in the

digital economy

2. Payment security and fraud prevention

Handling high-value transactions

necessitates robust fraud prevention

mechanisms in the payment system, too.

We leverage AI-driven fraud detection

to flag suspicious transactions almost

before they happen by tracking behavioral

patterns. It’s important that we analyze

how users interact with our platform

because if, for example, a brand-new user

with no track record suddenly attempts

to purchase a high-value Rolex with no

questions asked, that definitely triggers an

internal review before any purchase can

proceed.

When we introduced card payments in

2016, we did so with a highly cautious

approach, insisting on 3D Secure (3DS)

authentication to ensure liability shifts and

mitigate chargeback risks. Before that,

we relied solely on bank transfers, which

provided strong security but lacked the

instant confirmation buyers now expect.

In fact, the delays involved would make

people nervous and didn’t help people’s

feelings of trust.

PSD2, which mandates Strong Customer

Authentication (SCA) for many digital

payments across Europe, played an

important educative role in helping

consumers become familiar with secure

authentication, making it easier for us

to implement strict security standards

without negatively impacting customer

approval rates.

Partnering with Checkout.com we use

machine learning and vast amounts of

network data to optimize payment flows

based on issuer preferences, regulatory

requirements, and our goals.

Network Tokens help us strike the perfect

balance between acceptance, security,

cost and user experience.

Our co-founder, Tim Stracke, has always

emphasized the importance of high

performing payments for our business:

“People have come a long way emotionally

and mentally by the time they decide to

make that card transaction with us – the

absolute last thing we want is for the

payment experience to be the part that

ruins it.”

3. Transparent and secure logistics

Insured shipping services are contractually

required for our sellers, ensuring that

high-value watches reach their destination

securely. Additionally, buyers can track

their orders in real-time, eliminating

uncertainty and reducing transaction

anxiety. We localize the communications

and send them at the right frequency.

We know that too many updates can be

unnerving, and so can too few. The simple

step of communicating everything in the

local language to buyers and sellers makes

a huge difference in their levels of trust.

Trust is no luxury -

it’s our most valuable

currency

Trust is not built overnight – it takes years

of consistency, security, and customer-

centric processes. It’s a necessity, not a

luxury. One bad experience can damage

a reputation, and in an industry where

purchases often exceed six figures, there

is no room for error. At Chrono24, we are

committed to ensuring that the online

luxury watch market is not only as safe as

buying in a boutique but, in many ways,

even better.

How people live,

spend and earn

Trust in the

digital economy

DOUBLING DOWN ON TRUST: HOW

EMBEDDED INSURANCE IS EMPOWERING

CONSUMERS IN AN UNCERTAIN WORLD

Trust in established systems, technology,

and regulation underpins many daily

activities – such as boarding an airplane,

driving a car, or buying a new cell phone.

But uncertainty is everywhere, and the

insurance industry exists to provide peace

of mind through protection. However,

the industry has long been hindered by

inefficiencies, outdated processes, and a

failure to fully integrate digital capabilities.

The slow pace of technological adoption

in insurance poses a challenge for large

incumbent insurers seeking to maintain

consumer confidence. The gap in the

market struck me while bumping about

in turbulence on a flight to Las Vegas. I

peered around at aisles of anxious faces

and wondered: where’s your quick and

easy access to life insurance when you feel

you just might need it?

Wayne Slavin

CEO of Sure, Inc.

Nobody wakes up in the morning with

grand plans of buying insurance. It’s

always a far less exciting, auxiliary

task: Bought a property? You’ll need

homeowners insurance. Booking a holiday?

What about travel insurance? Yet the

conventional approach to purchasing

insurance is notoriously laborious, siloed –

at best a combination of online and offline

processes. Consider the process of buying

a vehicle – after finalizing the purchase

and securing financing, the consumer

must then procure insurance from an

external provider. This fragmentation

adds unnecessary friction and frustration.

There was a clear gap in the market for

the technology rails and network to deliver

insurance to consumers where they are

engaging in another transaction – and

when they need it most.

How people live,

spend and earn

Trust in the

digital economy

I founded Sure, with a vision to provide

easy access to insurance at the point of

need utilizing leading edge technology for

the Digital Economy. Not only was there an

obvious need for this kind of shake-up in

how insurance is delivered, but consumers

simply expect it because nearly everything

else in the digital economy is increasingly

efficient, accessible, and seamless. Proof

in point, Sure’s 2025 consumer research

shows that 64% of digital natives believe

insurance should be primarily purchased

and managed online. The growing

influence of digital-native consumers

necessitates a shift in the insurance sector.

Traditional insurance models, reliant on

manual paperwork, agent interactions,

disjointed infrastructure, and delayed

processing, increasingly fail to meet these

expectations. Today’s Digital Economy

provides a significant opportunity to

embed insurance within new distribution

channels – from luxury goods websites to

travel platforms, the list is endless.

Embedded insurance is a rare case where

the model makes sense for everyone

involved. Consumers get protection

without friction, brands enhance their

value proposition while improving customer

satisfaction, and insurance providers

gain access to a more engaged customer

base at a lower acquisition cost. Unlike

traditional insurance models, which require

consumers to leave their transaction to

seek coverage, embedded insurance

ensures that protection is available exactly

when and where it is needed.

Engineering insurance

for the Digital Economy

Modernizing

infrastructure: The

role of payments in

insurance innovation

Our research found that 65% of consumers

who purchased insurance online did so

through the brand where they made their

primary transaction.

One of the most significant barriers to

digital transformation in insurance lies

in its outdated payment infrastructure.

Many insurers have historically avoided

even credit card payments, relying instead

on traditional billing cycles and manual

processes. The resulting fragmentation

causes inefficiencies such as delayed

policy activation, unexpected payment

failures, and poor customer experiences.

Addressing these challenges requires

the adoption of integrated, real-time

payment solutions. By leveraging fintech-

driven models, insurers can modernize

payment processing, ensuring seamless

policy issuance, automated renewals, and

improved user trust and satisfaction.

The inefficiencies in legacy systems

extend beyond payments to claims

processing. Our research highlights that

44% of consumers consider claim payout

speed to be ‘very important’, yet only 25%

express satisfaction with current claims

processing times. A fully digital insurance

infrastructure not only facilitates easier

purchasing experiences, but also enhances

claims resolution and disbursements.

We know that when it comes to any

receipt of funds for consumers speed

and transparency are critical factors in

consumer trust and loyalty.

How people live,

spend and earn

Trust in the

digital economy

Beyond convenience, embedded insurance

is a critical tool in mitigating emerging

risks. Weather-related events, natural

disasters, and unpredictable risks are

occurring with greater frequency and

severity. According to our research, a

significant portion of consumers recognize

insurance as an essential safeguard but

remain underinsured due to complex

purchasing processes. By embedding

insurance within high-risk transactions,

such as home purchases in disaster-prone

regions, insurers can enhance consumer

protection and trust.

The future of insurance will be defined

by its alignment with modern consumer

expectations – prioritizing integration,

automation, and accessibility. Partnering

with other ecosystem players such as

ecommerce and fintech brands will

become increasingly important. As

embedded financial services continue to

evolve, there is an ongoing discussion

about whether insurance will consolidate

within a single super app or remain

distributed across multiple brand

ecosystems. While Asia has seen success

with platforms like WeChat integrating

various financial services, the US market

may take a more fragmented approach.

Underinsured in a

riskier world

Super-app

ecosystems?

Rather than a singular entity dominating

the space, leading brands such as Apple,

Tesla, and Amazon are positioning

themselves as key players in embedded

financial services.

In the near term, fragmentation may

increase before any consolidation occurs,

with different industries embedding

insurance into their own ecosystems.

However, companies with strong consumer

trust and integrated service offerings –

such as Amazon or Costco – have a unique

opportunity to build centralized financial

hubs that include insurance as part of

a broader value proposition. Embedded

finance and digital ecosystems will play a

critical role in how consumers engage with

insurance in the future. Those who fail to

adapt risk losing relevance as new players

redefine the industry landscape.

How people live,

spend and earn

Trust in the

digital economy

THE GREAT WEALTH

TRANSFER: MILLENNIALS

AND GEN Z TRUST IT ONLINE

Millennials and Gen Z have grown up in a

digital-first world and their financial habits

reflect that. Unlike older generations,

who may still associate trust with

traditional banks and in-person advisors,

these younger consumers are entirely

comfortable managing their money

through apps. In fact, they often

expect it. Fintech platforms offer real-time

access, personalized insights, and

user-friendly interfaces that align with

the way Millennials and Gen Z navigate

the rest of their lives—on-demand,

mobile-first, and fully digital.

This shift isn’t just about convenience.

It reflects a broader generational mindset

about control and transparency. For

Millennials and Gen Z, fintech tools like

budgeting apps, robo-advisors, and

insurance platforms provide more than

just functionality – they provide autonomy.

These generations came of age during

the 2008 financial crisis or its aftermath,

and many have a healthy skepticism

toward legacy financial institutions. As

a result, they’re more likely to seek tools

that empower them to make informed

decisions, often preferring platforms

that offer visibility into where their

money is going, what it’s earning, and

how it’s protected.

