Nearly 2 in 10 people in APAC adopt digital payments during pandemic

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Is cash still king in Asia-Pacific?

New Kaspersky Study Finds E-Wallet and Mobile Banking Adoption Closely Tracking Cash Use in Region

The recent Kaspersky study showed that this is still the case, but maybe not for long. Entitled ‘Mapping a Secure Path for the Future of Digital Payments in APAC’, the research investigated local user interactions with online payments available in the region and examined their attitudes towards them, which hold the key to understanding the factors that or halt the adoption of this technology. One of its main findings showed that a large majority (90%) of Asian respondents have used mobile payment apps at least once in the past 12 months, confirming the rise of fintech in the region. Almost 2 in 10 (15%) did not start using these platforms until after the pandemic. The Philippines recorded the highest percentage of new e-money users at 37%, followed by India (23%), Australia (15%), Vietnam (14%), Indonesia ( 13%) and Thailand (13%). China (5%), South Korea (9%) and Malaysia (9%). China is a notable leader in APAC mobile payments. Even before the pandemic, its main local platforms, Alipay and WeChat Pay, experienced massive adoption and served as an example for other Asian countries to follow. in APAC, 70% of respondents still use physical notes for their daily transactions. However, mobile payment and mobile banking apps are not far behind with 58% and 52% of users using these platforms at least once a week up to more than once a day for their financial tasks. From these solid statistics, we can deduce that the pandemic has caused more people to dip their feet in the digital economy, which could completely dethrone the use of money here over the next three to five years ” , said Chris Connell, general manager for Asia-Pacific at Kaspersky. Security and convenience have prompted more ICCA users to adopt FinTech. More than half of those polled said they started using digital payment methods during the pandemic because they are safer and more convenient than doing a face-to-face transaction. Respondents also indicated that these platforms allow them to make payments while respecting social distancing (45%) and that it is the only way for them to conduct monetary transactions during the lockdown (36%). For 29% of users, digital gateways are more secure now compared to the pre-COVID-19 era and the same percentage also appreciates the incentives and rewards offered by vendors. Although only a small fraction, friends and relatives (23%) still influence first-time adopters as well as local government (18%) by encouraging the use of digital payment methods. When asked about their reservations before using mobile banking and payment apps, new users admitted their fears – fear of losing money online (48%) and fear of storing their financial data online (41%) . Almost 4 in 10 people also revealed that they do not trust the security of these platforms. More than a quarter also find this technology too annoying and require a lot of passwords or questions (26%), while 25% admitted that their personal devices are not secure enough. “To advance a secure digital economy, it is important for us to know the weaknesses of our users and identify the gaps that we urgently need to fill. It is a welcome conclusion that the public is aware of the risks that accompany online transactions and for this reason, developers and providers of mobile payment applications should now examine cybersecurity gaps at every step of the process. payment and implement security features, or even a secure-by-design approach to fully gain the trust of future and current digital payment users, ”adds Connell.

To help APAC users safely adopt digital payment technologies, Kaspersky experts suggest the following: Prevention is better than cure: Beware of false communications and adopt a cautious attitude when it comes to payment. it is about transmitting sensitive information. Do not easily share private or confidential information online, especially when it comes to requests for financial information and payment details. Use your own computer and internet connection when making online payments. As if you would only shop from trusted stores when making physical purchases, translate the same caution when making payments online – you’ll never know if spyware is running on them recording everything you type. on keyboards, or if your public Internet connection has been intercepted by criminals waiting to launch an attack. Do not share your passwords, PINs, or one-time passwords (OTP) with family or friends. While it might seem practical or a good idea, these provide a gateway for cybercriminals to trick users into revealing personal information in order to collect bank credentials. Keep them to yourself and protect your private information. Adopting a comprehensive solution of security products and practical steps can minimize the risk of falling victim to threats and protect your financial information. Use reliable security solutions for complete protection against a wide range of threats, such as Kaspersky Internet Security, Kaspersky Fraud Prevention and the use of Kaspersky Safe Money to verify the authenticity of bank websites, payment systems and of the online stores you visit, as well as how to establish a secure connection. To read the full report, please visit https://kas.pr/b6w8.

Methodology

The Kaspersky report “Mapping a Digitally Secure Path to the Future of APAC Payments” examines our interactions with online payments. It also examines our attitudes towards them, which hold the key to understanding the factors that will drive or stem the adoption of this technology. The study was conducted by research agency YouGov in key APAC territories including Australia, China, India, Indonesia, Malaysia, Philippines, Singapore, South Korea , Thailand and Vietnam (10 countries). Responses to the survey were collected in July 2021 with a total of 1,618 respondents surveyed in the countries indicated. Respondents were between 18 and 65 years old, all of them working professionals who are digital payment users. Through this study, when the behavior of the population of a market is generalized, it is in reference to the group of respondents sampled above.

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