SME WORLD in an email interaction with Morgan Browne:
In your view, what are principal issues coming in the way of mobile payment in Southeast Asia?
Although there is a tremendous increase in the use of digital payment mechanisms, many citizens and small businesses possess little understanding about security, data privacy, and other issues.
So even if the adoption rate is picking up – elements such as trust, the habit of exchanging cash and transparency are some of the main obstacles of complete digital adoption in countries like India. Bank app glitches and crashes also feed into the worry that such platforms are unstable.
Keep in mind that consumers are not just interested in using eWallets or mobile payments with small payments. So, if a payment made through a mobile app crashes or leads to an error while making a transaction of a couple of dollars, how are consumers going to feel safe making transactions in the hundreds, or even thousands?
The perception surrounding mobile payments also needs to improve. Many are still worried about the risks of data breaches and having their financial data exposed to hackers, or having it leaked somehow.
The digital vs. cash disparity is also a common topic brought up by experts when discussing mobile payment adoption. Rural communities still use and accept cash on a day-to-day basis, some charities rely on cash collection, etc. These attitudes are changing slowly, but there's plenty of room to grow.
Why is it necessary to universalise mobile payments across nations?
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