% of population who have

used digital insurance

Gen Z

55% Millennials

56% Baby

Boomers

32%

Silent

Generation

30%

Gen X

42%

How people live,

spend and earn

Trust in the

digital economy

That appetite for control doesn’t mean

trust is automatic – it has to be earned. But

the growing use of fintech for everything

from saving and investing to securing

insurance policies suggests that Millennials

and Gen Z not only think their money is

safe online, they think it’s safer, easier

to control and easier to grow when it’s

managed digitally. This trust is often built

on user experience: seamless interfaces,

instant notifications, clear language, and

the perception that digital services are

more responsive than traditional ones.

Many fintech platforms also integrate ID

verification, two-factor authentication,

and encrypted transactions as standard,

helping to build baseline confidence. For

younger generations, the future of financial

trust is digital by default. As the “Great

Wealth Transfer” takes place and the

world’s greatest wealth holders are digital

natives, the implications of this fintech-first

approach to finance could be significant.

China

UAE

KSA

Brazil

Egypt

Netherlands

Japan

Australia

Sweden

Canada

Spain

New Zealand

Germany

France

% of population using insurtech or digital insurance services

China

UAE

KSA

Brazil

Egypt

Netherlands

Japan

Australia

Sweden

Canada

Spain

New Zealand

Germany

France

% of population using insurtech

or digital insurance services

How people live,

spend and earn

Trust in the

digital economy

Investment app usage: Total population

adoption vs Gen Z weekly users

Gen Z weekly

users

Total population

adoption

Germany

Spain

Netherlands

Canada

Australia

New Zealand

Sweden

Egypt

Japan

KSA

UAE

Brazil

China

Germany

Spain

Netherlands

Canada

Australia

New Zealand

Sweden

Egypt

Japan

KSA

UAE

Brazil

China

26% 30%

36%

38%

40%

42%

44%

45%

48%

53%

57%

63%

71%

73%

79%

26%

25%

30%

43%

31%

27%

33%

35%

39%

36%

53%

33%

32%

How people live,

spend and earn

Trust in the

digital economy

The fact that millions use platforms like eToro to trade

and manage their wealth demonstrates that people

trust the digital ecosystem with their money. Not just to

move it, but to grow it, protect it, and give them direct

access to the tools and information they need to make

decisions for themselves. It’s a shift that’s making trading

and investing more accessible and financial participation

more inclusive than ever before, and we believe that AI

has the potential to turbocharge this shift.

Doron Rosenblum

EVP Business Solutions, eToro

How people live,

spend and earn

Trust in the

digital economy

I first read about investment

apps in an online network for

professional women. I had never

considered investing any of my

money in the stock market, but

the barrier to entry was very low

so I thought, why not? Now I’m

obsessed with how I can see my

earnings grow over time.

Jess

38, Melbourne

Trust in the

digital economy

CONSUMER INSIGHT How people live,

spend and earn

Trust in the

digital economy

Peer-to-peer (P2P) payment services have

revolutionized the way individuals transfer

money, allowing for swift and convenient

transactions between friends, family, or

acquaintances. The peer-to-peer payment

landscape is evolving rapidly, influenced

by technological advancements, regulatory

changes, and shifting consumer behaviors.

Between friends:

wallets trusted

go-to for P2P

Gender split of mobile wallet use for P2P payments

58.3%

MEN

WOMEN

41.7%

How people live,

spend and earn

Trust in the

digital economy

Use of digital

wallets for P2P

payments by

generation

Digital wallets

powering peer-to-

peer payments China

UAE

Egypt

KSA

Brazil

Sweden

Spain

Australia

Netherlands

New Zealand

Japan

Canada

Germany

France

% of population

who make P2P

wallet transfers

every day

% population

who have

adopted digital

wallets for P2P

payments

China

UAE

Egypt

KSA

Brazil

Sweden

Spain

Australia

Netherlands

New Zealand

Japan

Canada

Germany

France

Silent Generation

Baby Boomers

Generation X

Millennials

Generation Z

Remiitance usage via mobile apps by generation (%)

Silent

Generation

Baby

Boomers

Gen X

Millennials

Gen Z

32%

42%

60%

76%

83%

How people live,

spend and earn

Trust in the

digital economy

WHY WE BROUGHT ECOMMERCE TO B2B

HEALTHCARE  AND WHAT IT SAYS ABOUT

TRUST IN THE DIGITAL ECONOMY

A few years ago, if we had said that

hospitals and clinics would be buying

medical and diagnostic devices online, the

way they would do their groceries - but

spending up to a million dollars with the

click of a button and a credit card - many

would have been skeptical.

But now the healthcare industry is at an

inflection point where the choice offered

by digital commerce is no longer a novelty

but an expectation. GE HealthCare’s

approach demonstrates how embracing

ecommerce can simplify procurement,

improve cash flow management, and

ultimately, get life-saving devices into the

hands of professionals faster.

Kelsey Dowling

Senior Staff Technical Product Manager -

Payment Solutions, GE HealthCare

An industry built on

face-to-face sales

ripe for an ecommerce

revolution

This is an industry built on face-to-face

relationships, trust, and long-standing

procurement processes. Sales teams have

always played a central role in guiding

professionals through complex purchasing

decisions. Contracts were negotiated,

invoices issued, and payments manually

processed. We are always looking to

innovate, and the idea of selling medical

devices online has been discussed within

GE HealthCare for a while.

How people live,

spend and earn

Trust in the

digital economy

We saw an opportunity to actually enhance

trust, while driving efficiency, with a

well-designed and very secure digital

channel. Then the Covid-19 pandemic

accelerated our efforts and provided the

impetus to fully develop and implement a

comprehensive ecommerce strategy.

Healthcare providers were at the sharp

end of this crisis and it was our job to

support as quickly and efficiently as

possible. As we led the transformation

of GE HealthCare’s digital payment and

e-commerce strategy, we seized upon an

opportunity to be smart and unlock real

efficiencies using an e-commerce model

in the right way, for the right products.

E-commerce was no longer just an

interesting idea – it was a critical step for

ensuring business continuity and getting

devices into the hands of professionals

more quickly.

At first, selling medical and diagnostic

devices via an ecommerce model felt like

a radical departure from tradition. Medical

equipment isn’t a consumer product – it’s

highly regulated, expensive, and often

requires expert guidance.

But the way people buy has changed.

And that is true of medical professionals

and institutions too. Medics and hospital

administrators are just like the rest of us.

They expect speed, transparency, and

flexibility in how they shop and pay.

They want to compare products online,

see real-time inventory, and complete a

transaction quickly, without unnecessary

back-and-forth.

Giving time back to

important demands

The response was immediate. Clinicians,

especially those in small practices and

urgent care settings, embraced the ability

to order directly online. Larger institutions

and hospitals not only began adopting

e-commerce procurement but sometimes

now use corporate cards for transactions

for values as high as seven figures. What

had once seemed impossible to conduct

as e-commerce was quickly becoming

routine.

According to the Topol Review, an

independent report commissioned by

the UK Secretary of State for Health and

Social Care, only 27% of clinicians’ time

is spent with patients, with the remaining

time taken up by administrative tasks and

procurement.23 Every extra step in the

purchasing process takes time away from

patient care.

In-person sales absolutely still have their

place and GE HealthCare continues to sell

in this way when most appropriate to do

so. But in building the ecommerce platform

we focused on devices that made sense

for online sale – products that were pre-

configured, portable, and easy to ship,

like our handheld ultrasound scanners.

These are items that professionals can

confidently purchase without needing a

lengthy consultation.

How people live,

spend and earn

Trust in the

digital economy

Doctors, nurses, and hospital

administrators don’t have time to chase

down invoices or go through multiple

approval cycles. When they need

equipment, they need it fast.

By streamlining the buying process,

we’re giving them back valuable

time – time that should be spent with

patients, not paperwork.

Fundamental to unlocking this time and

convenience for medics is ensuring optimal

digital payments – from payment method

choice to security, speed, and flexibility.

GE HealthCare’s payments strategy

focuses on making transactions as

seamless as possible for customers across

130+ countries by offering a broad range

of payment methods.

Credit cards are the most common

payment method, even for very large

transactions, with some institutions paying

invoices as high as $1 million via card due

to built-in protections and chargeback

options. That’s the level of trust and

confidence in online payments that we are

now observing. Additionally, GE HealthCare

has been exploring consumer-style Buy

Now, Pay Later (BNPL) options, integrating

Affirm in the US and Klarna in Germany,

to test and learn before we roll these

solutions out more extensively. Demand

for efficient, digitized financing services

for SMBs in particular is apparent and we

are looking into the various ways we can

support our customers in this regard.

How digital payments

unlock convenience and

build trust in B2B

Of course, selling medical devices online

isn’t as simple as selling consumer

electronics. With great convenience comes

great responsibility – especially when

it comes to security, fraud prevention,

and regulatory compliance. We need

strict Know Your Customer (KYC) checks

to verify that every buyer is who they

say they are. We also have to ensure

compliance with global regulations that

dictate who can legally own and operate

medical equipment. We also adhere to

regional authentication regulations, such

as 3D Secure in EMEA.

And while acceptance rates may not have

quite the same competitive imperative as

they do in many consumer sectors (our

medical practitioners are unlikely to be

deterred by a failed payment thanks to the

trust they have in our brand and therefore

they almost always retry payments

straight away) – payments performance is

nevertheless a priority for us. This comes

back to giving time back to clinicians and

to the overall importance of offering a fast

and convenient purchasing process. As

a deeply established brand with a truly

global presence, our customers trust us to

put them first at every touchpoint, enabling

them to do their important jobs the world

over. A robust and fast payment process is

critical to this experience.

