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Kaspersky: Philippines leads e-cash adoption in Asia Pacific

e-cash-adoption-in-Asia-Pacific

Cash remains as king in the Philippines and Asia Pacific (APAC), at least for now, with 70 percent of respondents in Kaspersky’s latest study, still using physical notes for day-to-day transactions.

However, 58 percent are already using mobile payments and 52 percent are doing mobile banking applications at least once a week up to more than once a day for finance-related tasks.

However, 58 percent are already using mobile payments and 52 percent are doing mobile banking applications at least once a week up to more than once a day for finance-related tasks.

Significantly, the Philippines logged the highest percent of new e-cash adopters at 37 percent, followed by India (23 percent), Australia (15 percent), Vietnam (14 percent), Indonesia (13 percent), and Thailand (13 percent).

The lowest number of first-time online payment users are China (5 percent), South Korea (9 percent), and Malaysia (9 percent).

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Majority (90 percent) of the Asian respondents has used mobile payment apps at least once in the past 12 months, confirming the fintech boom in the region.

Nearly 2 in 10 (15 percent) of respondents only started using these platforms after the pandemic.

Kaspersky’s study, “Mapping a secure path for the future of digital payments in APAC”, covered local users’ interactions with available online payments in the region and examined their attitudes towards them.

Safety and convenience triggered more users in APAC to embrace financial technologies.

More than half of the survey pollees noted that they started using digital payment methods during the pandemic as it is safer and more convenient than making a face-to-face transaction.

Source: https://mb.com.ph/2021/10/15/kaspersky-ph-leads-e-cash-adoption-in-apac/

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Easy POS sets your establishment the right way by helping you manage day-to-day transactions on the dot.

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