Filipinos still deem e-wallets trustworthy, even after multiple security-related incidents.

As revealed by a recent study from the Singapore-Manila branch of the Nomura Research Institute, Filipinos continue to trust e-wallets despite encountering issues with digital payments.

After surveying 477 e-wallet users in Metro Manila, the study found that 41 percent had faced problems in the first half of 2023. These problems include login difficulties, failure to receive one-time passwords, app accessibility issues, and security concerns like spam/phishing, unauthorized debits, and identity theft.

Nevertheless, every respondent intends to maintain their e-wallet usage in the next six months, as they find e-wallets essential and convenient. With 48 percent of transactions valuing between Php1,000 and Php5,000, e-wallets are primarily used for low-value transactions like transferring money to friends and family or paying online merchants. Users also appreciate the reliability and ease of e-wallets over traditional payment methods.

The study also highlights concerns about insufficient government support in addressing e-wallet issues. Government response is inadequate according to 57 percent of respondents. Among those who shared this sentiment, 71 percent said they found it difficult to file complaints against e-wallet operators for fraudulent activities. Additionally, 67 percent of these respondents also think the government lacks the means to effectively track cybercriminals, and while 60 percent feel e-wallet operators are not adequately penalized for fraudulent activities.

Amid issues on security and lack of support, respondents said they want features to protect them from loss and theft of money. Insurance is the most wanted feature as indicated by 68 percent of respondents, followed by stricter security policies at 55 percent.

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