How people live,

spend and earn

Trust in the

digital economy

Through the options that come with digital

payments, we’re seeing the ecommerce

impact extend beyond one-time

purchases. Service contracts, maintenance

agreements, and software subscriptions –

which were once managed through manual

invoicing and follow-ups – are now shifting

to automated, recurring payments. Instead

of worrying about whether their service

plan is up-to-date, healthcare providers

can focus on delivering care, knowing

their equipment is covered without

administrative headaches.

What we’re doing at GE HealthCare is

part of a much larger shift. For years,

ecommerce has been synonymous

with retail, travel, and entertainment –

industries where digital adoption was

straightforward. But we’re now seeing

digital commerce expand into industries

that were once considered too complex

or regulated to make the leap. Or simply

too “B2B”. These barriers needn’t exist

anymore. This is just the beginning. The

companies that embrace automation,

security, and seamless digital experiences

will be the ones that lead the next phase of

the digital economy.

An invitation to

re-imagine anything

that needs improving In my experience, as a pioneer of the

ecommerce model and digital payments

strategy within the business, I see other

leaders and other functions within the

business coming to me for ideas about how

to drive digital-first efficiencies elsewhere.

In the same way as we are looking

everywhere for how AI might improve our

services, products or productivity. It’s a

sign that digital payments are also being

seen as an ‘unlocker’ of value and an

enabler of innovation, even in the places

you might least expect it.

For us at GE HealthCare, this journey

started with a simple idea: make it easier

for customers to pay and get the devices

they and their patients need. But in doing

so, we’ve tapped into something much

bigger – the future of how business itself

will be done.

How people live,

spend and earn

Trust in the

digital economy

Trust in the

digital economy

THE FUTURE

OF TRUST

PART 2

AI’s power to perform,

protect–and prey

Trust in the

digital economy

TRUST IN CONSUMER AI

GAINS MOMENTUM

Artificial intelligence is steadily reshaping

the shopping experience, but consumer

adoption is far from uniform.

While AI has been integrated into retail

for over a decade, from recommendation

engines to automated chatbots, the latest

wave of fully autonomous AI shopping

tools is still in its early days. AI-powered

assistants can now read on-screen content

and complete bookings without human

input, but adoption remains mixed - with

many consumers yet to try these tools

or skeptical about their accuracy and

usefulness.

One of the most memorable moments

that showcased our technology was

when Cristiano Ronaldo tested our

AI-powered watch scanner. As an

investor in Chrono24, he was curious

to see how it worked. He scanned his

partner’s watch and everything came

up instantly – the model, the price

range, and the market value.

That’s when people experience

a real ‘wow’ factor.

Christoph Emminger

Head of Payments, Chrono24

The future

of trust

Trust in the

digital economy

55% 50%

39% 42%

42% 500%

of weekly online shoppers use some

form of AI to assist their search

of Spanish consumers have used

voice search tools

of global consumers have used

AI-powered image search to find products

of Saudi consumers have used

AI-powered virtual try-on

of Brazilians have relied on Generative

AI chat tools for search and shopping

increase in AI sourced traffic to retail

sites from UK consumers between

October 2024 and February 2025

recorded by Adobe Analytics24

The future of AI-assisted shopping is

unfolding, but trust and familiarity will

determine just how quickly consumers

embrace it.

The future

of trust

Trust in the

digital economy

AI tool usage for

product and service

search by country (%)

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Gen AI Chat

Virtual

try-ons

Voice search

Image search

Automated

price alerts

Gen Z

Millennials

Gen X

Baby Boomer

Silent Generation

AI tool usage for product and service search by country (%)

AI tool usage for product and service search by generation (%)

10 20 30 40 50

AI tool usage for product and

service search by generation (%)

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Gen Z

Millennials

Gen X

Baby Boomer

Silent Generation

10 20 30 40

Gen AI Chat

Virtual try-ons

Voice search

Image search

Automated price alerts

The future

of trust

Trust in the

digital economy

We use AI to democratize access to culture and the

arts. Technology is delivering more personalized

recommendations that resonate with individuals all over

the world. That’s why millions around the world trust Fever

as the best way to find events that feel made for them.

Patricia Fernandez Hermida

Director of Operations, Fever

The future

of trust

Trust in the

digital economy

Positive

Negative

User sentiment on AI tools for product and service search (global)

Gen AI chat Virtual try-ons

Voice search

Automated price alerts

Image search

Positive

Negative

User sentiment on AI tools for product and service search (global)

Gen AI chat Virtual try-ons

Voice search

Automated price alerts

Image search

Positive

Negative

User sentiment on AI tools for product and service search (global)

Gen AI chat Virtual try-ons

Voice search

Automated price alerts

Image search

Positive

Negative

User sentiment on AI tools for product and service search (global)

Gen AI chat Virtual try-ons

Voice search

Automated price alerts

Image search

Positive

Negative

User sentiment on AI tools for product and service search (global)

Gen AI chat Virtual try-ons

Voice search

Automated price alerts

Image search

Gen AI chat

Virtual try-ons

Automated price alerts

Voice search

Image search

User sentiment

on AI tools for

product and service

search (global)

Positive

Negative

The future

of trust

Trust in the

digital economy

% of the population who have not yet tried but

intend to do so in the next 12 months by generation

Silent

Generation

Baby Boomer

Generation

Generation X

Millennials

Generation Z

Personalised product recommendations from generative AI

Virtual try-ons (clothes, makeup, shoes, furniture)

Voice search (Alexa, Google Assistant etc)

Visual search (seraarching with images)

AI generated price monitoring or alerts

Thinking about how you use Artificial Intelligence when you shop for

goods and services which of the following Al-driven features do you trust

Silent Generation

Baby Boomers

Gen X

Millennials

Gen Z

15%

16%

13%

19%

21%

19%

24%

29%

26%

34%

32%

26%

24%

28%

34%

30%

21%

27%

11%

Personalised product

recommendations from

generative AI

Voice search (Alexa,

Google Assistant

etc)

Virtual try-ons

(clothes, makeup,

shoes, furniture)

Visual search

(searching

with images)

AI generated

price monitoring

or alerts

The future

of trust

Trust in the

digital economy

4. Performance and trust signals

Fast-loading pages, secure payment

systems, and strong return policies all

serve as trust signals. These are not

just good for conversion – they can also

influence whether AI tools prioritize your

store in response to a query.

5. Omnichannel Visibility

AI tools often draw from multiple

touchpoints – web, social, mobile,

marketplaces. Being discoverable and

consistent across channels improves the

chances of surfacing in AI-led journeys.

In the age of AI-driven search and

recommendation tools, merchants can

reach consumers more effectively by

focusing on:

1. Structured, high-quality content

AI tools rely on structured data to surface

results. Clear product descriptions,

accurate metadata, and rich content (like

FAQs or buying guides) help algorithms

understand and recommend products

more effectively.

2. Authentic reviews and social proof

AI search increasingly surfaces peer-

validated content. Merchants need to

cultivate credible, detailed customer

reviews - these carry weight not just with

buyers, but with the AI ranking systems

they use.

3. Personalization and context

AI search tools reward relevance.

Merchants that use customer data to

personalize experiences –e.g., tailored

recommendations, dynamic landing pages

– are more likely to stay visible in AI-

curated environments.

The future

of trust

Trust in the

digital economy

It was a leap at first but now

I don’t think twice about consulting

gen AI for purchase ideas, most

recently an engagement ring.

Kristian

35, London

CONSUMER INSIGHT The future

of trust

Trust in the

digital economy

CONCERNS ABOUT

AI IN ECOMMERCE

AI is changing how the world shops.

But not everyone is sold on it.

Across markets, concerns around data

privacy, political misuse, and a lack of

transparency are eroding trust in AI-

powered retail experiences

Privacy is the top issue. More than

60% of shoppers in the UK, US, China,

and Australia say they worry AI tools

compromise their data. Political misuse of

data is also front of mind. In the UK and

US, that anxiety is highest – with 40% and

37% of shoppers respectively worried

their data could be used for political

surveillance. The demand for oversight

is growing.

Young shoppers are increasingly wary

of resale bots distorting the ecommerce

experience. Many feel shut out of high-

demand drops, with products snapped

up by bots and resold at inflated prices.

This kind of frustration erodes trust in

the fairness of online retail. For Gen Z in

particular, the expectation is clear: digital

experiences should be fast, but they

should also be fair.

Concerns about re-sale bots by generation

Baby Boomers

Gen X

Gen Z

Millennials

Silent Generation

Baby Boomers

Gen X

Gen Z

Millennials

Silent Generation

% of population worried about the impact of resale bots by generation

The future

of trust

Trust in the

digital economy

Political concerns by country

Concerns about re-sale bots by country

Australia

New Zealand

China

Spain

France

Canada

UAE

Germany

Egypt

KSA

Sweden

Netherlands

Brazil

Japan

% of population who think AI shopping tools threaten privacy

Australia

New Zealand

Egypt

UAE

Canada

KSA

Spain

France

Netherlands

Germany

Sweden

Brazil

China

Japan

% of population concerned about data use for political purposes when using AI for shopping

Privacy concerns by country

UAE

Australia

KSA

New Zealand

Canada

Egypt

Brazil

Spain

France

Sweden

Netherlands

China

Germany

Japan

% of population concerned about the impact of resale bots on the e-commerce market

The future

of trust

Trust in the

digital economy

2018

2019

2020

2021

2022

2023

100

Humans

Good bots

Bad bots

Internet activity:

Humans vs bots

2018

100

2019 2020 2021 2022

Source: Imperva (a Thales company), Citi Global Insights

2023

Humans Good bots Bad bots

2018

2019

2020

2021

2022

2023

100

Humans

Good bots

Bad bots

The future

of trust

Trust in the

digital economy

Online shopping has never been easier, but

that convenience comes with unexpected

risks. In the UK, 4% of parents admit their

child has made an online purchase using

their details or through voice assistants like

Alexa, often without permission. And while

some of these surprise transactions are

small, others can run into the thousands.

