Consumers in Thailand report lack of trust in ecommerce security

The Thai Commerce & Payment Study conducted with DataOne Asia also explored usage of cross-border and person-to-person (P2P) payments, highlighting the opportunity to replace cash transactions with alternative payments.

The results show that 32% of respondents have experienced personal payment fraud within the last 12 months. ATMs, ecommerce and m-commerce were the three primary sources of fraud. While 50% of all respondents strongly agree that banks will keep their transactions and data safe, only 17% and 12% believe their payment credentials are protected from fraud when using m-commerce and ecommerce.

More than 40% of those who shop online and from their phone prefer to use alternative payments such as e-wallets, cash on delivery and PayPal. Approximately 10% of credit and debit card users are expecting to use their cards less (both online and over the phone) in the next 12 months.

Cash is marginally the preference for P2P payments today. However, 49% of P2P payments are made using an electronic payment method, and the use of cash is expected to decline.

Leslie Choo, general manager and VP, North Asia & Asean, ACI Worldwide, said The Thai respondents’ answers provide a directional market view into the future of commerce and payments. The survey highlights that there is a lack of trust in merchants and ecommerce, which makes it imperative that merchants provide secure payments options for their clients.