Security concerns inhibiting m-payment adoption in Hong Kong
In this article (4)
More than half (53%) of Hong Kong residents polled during a recent survey conducted by the Hong Kong Internet Registration Corporation (HKIRC) said concerns over cybersecurity and privacy risks are major barriers to greater adoption of mobile payments.
Other barriers that have been cited in the survey include technical instability and the lack of support for mobile payment from most local merchants in the city
In speaking about the survey, HKIRC deputy CEO Bonnie Chun allayed the primary fear of using mobile payment, pointing out that the government ‘has already put a lot of regulations in place to ensure the industry strictly follow their guidelines. We suggest the government promote its policies via different channels such as social media among others,” said Chun.
She added that the government should keep on educating the public about the different ways of maintaining safe online hygiene such as changing one’s passwords regularly, using two-factor authentication, not using public Wi-Fi connections for making payment transaction and downloading mobile apps only from reliable sources.
“Also, mobile payment providers should increase their transparency on how they handle personal data. They should try not to collect too much personal data during the registration process to increase users’ confidence.”
Mobile payment gets a foothold in Hong Kong
The survey polled 1,200 residents in the city between the ages of 18 and 65, who belong to various industry sectors.
Survey results showed that mobile payment is now gaining a foothold in the city with 23% of respondents using mobile payment and is now in the top three payment methods in Hong Kong after credit cards (37%) and Octopus Card (25%).
While 93% of respondents between the ages of 18 to 25 have used it before, a high percentage – 77% – of older respondents aged 56 to 67 have also used mobile payments.
More than a quarter of respondents or 28% have been using mobile payments two to three times a week. About 88% of respondents use their mobile phone for transactions of less than HK$500 ($64).
The survey showed that respondents want to be able to use mobile payment in three areas: public transport, government bills and clinic,
“The future of mobile payment in Hong Kong is very positive. When we start using mobile payment in public transport, people will become more familiar with it and the adoption rate will increase,” Chun said
Questions & Answers
Q.What is the primary reason for slow mobile payment adoption among Hong Kong residents?
What is the primary reason for slow mobile payment adoption among Hong Kong residents?
More than half of residents surveyed cited concerns over cybersecurity and privacy risks as major barriers. Other issues included technical instability and a lack of merchant support for mobile payment options.
Q.What measures has Bonnie Chun suggested to encourage wider use of mobile payments?
What measures has Bonnie Chun suggested to encourage wider use of mobile payments?
She suggested the government promote existing regulations and educate the public on online safety. Mobile payment providers should also increase transparency on data handling and collect less personal information during registration.
Q.How prevalent is mobile payment usage in Hong Kong compared to other methods?
How prevalent is mobile payment usage in Hong Kong compared to other methods?
Mobile payment is now the third most common method, used by 23% of respondents. It ranks behind credit cards at 37% and the Octopus Card at 25%.
Reader pulse
What is the biggest barrier to mobile payment adoption?
18,331 votes so far