Accidental or unauthorized purchases

vary widely in cost according to

respondents:

• 31% of transactions were under £20

• 22% fell between £21-£50

• 13% ranged from £51-£100

• 14% hit between £101-£200

• 11% climbed to £201-£500

• 8% exceeded £500, with 1%

reaching £3,000-£5,000

More than half (51%) of parents who

faced an unexpected charge were able

to successfully secure a refund. For

purchases over £101, that figure rose to

61%. However, a significant portion of

parents – 33% overall and 27% for higher-

value transactions – never attempted

a chargeback, either accepting the

loss or assuming it was unrecoverable.

According to one fraud expert, unwanted

child purchases are a growing cause of

chargebacks or so-called “friendly fraud”

– which accounts for up to 80% of an

ecommerce fraud losses.25

Only 15% of adults believe kids are well-

informed about online financial safety.

How much are they

spending?

Getting money back

– or not

THE HIDDEN COST OF

CHILDREN VOICE SHOPPING

The future

of trust

Trust in the

digital economy

THE INVISIBLE HAND GETS AN UPGRADE:

HOW AGENTIC AI WILL RESHAPE THE

FUTURE OF PAYMENTS

The hum of digital transactions has

become the background music of

modern commerce. But a profound shift

is underway, one that will render today’s

payment processes almost quaint. The rise

of agentic artificial intelligence – AI capable

of autonomous action and decision-making

– is poised to fundamentally reshape how

value is exchanged, prompting a radical

rethink from businesses and financial

institutions alike.

For decades, the evolution of payments

has largely focused on making human-

initiated transactions faster, more secure,

and more convenient. From credit cards to

mobile wallets, the user remained

firmly in control. The era of agentic

AI flips this script.

We are entering a world where intelligent,

autonomous entities will increasingly

initiate and execute payments, often

without direct human intervention.

Imagine a future where your personal

AI assistant seamlessly manages

your finances, negotiating bills,

optimizing subscriptions, and making

purchases based on your evolving

needs and preferences.

Andy Repton

Technical Product Director,

Checkout.com

Picture autonomous vehicles paying for

tolls and parking, smart homes reordering

supplies and settling utility bills, and

industrial robots procuring necessary

components directly from suppliers.

This isn’t science fiction; it’s the logical

progression of increasingly sophisticated

AI capabilities.

This shift heralds the rise of autonomous

commerce, a paradigm where AI agents

interact and transact directly with each

other. Consider an AI-powered logistics

platform automatically paying a drone

delivery service for its services, or imagine

your personal AI proactively managing your

healthcare by autonomously scheduling

appointments, refilling prescriptions,

and even handling insurance claims on

your behalf. These interactions will be

characterized by speed, efficiency, and a

level of dynamism previously unimaginable.

This transformation will necessitate a

significant evolution of the underlying

payment infrastructure.

The future

of trust

Trust in the

digital economy

Key considerations include:

• Interoperability: Seamless

communication and value exchange

between diverse AI agents and

platforms will be crucial. Standardized

protocols and APIs will be essential to

facilitate this autonomous ecosystem.

• Real-Time Processing: In an AI-

driven economy, speed is paramount.

Payment systems will need to operate

in near real-time to support the rapid

pace of autonomous transactions.

• Enhanced Security and Trust:

Securing AI agents and their financial

assets from malicious actors will be

paramount. Robust authentication

mechanisms, advanced fraud detection

the widespread adoption of distributed

ledger technologies will be critical for

building trust in autonomous financial

interactions.

• Contextual and Intent-Based

Payments: The traditional model of

explicit payment initiation may become

less relevant. Future systems will likely

leverage contextual awareness and

inferred intent to trigger secure and

seamless value transfers.

Consider agents acting on our behalf

today to ‘pay’ for goods, like smart fridges

re-ordering milk. Today, you have already

authorized that fridge to buy (e.g. from

Ocado) but with a very tight constraint of

“re-order milk when empty”.

In an agentic world, your general home

agent will decide what ingredients are

needed to order for the meal plan you’ve

asked it to create for the week, as well as

which stores to source the goods from

based on your personal profile (cost,

eating habits, food preferences, cooking

abilities, etc.) To identify the cheapest

ingredients, it may autonomously decide

to use another specialist ‘bargain hunter

agent’, in order to use the bargain hunter

agent, it needs to pay a few pence.

In this autonomous system, your home

agent, pre-authorized with a budget and

permissions, uses its unique digital identity

to digitally sign a payment request to the

bargain hunter agent, which then verifies

this signature to ensure the transaction

is legitimate without requiring any direct

human input.

But how does it know that bargain

hunter agent isn’t funding a nefarious

organization? Or that it’s not a clone of

the real bargain hunter agent it read great

reviews about? So additional services like

Fraud and Identity Verification become

even more important in this agent

ecosystem. What about disputes when

the bargain hunter agent fails to provide

an adequate response or controls when it

tries to charge too much or provides the

more expensive option due to additional

back-end incentives it’s receiving to send

you to Ocado vs. Lidl.

The future

of trust

Trust in the

digital economy

For business leaders, understanding

and preparing for this future is no longer

optional; it’s a strategic consideration.

Here are some areas where businesses

can begin to think and position themselves:

• Exploring AI capabilities:

Organizations might consider how

they can develop and deploy AI

agents capable of managing financial

transactions and interacting with other

autonomous systems.

• Considering new payment

technologies: It could be beneficial

to explore emerging payment

technologies, including blockchain and

advanced biometric authentication, to

understand their potential impact.

• Thinking about evolving business

models: Traditional revenue models

may need to adapt to accommodate

autonomous commerce. Businesses

could start to consider how they might

leverage AI agents as both consumers

and providers of goods and services.

• Engaging with regulatory discussions:

Proactively engaging in discussions

about the evolving regulatory

landscape for AI-driven financial

transactions could help shape a secure

and equitable ecosystem.

• Focusing on security and privacy:

As the volume and complexity of

autonomous transactions increase,

maintaining robust security measures

and a strong commitment to data

privacy will be vital for building

customer trust and navigating

regulatory requirements.

Navigating this future will undoubtedly

present challenges. Concerns around

security vulnerabilities, the potential for

algorithmic bias, and the need for robust

regulatory frameworks will require careful

consideration. However, the potential

benefits are immense: increased efficiency,

fewer transaction costs, the emergence

of entirely new business models, and a

more seamless and integrated economic

experience.

The era of agentic AI is poised to usher

in a new era of payments – one where

the invisible hand of the market gets a

powerful, intelligent upgrade. Businesses

that begin to explore this fundamental shift

and consider their position will be better

prepared to navigate the autonomous

economy of tomorrow. The time to

start thinking strategically about this

transformative future is now.

The future

of trust

Trust in the

digital economy

TRUST WAS NEVER SIMPLE: WHY THE

DIGITAL ECONOMY DEPENDS ON THE

RIGHT APPROACH TO COMPLEXITY

Trust in technology has never been simple.

Even a decade ago – when systems

were largely on-premise and within an

organization’s own four walls – users were

still navigating “black boxes.” Whether your

podcast magically appeared on your phone

is all that mattered - not the complex

delivery system behind it.”

Back then, infrastructure was more

controlled – but also more closed. There

was a single pipe in, a single pipe out, and

a limited set of technologies operating

within tight boundaries. That setup

offered stability, but it also meant

slower development cycles, limited

distribution, and constrained innovation.

The trade-off for that much control was

agility and growth.

Howard Wilson

CFO, PagerDuty

Fast forward to today, and that dynamic

has given way to interdependence and

complexity. Cloud-native architectures,

third-party services, global user bases – all

of these have expanded what’s possible,

but also multiplied the potential points of

failure. And with that shift, the way trust is

built – and broken – has evolved.

Today, every business is a digital business.

Whether it’s streaming, shopping, or

checking your investments, the experience

you expect is instant, reliable, and invisible.

But those experiences are underpinned by

hundreds of systems and services. When

something goes wrong, what matters isn’t

just uptime – it’s how fast it’s resolved, how

responsibility is taken, and whether the

response earns back your confidence.

The future

of trust

Trust in the

digital economy

It’s tempting to think of trust as emotional

or reputational. But in the digital economy,

trust is earned through demonstrated

performance – consistent outcomes, swift

resolution, and clear communication.

The expectation is perfection, without ever

having a glitch. It’s resilience: the ability to

anticipate the unexpected and respond in

a way that prevents user impact – or, when

that’s not possible, to act decisively and

constructively. As we often say, “We want

to resolve the issue before the end user

is even aware. But if they do notice, the

speed of resolution becomes the priority.”

So either way – speed matters.

Owning the response is just as important.

Whether it’s a retailer experiencing a

checkout failure or a platform facing an

outage, how a company responds tells

users everything they need to know. We’ve

seen this in practice: publishing real-time

incident updates and postmortems not

only restores trust – it reinforces that

accountability is non-negotiable in a

digital first world.

