Kaspersky’s recent research showed that 2 out of 10 in APAC embrace digital payments during the pandemic. Alternatively, the Philippines are adopting e-wallet and mobile banking methods as much as they use physical cash. 

Titled “Mapping a secure path for the future of digital payments in APAC,” it studied the interaction of users across the region with the available online payments and examined their attitudes towards them. The research could enlighten and understand the factors that would further drive or stem the adoption of the technology. 

(Source: Kaspersky)

Statistically, the Philippines topped as e-cash adopters at 37%, followed by India (23%), Australia (15%), Vietnam (14%), Indonesia (13%), and Thailand (13%). On the other hand, the lowest number of first-time online payment users are China (5%), South Korea (9%), and Malaysia (9%).

“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,” says Chris Connell, Managing Director for Asia Pacific at Kaspersky.

Kaspersky also keeps in mind how the adoption of online payment could invite potential security threats, despite most users used such options due to its safety and convenience amid the ongoing COVID-19 pandemic.

With that in mind, the company provided these suggestions to help users in APAC embrace digital payment technologies securely: 

  • It is better to be safe than sorry – beware of fake communications, and adopt a cautious stance when handing over sensitive information. Do not readily share private or confidential information online, exceptionally when requesting your financial information and payment details.
  • Use your computer and Internet connection when making payments online. As like how you would only make purchases only from trusted stores when shopping physically, translate the same caution to 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, PINs, or one-time passwords (OTPs) with family or friends. While it may seem convenient or a good idea, these provide an entryway for cybercriminals to trick users into revealing personal information to collect bank credentials. Keep them to yourself and safeguard your private information.
  • Adopting a holistic solution of security products and practical steps can minimize the risk of falling victim to threats and keeping your financial information safe. Utilize reliable security solutions for comprehensive protection from a wide range of hazards, 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.

Read Kaspersky’s full report on this issue at https://kas.pr/b6w8.

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