70pc in APAC still do not use mobile financial services

MUMBAI, INDIA: 70 percent of the respondents in APAC are not using mobile financial services, Amdocs unveiled in a new APAC survey.

The survey identified security, ease of use, and the ability to use the service anywhere including online and in-store, as the key enablers that will drive mobile financial services adoption.

The survey also reveals consumer’s desire for new, innovative and exciting payment services, such as payment for education and medical treatment, which will win customer loyalty and further drive usage.

The survey focused on the mobile financial services users and non-users worldwide including APAC. In APAC, the study covered 2200 people across Indonesia, the Philippines, India, and Malaysia.

Key Findings

More than 70pc of the APAC market is still not using mobile financial services. Of total respondents, those with and without bank accounts, 52pc are not aware of mobile financial services, 36pc are aware but have no plans to use it, and 14pc have subscribed to the service but do not use it.

The trend varies marginally across the Philippines, India, and Indonesia. 17pc of respondents with bank account are not aware, 28pc know about the service but have no plans to use it, and 12pc have downloaded the application but do not use it. In the Philippines 39pc of respondents with bank accounts are not aware, while this trend is similar in India (24pc) and Indonesia (25pc).

52pc of the respondents said that security is a major concern, while 55pc would like to use the service anywhere – abroad, online, and in-store, and 53pc will use the service if it is simple and easy.

Ability to use the service anywhere and ease of use are the key drivers in Indonesia (64pc), while security concerns 54pc of the respondents.

In India, respondents cited security (53pc), followed by ease of use (48pc), and ability to use the service anywhere (46pc) as the key drivers.

The survey found that the majority of respondents in APAC would like to use mobile financial services for loans, savings, and insurance (30pc) and payment for education and medical treatment (26pc) in the next 12 months.

· Filipinos would like to use MFS for paying for education and medical treatment (29pc) and loans, savings, and insurance (25pc)

· Indians would like to use MFS for paying for education, medical treatment, and utility bills (24pc) and loans, savings, and insurance (28pc)

· Indonesians would like to use MFS for paying for education and medical treatment,

· (28pc) and loans, savings, and insurance (34pc)