We are now in a period of significant

transition when it comes to tech and trust.

As we move from AI as a tool for insight

to agentic AI that takes real-time action,

this shift introduces new dynamics around

responsibility. Can a machine be trusted to

make decisions humans once owned?

Our answer is structured. At PagerDuty,

we believe agentic AI must earn trust in

stages:

• If the problem is well understood, AI

can resolve it autonomously.

• If it’s partially understood, AI leads,

with humans validating or completing.

• If it’s novel, humans take charge, using

AI to assist.

Over time, this builds confidence – not

just in the agent, but in the system

around it. We don’t unleash agents

indiscriminately. We deploy them with

context, train them under human guidance,

and monitor them closely.

It’s not about replacing human expertise.

It’s about combining the speed and scale

of AI with the judgment, experience, and

oversight of people. That’s how fidelity is

maintained and trust is formed.

Trust is built through

performance

Agentic AI and the

changing relationship

between agency and

accountability

The future

of trust

Trust in the

digital economy

In the next decade, trust in AI won’t hinge

on how powerful or general-purpose a tool

is – but on how specific, responsible, and

effective it is in context. The mythic idea of

one monolithic AI system doing everything

is already fading. Just as no one person is

a doctor, lawyer, and engineer all at once,

no single agent can solve every problem.

Instead, we’ll see the rise of domain-

specific agents, trained on proprietary data

and designed to do one job reliably and

well. These will become the next iteration

of software: embedded into operations,

acting autonomously within scope,

and earning trust through repeatable,

predictable performance. An agent is really

just another application – only now, it’s one

that communicates, reasons, and acts.

Consumer trust in technology was never

about having perfect information. It was

never about seeing inside every black

box. It’s about believing the system will

behave as expected – and that if it doesn’t,

someone is responsible for making it right.

The future of trust is

domain-specific

Trust requires action

That belief doesn’t come for free. It’s

earned – through performance, responsible

system design, and clear, confident

leadership in moments of failure.

And that challenge isn’t going away.

In fact, it’s accelerating. Technological

change is often ahead of consumption.

We start developing new technologies

in anticipation of how they’re going to

be used, but we don’t know exactly how

they’ll play out until they’re in the world.

That means the responsibility to build

and maintain trust will only grow. As

innovation speeds up, adoption will need

to keep pace – not just with technical

readiness, but with operational integrity

and ethical deployment.

In the complex, high-stakes digital

economy, the organizations that retain

trust will not be the ones that avoid failure

altogether. They will be the ones who

understand that trust is not the absence

of failure, but how you act when failure

happens. And that is a responsibility

we all share.

The future

of trust

Trust in the

digital economy

CONSUMER SCAMS HIT

BUSINESS REVENUE

Fraud is reaching unprecedented levels,

with 40% of consumers reporting that

they’ve been victims of theft or scams

leading to fraudulent payments. The most

common scam? Social engineering tactics

like phishing and “pig slaughtering”, which

account for 30% of reported fraud cases

globally. The data suggests that younger

generations are more likely to have fallen

prey to cybercrime – this despite being

less concerned about the threats posed by

social engineering and deepfakes.

% of population

report being

victims of

card fraud

39%

35%

38%

44%

41%

Gen Z Millennials Gen X Baby Boomers Silent Generation

The future

of trust

Trust in the

digital economy

Yet the next wave of fraud is already here

and its AI-generated deepfakes. 43% of all

consumers surveyed (and 36% of Gen Zs)

see deepfake scams as a serious security

threat to themselves, and they’re equally

concerned about their own image being

stolen and manipulated.

% of people who

have been a victim

of card fraud

% of people who don’t know if they

have been a victim of card fraud

Brazil

UAE

Australia

KSA

Canada

Egypt

New Zealand

Spain

France

China

Sweden

Germany

Netherlands

Japan

% of population who have been a victim of fraud resulting in theft of card details

Japan

Netherlands

Brazil

China

Sweden

Canada

Germany

Egypt

France

KSA

Spain

Australia

New Zealand

UAE

% of population who do not know whether they have been a victim of fraud

Brazil

UAE

Australia

KSA

Canada

Egypt

New Zealand

Spain

France

China

Sweden

Germany

Netherlands

Japan

Netherlands

Brazil

China

Sweden

Germany

Egypt

France

KSA

Spain

Australia

New Zealand

UAE

For merchants, soaring fraud rates

bring a surge in chargebacks,

operational costs, and

reputational damage.

The future

of trust

Trust in the

digital economy

Phishing

Hacking

Card Theft

QR Code Scam

Phone Theft

Fraud type distribution (Total = 41 as 100%)

Types of theft leading to card fraud

14.6

17.1

17.1 24.4

26.8

Gen Z, in particular, considers itself tech-savvy, and to some extent, they

are. Digital natives are more attuned to online threats, consuming educational

content via social platforms like TikTok. However, even they are unaware of

how much personal information is already available online.

Julie Fergerson,

CEO, MRC

The future

of trust

Trust in the

digital economy

MAINTAINING TRUST WHILE NAVIGATING

AN IMPENDING FRAUD EPIDEMIC

For merchants, trust in the digital economy

hinges on three key priorities: increasing

acceptance, reducing fraud, and delivering

the best possible customer experience.

These priorities shape every decision

merchants make, yet the rising tide of

increasingly sophisticated fraud and

scams threatens to erode consumer trust.

I believe fraud will escalate dramatically

over the next three years. Right now, we

are merely patching cracks in a dam, but

sooner or later the structure will break,

forcing us to rebuild swiftly. To stay ahead,

merchants, issuers, and payment providers

must anticipate fraud trends and prepare

accordingly.

Julie Fergerson

CEO, Merchant Risk Council

The proliferation of fake websites has

conditioned consumers to question the

authenticity of what they see online. Even

I, an industry expert, fell victim to one

last year – a fraudulent website imitating

a well-known global furniture brand. The

site appeared entirely legitimate, but after

I completed my purchase, I had a nagging

suspicion. A quick call to the company

confirmed my fears – it was a scam. I then

had to contact my bank to address the

fraudulent charge.

This is the reality many consumers face,

often realizing too late that they have

been deceived. However, as these scams

become more prevalent, shoppers are

becoming more discerning.

The growing threat

of fraud

Fraud manifests in countless ways,

and one of the most pressing

concerns is the rise of copycat

brands deceiving online shoppers.

The future

of trust

100

Trust in the

digital economy

They are scrutinizing web addresses,

bypassing paid social media

advertisements – often used by fraudulent

actors – and seeking trusted sources

before making purchases.

The scale of global scam operations is

staggering. There are at least seven major

scam centers worldwide, each employing

over 500,000 individuals – many of whom

have been trafficked or coerced into

executing fraud full-time. These scams

span the globe and evolve constantly,

encompassing romance frauds, fake gift

card schemes, and sophisticated social

engineering tactics. AI is accelerating this

problem at an alarming rate. Deepfake

technology has become so advanced that

it can now bypass some ID verification

processes, making it increasingly difficult

to confirm someone’s identity. For instance,

merchants renting homes often request a

short video and an ID photo as verification

– both of which can now be convincingly

fabricated using AI. The unfortunate

reality is that fraudsters likely have more

resources to invest in technological

advancements than those combating

them. They are stealing billions of

dollars and reinvesting in superior

scams, continually staying ahead of

security measures.

When it comes to payments, merchants

are fortunate that really strong machine

learning solutions exist that are keeping a

lid on the situation today.

The concern is to what extent these tools

will be equipped to handle the challenges

of tomorrow.

A key strategy in mitigating fraud

is implementing more stringent

authentication measures. However,

merchants must strike a delicate

balance – ensuring security without

creating excessive friction for customers.

Consumers expect smooth, seamless

transactions, but stronger authentication

may soon become a necessity.

Determining the appropriate level of

verification will depend on the transaction

value and the nature of the purchase.

Europe has already adopted risk-based

authentication under the Strong Customer

Authentication (SCA) framework. This

system dynamically adjusts security

layers based on perceived risk.

Looking ahead, I anticipate that every

transaction may require some form of

authentication as fraud tactics become

increasingly sophisticated.

Some propose digital ID wallets as a

potential solution. The European Union

is rolling out these systems, which could

prove effective, but interoperability

remains a major challenge. How will a

European traveler authenticate a

purchase in the U.S., and vice versa?

Achieving global standardization is a

daunting task that will take years, if not

decades, to resolve.

Finding the right

balance: Trust vs.

Friction

The future

of trust

101

Trust in the

digital economy

At present, education is our most powerful

weapon against fraud. Banks, as the most

trusted financial entities, should lead

these efforts. However, merchants can

also play a crucial role. When customers

report fraudulent charges, issuing a refund

should not be the only response – this is an

opportunity to educate consumers about

fraud prevention. By turning a potentially

damaging experience into a trust-building

moment, businesses can reinforce

consumer confidence in their brand while

increasing fraud awareness.

Many consumers underestimate the risks

they face. While they believe they act with

caution, they are often far less vigilant than

necessary. Gen Z, in particular, considers

itself tech-savvy, and to some extent,

they are. Digital natives are more attuned

to online threats, consuming educational

content via social platforms like TikTok.

However, even they are unaware of how

much personal information is already

available online. For example, when my

family attempted to create a secure

password, my Mom suggested answers

based on publicly available data – such

as my first car or the hospital where

my kids were born. This false sense of

security highlights the need for continuous

education about online safety.

