5 most popular forms of digital payment in Southeast Asia-Information Technology

The top 3 reasons for users to become familiar and comfortable with these technologies are convenience, ease of access, and privacy.

According to a survey conducted by cybersecurity company Kaspersky, more than half of e-finance users (67%) in Southeast Asia believe that small and medium-sized businesses (SMBs) should start using payments. Digital for financial transactions.

Among countries in Southeast Asia, consumers in Malaysia (72%) strongly support the adoption of SMB’s digital payment system, followed by Singapore (68%) and the Philippines (68%). .

Payment by bank card is gradually becoming more popular in Southeast Asia.

Demand for contactless payment systems is at an all-time high, reflecting the expected trajectory of increased spending, according to a report by market research firm IDC. for e-commerce to 162% – equivalent to US$179.8 billion by 2025 with digital payments accounting for 91% of transactions.

The 5 commonly used forms of digital payment in Southeast Asia are:

– Mobile payment application (58%);

– Online banking via mobile application (53%);

– Debit card (36%);

– Credit cards (33%);

– Online banking via browser (31%).

The survey also revealed that nearly three out of five (59%) of survey respondents said that they would shop more at stores that accept digital payments. Malaysian consumers tend to do it the most (70%), followed by Vietnam (63%) and the Philippines (59%).

For respondents across the region, the top 3 reasons to become familiar and comfortable with these technologies are convenience, ease of access, and privacy.

Notably, the survey also showed that consumer confidence when shopping at stores that suffered a data breach overall fell by 42%.

“It should be noted that, while consumers are embracing a digital lifestyle and trusting these tools to make their financial transactions smooth and fast, they are also starting to realize the dangers and risks of cyber threats to personal life,” said Yeo Siang Tiong, General Manager of Kaspersky Southeast Asia.

Kaspersky has the following advice for SMB owners in Southeast Asia:

– Perform a risk assessment: Assess potential risks that could affect the security of your company’s networks, systems, and information. Identifying and analyzing possible threats can help you form a plan to close security gaps.

– Training Employees: To protect from insider threats, invest in cybersecurity training for employees. Teach them what to do if they receive a suspicious email, for example.

– Always update the software: Update the software you use to keep your business running. Every software is regularly updated to increase its strength or add patches to close the encryption holes that hackers can slip through.

– Regularly back up files: Choose a program that allows you to schedule or automate backups so you don’t have to remember to do them. Store backups offline so they are not encrypted or inaccessible if the system is attacked by ransomware.

– Deploy a strong security software: Complex cyber threats can lead to serious losses. Security solutions such as Kaspersky Endpoint Detection and Response Optimum can provide proactive and automated protection for data, finances and online assets.