Malaysia Consumer have one of the highest distrust of Online Payments Security in the Region

Date Received : 5-Nov-2018
Location: Kuala Lumpur

VMware, a leading innovator in enterprise software, released the new VMware Banking Consumer 2020 Study.

This study shows, almost half (46%) of Malaysia consumers are dubious about the security of e-wallets and payment applications. The numbers rise for connected devices, with 53% doubting the security of smart devices with payment capabilities

The study also found that Malaysia consumers prefer traditional payment methods, with majority (70%) indicating that they trust online interbank transfers, ATMs or cash.

According to Bank Negara, Malaysia’s cashless adoption rate is ramping up, with e-payment transactions per capita doubling to 111 transactions per capita in 2017 and forecast to reach 200 transactions per capita in 2020,

Sanjay K. Deshmukh

Sanjay K. Deshmukh, vice president and managing director, Southeast Asia and Korea, VMware shares, “In this context, banks and FSIs have a pressing need to boost their defenses in the face of consumer distrust towards newer payment methods and lax consumer cybersecurity practices,”

In order to further secure online payment platforms, banks and FSIs continue to innovate to meet the shifting demands of mobile-first consumers. Forward-thinking banks are already gaining traction with the introduction of biometric payment with at close to three quarters of consumers in Malaysia (71%) placing high trust in the technology, alongside cash payment.