Despite the mounting challenges, the

payments ecosystem will adapt and

strengthen. We have faced significant

threats before 0 such as massive data

breaches – and the industry evolved in

response. The same will happen with this

growing fraud epidemic. By staying ahead

of emerging threats, implementing smarter

authentication solutions, and prioritizing

education, we can protect consumer trust

and sustain a thriving digital marketplace.

To prepare for this, merchants and

financial institutions must remain vigilant.

The MRC community is constantly sharing

intelligence to stay ahead of fraud trends.

If you’re a merchant, you need to be

plugged into an organization that

keeps you informed.

Education: Our

best defense

The future

of trust

102

Trust in the

digital economy

% of people who feel their image is at

risk of theft for deepfakes

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

AI ENABLED FRAUD

In November 2024, the U.S. Treasury’s

Financial Crimes Enforcement Network

(FinCEN) issued an alert to financial

institutions after observing a surge in

fraud schemes involving deepfake media.26

Deloitte’s Center for Financial Services

projects that generative AI (including

deepfakes) could enable fraud losses to

reach $40 billion in the US by 2027, up

from about $12.3 billion in 2023.27

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

% of population who feel image theft for deepfake poses a direct threa

Consumers too are concerned

and display a healthy skepticism

that will help to keep them secure.

Nevertheless, the sophistication of

these scams is designed to outwit

even the most digitally savvy whether

in their private or professional lives.

The future

of trust

103

Trust in the

digital economy

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Percentage of population who believe AI-generated social engineering scams pose a direct thread

Percentage of population who believe deepfake scams pose a direct threat

Social engineering and deepfake scams

Consumers feel under threat

from AI-powered scams

Gen Z

Millennials

Gen X

Baby Boomers

Silent Generation

Percentage of population who believe AI-generated content scams pose a direct threat to their security

Percentage of population who believe deepfake scams pose a direct threat to their security

AI generated content and deepfake scams

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

Gen Z

Millennials

Gen X

Baby Boomers

Silent Generation

% of people who believe

AI-generated social engineering

is a direct threat to them

38%

30%

35% 38%

49%

56%

18%

56%

48%

62%

45%

42%

28%

44%

54%

41%

52%

33%

45%

32%

27%

22%

47%

50%

39%

56%

34%

53%

13%

14%

44%

% of people who believe

deepfakes are a direct

threat to them

The future

of trust

104

Trust in the

digital economy

TRENDS IN

IDENTITY FRAUD

At Checkout.com we are constantly

monitoring for identity fraud for our

Identity Verification product. According

to Justine Lin, Fraud Officer, Checkout.

com: “One of the most common types

of ID fraud we encounter today are

counterfeit documents – fake IDs created

with increasingly advanced techniques.”

Fraudsters aren’t cutting corners, say Lin,

many go to great lengths to make these

fakes convincing, printing them on high-

quality paper, trimming them carefully,

and even inserting them into booklets to

pass as authentic documents: “A growing

number of these attempts appear to

be generated using AI-powered tools,

reflecting a broader shift toward more

sophisticated digital forgery”.

Lin also points out that biometric fraud

tends to center around identity theft:

“We regularly see attempts to complete

verification using someone else’s real ID

– sometimes even involving collections

of genuine documents stolen or acquired

from others. The tools are changing,

but the intent remains the same: to

bypass authentication and exploit

systems at scale”.

“We’re also seeing an increase in face

reenactment fraud” according to Lin, “this

involves animating parts of a still photo

– like blinking or subtle mouth movement –

to fake ‘liveness’ during biometric checks.”

While not as technically complex as full

deepfakes, these reenactments are faster

and easier to produce, making them a

more common method of attack.

Lin also notes that in terms of geographic

shifts in the European market, there’s

been a noticeable uptick in fraud attempts

from Central and Eastern Europe over the

past few months – including countries like

Austria, Croatia, and Hungary. Previously,

most activity originated in Western

and Southern Europe, with Spain, Italy,

Belgium, Greece, and Portugal being the

most common sources.

“Across the board, the sharpest trend

we’re tracking is the rise of AI-assisted

fraud. It’s making counterfeit documents

more convincing, verification attempts

more targeted – and the need for robust,

adaptive fraud prevention more urgent

than ever.”

The future

of trust

105

Trust in the

digital economy

FACE AUTHENTICATION:

HOW BUSINESSES CAN

COMBAT DEEPFAKES

In a world where security and trust

are non-negotiable, businesses are

turning to face authentication as a user-

friendly, secure way to verify identities.

From preventing fraud to streamlining

compliance, facial recognition technology

is transforming how companies protect

customers, reduce risk, and build trust.

Face authentication is a biometric

verification method that maps and

analyzes an individual’s facial features –

such as the distance between the eyes or

the contours of the face – to confirm their

identity. It replaces passwords and PINs

with something that can’t be forgotten,

stolen, or shared: a person’s unique

biometric data. With liveness detection

built in, modern face authentication

systems can distinguish between a real

person and a photo, mask, or deepfake –

making it one of the most secure and user-

friendly authentication methods available.

Unlike passwords or physical ID

documents, biometric authentication is

intrinsic to an individual, meaning it can’t

be easily stolen, copied, or forgotten.

How it works:

1. Image capture:

The user’s face is scanned

using a smartphone or

camera-equipped device

2. Facial mapping:

AI-powered algorithms analyze

features like bone structure

and eye placement

3. Digital template creation:

The system converts the analysis

into a secure, encrypted template

4. Identity Verification:

The template is matched against

stored data for authentication

The future

of trust

106

Trust in the

digital economy

DIGITAL ID: THE FUTURE

OF PAYMENTS?

Forms of digital identity are rapidly

emerging as a cornerstone of the Digital

Economy’s infrastructure. Yet, over 850

million people worldwide still lack any

form of legal ID, and even more are

without a usable digital identity. This gap

impedes access to essential services and

economic participation. Recent research

from Visa highlights how trusted digital

identity systems, when linked with digital

payments, can unlock powerful synergies

for financial inclusion, public service

delivery, and economic growth.28

Digital identity enables individuals to

verify who they are online in a secure,

efficient, and privacy-conscious way. It

supports access to healthcare, education,

government services, and commerce

– and can be particularly transformative

in underserved or remote communities.

Studies by McKinsey Global Institute

suggest digital ID systems could boost

GDP by 3–13% in some economies by

2030, depending on the implementation

strategy. These studies emphasize the

mutually reinforcing relationship between

digital identity and digital payments.

Digital payments offer everyday, trusted

use cases (e.g., buying goods, receiving

payments) that can foster trust in digital

identity systems. Conversely, a secure

digital identity strengthens payment

authentication, improves Know Your

Customer (KYC) processes, and

reduces fraud.

This creates a virtuous cycle: trust in

payments builds trust in identity,

and vice versa.

As Julie Fergerson of the MRC, and

Maxime Hambersin at Docusign have

pointed out, governments will play a

central role in building legal and regulatory

frameworks that ensure privacy, consent,

security, and especially interoperability.

At the same time, the private sector

brings technical expertise, innovation,

and high-frequency touchpoints that help

drive adoption. Real-world examples –

like Ukraine’s Diia, Belgium’s itsme®, and

Bhutan’s National Digital Identity – show

how mobile-first and public-private models

are accelerating success.

As digital ID becomes more embedded in

financial ecosystems, the benefits multiply

– including greater efficiency, inclusion,

security, and economic opportunity for

individuals and institutions alike.

Our data explores consumer attitudes

towards Digital ID, asking whether they

believe ID verification will make it safer

to transact online, whether they feel

comfortable with the idea of having a

Digital ID card or wallet (such as those

already in use in Ukraine or planned by

the EU by the end of 2026), and

whether they can imagine a future where

their ID becomes their sole currency or

payment method.

The future

of trust

107

Trust in the

digital economy

Privacy and political data use are critical

fault lines in consumer trust, shaping

attitudes toward Digital ID. Our data

suggests that populations most concerned

about how their data is handled are also

the most hesitant about adopting Digital ID

or digital ID wallets. Despite the European

Digital Identity Framework Regulation’s aim

to establish a secure and interoperable

European Digital Identity Wallet – allowing

citizens and businesses to identify and

authenticate themselves across the EU

and enhancing digital trust and security –

some Europeans remain cautious.

People who would trust online

transactions more with ID verification

People in France and Spain appear

relatively comfortable with the introduction

of an internationally recognized,

interoperable Digital ID, while those in

Germany, the Netherlands, and Sweden

are less so. Across most countries, men

tend to be more comfortable with Digital

ID than women and in all countries, Gen

Z express more positive sentiments than

any other generation. The generational

difference is most marked in the US,

Canada, and Australia.

There’s still work to be done on two fronts

– reassuring citizens that their data is

safe from cybercriminals, and ensuring

transparency around how governments

access and use identity data.

Digital ID Verification

Egypt

Spain

UAE

KSA

Sweden

Japan

USA

Germany

Netherlands

Canada

Brazil

New Zealand

China

France

Australia

ID verification?

