About 53 per cent of shoppers forget crucial passwords more than once a week, losing more than 10 minutes when they reset their accounts, according to a MasterCard survey.

As a result, more than a third of people abandon an online purchase, while six in 10 said it led to missing a time-sensitive transaction like buying concert tickets, the payment giant’s survey shows.

More than half of people want to see passwords replaced by something more convenient, while continuing to deliver the same levels of protection and peace of mind.

The poll of about 10,000 general population consumers was conducted between August 13 to 21, 2015 by Norstat. Consumers in 17 markets across North America, South America, Europe, Africa, Australia and Asia Pacific were surveyed on their perceptions related to online shopping. The total sample has a margin of error of +/-0.80% at the 95 percent confidence level.