Middle East consumers have reported an increase in their use of e-wallet and mobile banking in 2021.
With COVID-19 as one of the main factors driving the increase in the use of digital payments, Kaspersky’s latest report revealed that 93 percent of respondents from the region have turned to online payment services.
The Kaspersky Digital Payment survey also highlighted that 64 percent report that they only started using online payments services during the pandemic.
In particular, online payment services helped 61 percent of the respondents to maintain social distancing. Since acquired habits stay with people, 92 percent of those surveyed intend to use Internet banking and e-wallet services more often even after the end of the pandemic.
Convenience compelled people in the Middle East most to embrace financial technologies with 91 percent of those surveyed appreciated the ability to pay whenever and wherever they are. Of the respondents, 55 percent also stated that Internet banking and mobile wallet services make it easier to manage financial information.
However, several respondents also revealed that they had reservations prior to using mobile banking and payment apps. Some admitted their fears and concerns around storing their financial data online (37 percent). Some were also worried that their personal devices are not secured enough (27 percent).
Additionally, four in 10 also revealed they do not trust the security of these platforms. 28 percent don’t have any reservations at all.
“Digital payment services are gaining more adopters despite the concerns and reservations. The pandemic was an opportunity in disguise for people to understand, learn and use digital payments services at their disposal for their own benefit”, said Emad Haffar, Head of Technical Experts at Kaspersky.
He added that as the cashless economy grows and evolves to accommodate the needs of the new normal, it is also important to understand and stay vigilant to the cyber-risks pertaining to online transactions.
“Since people are becoming increasingly comfortable with accessing digital payment applications, app developers and providers should now look into cybersecurity gaps at each stage of the payment process and build security features that will win the trust of potential users, as well as keep the existing customers protected at all times,” said Haffar.
J.K. Khalil, Country General Manager, Saudi Arabia, Bahrain and Levant at Mastercard, said: “As the world grows increasingly connected through the power of digital transformation, cyber-attacks have escalated, leaving people and businesses at risk of financial or reputational damages. As such, it is more vital than ever for industry leaders to act as the first line of defence to create a secure financial ecosystem. At Mastercard, we aim to stay ahead of fraudsters and to continually evolve and enhance our protection of cyber environments for our bank and merchant customers as we work towards a safer future for all.”