The future

of trust

Australia

France

China

New Zealand

Brazil

Canada

Netherlands

Germany

USA

Japan

Sweden

KSA

UAE

Spain

Egypt

Male Female

108

Trust in the

digital economy

Digital ID wallets

Male Female

People who would be comfortable having an

internationally recognized digital ID wallet

Sweden

Germany

Japan

Canada

Spain

Netherlands

France

Australia

New Zealand

China

Brazil

Egypt

UAE

Saudi Arabia

% of population who would be comfortablewith a digital ID card

Saudi Arabia

UAE

Egypt

Brazil

China

New Zealand

Australia

France

Netherlands

Spain

Canada

Japan

Germany

Sweden

Saudi Arabia

UAE

Egypt

Brazil

China

New Zealand

Spain

Netherlands

Australia

France

Japan

Sweden

Canada

Germany

Saudi Arabia

UAE

Egypt

Brazil

China

New Zealand

Spain

Netherlands

Australia

France

Japan

Sweden

Canada

Germany

% of population who would be comfortable having an Internationally

recognised digital ID wallet

The future

of trust

109

Trust in the

digital economy

Canada

Australia

Believe Digital ID is the

future of payments

Trust security of

transactions with Digital ID

Believe Digital ID will

make the internet safer

Comfortable with an

international Digital ID

Countries with

the biggest

generation gaps

in appetite for

Digital ID as

payment method

Gen Z leads on

Digital ID

Canada

Australia

Total population

Gen z

Digital ID is the payment method of the future

58%

68%

64%

46%

53%

46%

Believe Digital ID is the Future

of Payments

Believe Digital ID Will Make

the Internet Safer

Trust Security of Transactions

with Digital ID

Comfortable with an

International Digital ID

% of gen z globally on digital ID perceptions

56%

51%

Digital ID as the payment

method of the future?

Total

population

Gen Z

The future

of trust

110

Trust in the

digital economy

UAE

KSA

Spain

New Zealand

China

France

Egypt

Australia

Canada

Brazil

Germany

Sweden

Netherlands

Japan

People who think Digital ID is the

payment method of the future

UAE

KSA

Spain

New Zealand

China

France

Egypt

Australia

Canada

Brazil

Germany

Sweden

Netherlands

Japan

Percentage of people who think digital ID is the payment method of

the future

The future

of trust

111

Trust in the

digital economy

WHO ARE YOU DOING BUSINESS WITH?

THE FUTURE OF DIGITAL ID VERIFICATION

Digital identity verification has come a

long way - from basic static image checks

to live video chat solutions, where fraud

could easily slip through due to a lack of

industry standards. Early forms of online ID

verification progressed from static images

to live video chat solutions – there were no

industry standards for verification, leaving

plenty of scope for easy fraud.

Now, as fraud and deepfakes grow more

sophisticated, knowing who you’re doing

business with online is nearly impossible

without robust technology. In just five

years, the proportion of fraud attempts

involving deepfakes has multiplied 15X.

That’s why AI-powered solutions like

Checkout.com’s Identity Verification (IDV)

have taken center stage – redefining digital

trust and making online interactions more

secure and seamless.

Maxime Hambersin

Senior Director of Product Management International,

Docusign

“The levels of trust introduced to the

ecosystem by solutions such as IDV have

clearly led to a surge in adoption.” says

Docusign’s Maxime Hambersin. “There’s

no doubt we have acquired many new

users of online identity verification since

introducing Identity Verification because

individuals and businesses are feeling

more trust in the process and want to

benefit from it.”

Digital ID wallets:

Trust at scale

With digital identity verification expanding

across industries, demand is rising for

reusable verification methods. “Initially

used primarily for onboarding purposes

in various sectors such as services and

employment, these verification systems

are now being leveraged for a broader

and broader array of use cases.” says

Hambersin.

The future

of trust

112

Trust in the

digital economy

The eIDAS 2.0 EU legislation is a significant

step toward creating a standardized

digital identity system across Europe. It

aims to strengthen trust, security, and

interoperability – allowing consumers

and businesses to verify identities

across borders with confidence. “This is

a real opportunity for Europe to step in

and define the next level of how we do

business online,” says Hambersin. “And we

commend the fact that the EU is focused

on an interoperability model – that’s going

to be difficult but crucial.”

eIDAS 2.0 and the future

of EU-wide ID wallets

But with this scale comes increased

expectations for speed, convenience,

and reliability. Just as online shoppers

now expect their payment details to

autofill, users are starting to demand the

same functionality for identity verification.

“Businesses have no interest in putting

loyal customers through additional,

repeated friction if they can avoid it,”

says Hambersin. This push for efficiency

has fueled demand for digital Identity

Wallets – a concept poised to

revolutionize online identity.

A digital Identity Wallet provides a secure,

encrypted ID verification that can be

reused across platforms, reducing the

time and cost of traditional verification

methods like live video checks. Hambersin

notes that reusable ID wallets achieve

extremely high conversion rates within

seconds, making transactions faster and

more efficient. Beyond speed, digital ID

wallets enhance security by eliminating the

need for physical ID documents, reducing

the risks of theft or loss. “The balance

between trust and convenience is always a

little bit of ‘give and take’ depending on the

nature of the agreement at stake,”

says Hambersin.

But he believes that soon, verification will

be as simple and standardized as handing

over a passport at border control. There

is a huge opportunity – but also major

complexity. It’s like adding another layer of

infrastructure to the internet.

Security is at the core of digital ID wallet

discussions. Fraud threats, especially

deepfakes, highlight the critical need for

watertight verification standards. “Although

society may tolerate a certain level of fraud

in analog contexts, digital environments

demand a higher standard of reliability,”

says Hambersin. Weak security doesn’t just

hurt individuals, it undermines entire digital

ecosystems. “A compromised ID wallet

doesn’t just impact the user,”

Hambersin explains. “It jeopardizes trust in

all subsequent transactions and threatens

the stability of the whole system.” Data

protection is equally critical. “Rightly,

people demand control over their sensitive

information,” says Hambersin. “Users will

only adopt ID wallets if they are completely

certain their data is secure”.

The need for

bulletproof security

The future

of trust

113

Trust in the

digital economy

Ensuring consistent trust levels across

all EU digital identity wallets will be

key. With varying levels of maturity in

achieving initial ID verifications across

member states, ensuring interoperability

becomes imperative for seamless cross-

border transactions. Hambersin warns

that businesses operating across multiple

EU countries could face major logistical

challenges if ID wallets don’t align.

“A French bank, for example, would be

required to accept the onboarding of Italian

clients. If Italy’s ID verification scheme was

less reliable than France’s, the bank might

have to enforce additional verification

steps - giving Italian customers a worse

experience and creating competitive

disadvantages.”

The EU’s regulations are an important step

toward a more inclusive Digital Economy.

However, adoption will depend on making

ID wallets both reliable and easy to use.

“If they’re not seamless, adoption will be

weak,” says Hambersin. Addressing bias

in facial recognition technology will also

be critical. “It’s not enough to say, ‘Great, it

works for 95% of the population,’ when 5%

are locked out of the digital ecosystem,”

Hambersin stresses.

Interoperability: The

make-or-break factor

Make it inclusive

and unbiased

People who are concerned about

racial bias in facial recognition

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

UAE

KSA

Egypt

China

Australia

France

Spain

Sweden

Germany

Brazil

Canada

Netherlands

New Zealand

Japan

“Ultimately, it’s not for the private sector

to tell states how to manage the identity

of their citizens,” reflects Hambersin.

“Our job is to support and facilitate this

great initiative, and at Docusign, we are

committed to creating solutions that work

in tandem with the EU framework and drive

adoption.”

Wyss agrees: “As companies committed to

empowering businesses and communities

in the Digital Economy, Checkout.com

and Docusign will continue building next-

generation digital identity solutions to

support the rollout of ID wallets.”

There’s still much work to be done, but as

Wyss and Hambersin agree, momentum

is strong. The next challenge? Ensuring

global interoperability, so that digital

identity can function seamlessly across

borders and industries.

Looking ahead: The role

of the private sector

The future

of trust

114

Trust in the

digital economy

TRUST HAS NO

FINISH LINE

Today, the Digital Economy connects

people and brands worldwide. It offers

choice and convenience, expands financial

inclusion, and fuels innovative business

models. But its success – like that of any

economy – hinges on trust. If, as Digital

Trust expert, Rachel Botsman, observes,

“trust is fundamental to every action, every

relationship, and every transaction,” and

as Edelman notes, “trust is the ultimate

currency,”29 then the Digital Economy

demands not only trust but an extra level

of trust from the people who put their

money into it. Trust built not on face-

to-face interactions, but on the security

and reliability of technology. Digital

transactions require confidence in the

unseen, most fundamentally in the systems

that process payments, verify identities,

and secure financial data. Payments

technology is at the heart of trust in the

Digital Economy.

But trust is never static. It can be broken

but it can also be pushed in new directions

– making growth and innovation possible.

Botsman describes trust as “elastic”,

allowing consumers to adapt to innovations

in technology and business models.

Healthy skepticism turns into trust when

enough people take the leap, see the

rewards, and come back for more. In this

way, “trust is the conduit through which

new ideas travel – trust drives change.”30

This is good news for growth in the Digital

Economy. Because “the bigger the trust

problem, the greater the opportunity” – an

insight that drove Alibaba’s Jack Ma to

launch Alipay.31 Solving the ecommerce-

payments-trust-gap faced in the early

2000s unleashed a $120 billion business.32

The lesson? Where trust is a barrier,

those who build the right technology

unlock new markets.

Gig or sharing platforms like Uber, Airbnb,

and TaskRabbit seemed radical once.

