Vesta recently published a survey that reveals that safety and security are a top concern among Filipino online shoppers. But, on the other hand, shoppers also see the hassle of multiple verification and authentication as the main payment problem.
Furthermore, Vesta showed that 73% of Filipino online shoppers rely on past reviews to determine the security of an online site. Therefore, according to Vesta, there’s a need to work closely with merchants to strengthen their fraud identification capability to improve overall customer trust and their reputation in the Philippine eCommerce industry.
Southeast Asia is the fastest-growing mobile wallet market globally, with Indonesia and the Philippines poised for continued hypergrowth in mobile payments over the next five years.
In these two countries, 60% of those surveyed stipulated that they prefer to pay using e-wallets, attributed to a large unbanked population and low credit card penetration.
However, survey payment friction is a leading main payment problem among online shoppers to the point they would decline transactions, resulting in revenue loss for merchants.
Vesta saw that implementing a robust, end-to-end fraud protection solution is the most cost-efficient way to prevent fraud within Southeast Asia, recorded to have one in three experiencing online fraud last year.
“Overall, the results of this survey indicate an obvious and urgent need for sophisticated solutions that offer a better protection against fraud, drive higher approvals while enabling a seamless consumer payment experience,” explained Shabab Muhaddes, Vesta General Manager in the Asia Pacific.
For more information about the survey and its additional insights, read more on Vesta’s infographic here.