22nd April 2022 - 3 min read
A survey by cybersecurity firm Kaspersky has found that 72% of consumers in Malaysia are keen to see small and medium enterprises (SMEs) adopt digital payment systems. It also highlighted that out of all Southeast Asian countries, Malaysian consumers are the most enthusiastic about the implementation of digital payment systems among SMEs – followed by Singapore and the Philippines at 68%.
Revealed in the report “Mapping A Digitally Secure Path For The Future Of Payments In Asia Pacific”, Kaspersky further noted that 59% of the total survey respondents indicated that they will spend more at stores that accept digital payments. In terms of countries – specifically, the Southeast Asian region – 70% of customers in Malaysia are most likely to do so, followed by Vietnam (63%) and the Philippines (59%).
The study also found that mobile payment apps (58%) are the most frequently used form of digital payment among consumers in Southeast Asia. This is followed by internet banking via mobile apps (53%), debit cards (36%), credit cards (33%) and internet banking via browsers (31%). The respondents cited convenience, accessibility and privacy as their primary reasons for adopting these technologies.
Aside from capturing data on the respondents’ preferred payment method, the survey also showed that 64% of the participants believe that mobile wallets can help SMEs increase earnings, thereby boosting businesses. “Thailand is the most confident with this idea (71%), followed by Malaysia (68%) and Vietnam (64%),” said Kaspersky in a statement.
Despite their enthusiasm for the adoption of digital payments, respondents also indicated that they recognised the obstacles faced by SMEs to do so. 27% of the total respondents surveyed believe that some local businesses cannot afford to adopt digital payments due to internet connection issues and lack of devices. Within the Southeast Asian region, this view is mainly held by consumers in the Philippines (31%), followed by Vietnam (30%), Indonesia (29%), Thailand (28%), Malaysia (21%) and Singapore (20%).
Apart from these details, Kaspersky’s survey also revealed various other vital data regarding consumers’ perception of digital payments and online security. These include their awareness of cyber threats, as well as the public’s confidence when shopping with stores that suffered data breaches.
Kaspersky’s study was conducted in ten countries within the Asia Pacific region – including Australia, China, India, South Korea, and Malaysia – with the help of research agency YouGov. In the research, a total of 1,618 working professionals aged between 18 to 65 years old who use digital payments were polled.
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