They asked people to trust strangers

with their “most valuable possessions,

experiences, and even their lives.”33 Now

this level of trust is the norm and amounts

to a $150 billion market. Our research

suggests 46% of Gen Zs earn income

through gig economy platforms, while

40% of the global population relies on

them for services such as food delivery,

transportation, tutoring, and programming.

Humans welcome good innovation and

reorganize their lives around it.

Each wave of innovation in the Digital

Economy demands a new level of trust.

• In the 1990s, consumers had to trust

that an online purchase would

arrive at their door

• In the 2000s, they had to trust online

credit card payments

• In the 2010s, they had to trust the gig

and sharing economies

• Now, in the 2020s, they must trust that

their money is safe in the age of AI

The future

of trust

115

Trust in the

digital economy

AI is reshaping how people search, shop,

and interact with businesses. Its ability

to make life easier is weighed against

widespread fears around privacy, bias,

and security. As Gen AI tools evolve at

an unprecedented pace, the UX gaps

consumers see today will likely close

rapidly. For merchants, this means a

new competitive reality – where AI is the

judge. Success will increasingly depend

on how well businesses optimize for AI-

driven discovery, recommendations, and

transactions.

On the flip side, mass-scale AI-driven

scams, such as deepfake-powered identity

fraud, are threatening businesses and

consumers. Merchants have always fought

fraud with rigor and relentless focus,

but the battle is intensifying. The

same technology – AI and Machine

Learning – enabling these threats is

also our best defense. So the right

payments partnerships are now more

critical than ever.

Trust in the digital economy has come a

long way. From early skepticism around

online transactions to a world where

billions confidently shop, trade, and

conduct business digitally, trust has been

built step by step. Across generations

and geographies, a significant baseline

of trust has been established. Yet, just as

we reach one milestone, new challenges

emerge. The rise of AI-driven threats, from

deepfake scams to hyper-personalized

fraud, is unsettling consumers, pushing

trust back into a state of flux.

No finish line

On balance, consumers remain cautiously

optimistic. More people say technology

is making it safer rather than riskier to

transact online. But it is a fine margin. In

some markets, the scale tips the other

way: concern outweighs confidence. The

future of the Digital Economy depends on

closing this trust gap. Throughout history,

every stage of digital innovation – from

ecommerce to mobile payments, to peer-

to-peer platforms – has required a leap of

faith. The businesses that seized these

moments didn’t just fight threats; they

innovated away the trust gap, transforming

hesitation into habit.

Now, we stand at another turning point.

Protective measures like machine learning-

powered fraud detection and real-time

anomaly detection are essential. But the

most forward-thinking businesses aren’t

just preserving trust as it was, they’re

reshaping it for the future.

Consider this: what if your digital ID

became your one and only payment

method? What if identity itself was the

ultimate proof of transaction security,

replacing passwords, PINs, and even

cards? This might sound radical, but half of

consumers globally are already willing to

take the leap. As digital trust expert Rachel

Botsman reminds us, trust is the conduit

through which new ideas travel. It is not a

static force. It does not exist to preserve

the status quo but to enable progress.

Especially as AI agents become

increasingly capable of conducting

commerce autonomously, digital ID will

find its true calling as the technology that

solves for trust in this new era.

The future

of trust

116

Trust in the

digital economy

For these agents to act on behalf of

individuals, they need verifiable identities

that link digital actions to real people.

Identity becomes the essential bridge –

enabling secure, personalized transactions

while preventing unauthorized activity.

Verified digital ID ensures AI agents

operate within user-defined permissions,

comply with KYC and AML regulations,

and maintain accountability in real time.

As agentic AI reshapes commerce, robust

identity infrastructure will be fundamental

to safeguarding trust, enhancing user

experience, and ensuring regulatory

compliance.

Today, a trust gap may be emerging.

But for those who can solve it, the

opportunities are immense. That’s why,

at Checkout.com, we believe there is no

finish line. Performance in payments is

never a one-time victory. And trust is not

a destination. Trust, like performance, is

a constant journey. One that demands

continuous evolution, reinvention, and

bold, imaginative leaps.

Male

Female

Trust that technology is making

the Digital Economy safer

Male

Female

Silent

Generation

Baby Boomers

Gen X

Millennials

Gen Z

On balance as technology evolves it is becoming easier to trust that online transactions are safe and reliable

On balance as technology evolves it is becoming harder to trust that online transactions are safe and reliable

I don’t know

Thinking about your confidence in the safety of your money which of the

following statements do you agree with

- by generation

- by gender

Gen X

Millennials

Gen Z

Silent

Generation

Baby

Boomers

Male

Female

Silent

Generation

Baby Boomers

Gen X

Millennials

Gen Z

On balance as technology evolves it is becoming easier to trust that online transactions are safe and reliable

On balance as technology evolves it is becoming harder to trust that online transactions are safe and reliable

I don’t know

Thinking about your confidence in the safety of your money which of the

following statements do you agree with

Harder to trust Easier to trust I don’t know

The future

of trust

117

Trust in the

digital economy

Endnotes

1Botsman, Who Can You Trust, 2018

2https://www.worldbank.org/en/publication/digital-progress-and-trends-report

3Botsman, Who Can You Trust, 2018

4Botsman, Who Can You Trust, 2018

5Ibid;

6https://www.statista.com/topics/12196/alipay/#:~:text=Since%20then%2C%20the%20service%20catalog,of%20the%20most%20

anticipated%20IPOs.

7Botsman, Who Can You Trust, 2018

8https://wset.com/news/local/card-skimming-devices-found-at-multiple-walmart-locations-in-region-virginia-march-2025

9https://documents1.worldbank.org/curated/en/099112123072531052/pdf/P1773020a74991068097450f0047cedc306.pdf

10Actual fund availability depends on receiving financial institution and region.

11Earned Wage Access Preferences Survey (April 2019). Commissioned by Visa and conducted by AYTM among 1,000 workers

across varying industries in the United States

12Visa Direct Gig Economy Research (2020). Commissioned by Visa and conducted online by Directions Research, Inc. from Dec

5, 2019, to Jan 6, 2020. The 2326 respondents were gig workers, from the US, Canada, the UK, Ireland, France, Spain, Poland,

Ukraine, Russia, South Africa, India, Singapore, Australia, Brazil, Peru and Colombia

13ibid

14Visa Gig Economy Research, January 2020

15Visa Direct Gig Economy Research (2020). Commissioned by Visa and conducted online by Directions Research, Inc. from Dec

5, 2019, to Jan 6, 2020. The 2326 respondents were gig workers, from the US, Canada, the UK, Ireland, France, Spain, Poland,

Ukraine, Russia, South Africa, India, Singapore, Australia, Brazil, Peru and Colombia

16ibid

17Dailypay, “Earned Wage Access 2022: Impact on Retention & Hiring” July 10, 2022.

18Visa Direct Gig Economy Research (2020). Commissioned by Visa and conducted online by Directions Research, Inc. from Dec

5, 2019, to Jan 6, 2020. The 2326 respondents were gig workers, from the US, Canada, the UK, Ireland, France, Spain, Poland,

Ukraine, Russia, South Africa, India, Singapore, Australia, Brazil, Peru and Colombia

19Javelin Strategy & Research Advisory. Real-time payments: an urgent priority for financial institutions. Sponsored by Fiserv. 3,711

respondents were representative of the U.S. population. October 2021.

20The Federal Reserve, “Federal Reserve Payments Insights Brief: Changing environment places premium on payment speed, choice

and control, May 2023

21ADP, Inc., “Earned Wage Access: Tapping into the Potential of Flexible Pay for Today’s World of Work”, January 2022.

22https://www.economist.com/business/2025/02/27/the-business-of-second-hand-clothing-is-booming

23https://topol.hee.nhs.uk/the-topol-review/

24https://retailtechinnovationhub.com/home/2025/3/16/ai-assistants-like-chatgpt-claude-copilot-deepseek-quickly-becoming-part-

of-shopping-journeys

25https://www.crowdfundinsider.com/2025/03/237014-friendly-fraud-has-become-pressing-issue-in-digital-commerce-report/

26https://www.fincen.gov/sites/default/files/shared/FinCEN-Alert-DeepFakes-Alert508FINAL.pdf#:~:text=Beginning%20in%20

2023%20and%20continuing,5The

27https://www2.deloitte.com/us/en/insights/industry/financial-services/financial-services-industry-predictions/2024/deepfake-

banking-fraud-risk-on-the-rise.html

28https://fintechmagazine.com/articles/visa-report-digital-id-could-transform-payments

29https://www.edelman.com/trust/2025/trust-barometer

30Botsman, Who Can You Trust, 2018

31Ibid;

32https://www.statista.com/topics/12196/alipay/#:~:text=Since%20then%2C%20the%20service%20catalog,of%20the%20most%20

anticipated%20IPOs.

33Botsman, Who Can You Trust, 2018

Checkout.com processes payments for thousands

of companies that shape the digital economy. Our

global digital payments network supports over 145

currencies and delivers high-performance payment

solutions across the world, processing billions of

transactions annually.

With flexible and scalable technology, we help

enterprise merchants boost acceptance rates, reduce

processing costs, combat fraud, and turn payments

into a major revenue driver. Headquartered in London

and with 19 offices worldwide, Checkout.com is

trusted by leading brands such as DocuSign, Vinted,

Temu, Uber Eats, Klarna, Wise, Sainsbury’s,

Financial Times, Grab, and Sony.

TRUST IN THE DIGITAL ECONOMY 2025 PDF Free Download

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