Philippines has most e-cash adopters in APAC during pandemic, says study

A recent study by cybersecurity company Kasperky has revealed that the Philippines has the highest number of new e-cash adopters in Asia Pacific (APAC) during the pandemic.

The study, titled “Mapping a secure path for the future of digital payments in APAC,” analyzed the interactions of users with available online payments in the region and examined their attitudes towards them, which hold the key to understanding the factors that will further drive or stem the adoption of this technology.

The Philippines logged the highest percentage of new e-cash adopters at 37%, followed by India (23%), Australia (15%), Vietnam (14%), Indonesia (13%), and Thailand (13%). The lowest number of first-time online payment users are China (5%), South Korea (9%), and Malaysia (9%).

Another key finding of the research showed that a great majority (90%) of the Asian respondents have used mobile payment apps at least once in the past 12 months, confirming the fintech boom in the region. Nearly 2 in 10 (15%) of them only started using these platforms amid the pandemic.

During Kaspersky’s “Cyber Security Weekend” event attended by Speed last Thursday, October 14, Kaspersky APAC Managing Director Chris Connell said that while 70% of the respondents still use cash for their daily transactions, “mobile payment and mobile banking applications are not far behind.”

“58% and 52% of the respondents are still utilizing mobile platforms at least once a week up to more than once a day for their finance-related tasks,” Connell said. “From these solid statistics, we can infer that the pandemic has triggered more people to dip their toes into the digital economy, which may fully dethrone cash use here in the next three to five years.”

When asked about their reservations prior to using mobile banking and payment apps, first-time users admitted their fears — afraid of losing money online (48%) and afraid of storing their financial data online (41%). Almost 4 in 10 also revealed they do not trust the security of these platforms.

More than a quarter also find this technology too troublesome and requires many passwords or questions (26%), while 25% confessed their personal devices are not secure enough.

 To help Philippine and other APAC users embrace digital payment technologies securely, Kaspersky experts suggest the following:

• Beware of fake communications, and adopt a cautious stance when it comes to handing over sensitive information. Do not readily share private or confidential information online, especially when it comes to requests for your financial information and payment details.
•  Use your own computer and internet connection when making payments online. You’ll never know if public computers have spyware running on them recording everything you type on the keyboards, or if your public internet connection has been intercepted by criminals waiting to launch an attack.
• Don’t share your passwords, PIN numbers or one-time passwords (OTPs) with family or friends. These provide an entryway for cybercriminals to trick users into revealing personal information to collect bank credentials.
•  Utilize reliable security solutions for comprehensive protection from a wide range of threats, such as Kaspersky Internet Security, Kaspersky Fraud Prevention and the use of Kaspersky Safe Money to help check the authenticity of websites of banks, payment systems and online stores you visit, as well as establish a secure connection.

The post Philippines has most e-cash adopters in APAC during pandemic, says study appeared first on Speed Magazine.

Philippines has most e-cash adopters in APAC during pandemic, says study
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