Why Thailand Still Lacks the Trust in E-Commerce Security & Payment?
Thailand agreed the primary sources of fraud are ATMs, m-commerce and e-commerce. However, 2017 predicts Thailand e-commerce to grow, up to 20% with the increasing number of online shoppers. Woorawoot Ounjai, the CEO of Central Online added, there is a huge potential for market growth. If it is only about 3% online shoppers previously, changes can be done to fill in the massive customer gap.
It is proven but no immediate action
With nearly half percentage of respondents who reported to have experienced payment frauds in Thailand, e-commerce there sounds discouraging. Shockingly, it does not happen within past few days, but within the last 12 months which indicates no improvement from the authority. Below 20% of respondents believed that their payment process is fraud free and protected while using e-commerce.
Not only that, half of the respondents chose bank as the most secure payment processor that can keep their data and transaction safe. However, how long will this physical method last? There are more than 40% who are currently using e-wallets, cash on delivery and PayPal when they shop online. Moreover, the 49% of P2P payment using the electronic payment method has expected the declining use of cash.
Nuttawit agreed that online payment system holds an important role in pushing e-commerce. In the meantime, Thailand aimed to push the driving forces – developed logistics, improved online payment system and mobile and internet use. This is to achieve the 20% increase by installing the convenience and confidence for the consumer to shop online.
In the process of repolishing its reputation
As what has seen from the fast-growing pace of Southeast Asia’s e-commerce, Thailand’s improvement in e-commerce is highly promising. The e-commerce ecosystem today will lead the online payment process, the internet and logistic to change dynamically. This is due to the speed of growth in Southeast Asia which predicted to grow about $11 billion – by 2025.
However, e-commerce owners can still find their own way out from this damaging sentiment. One of the solutions is by setting up a payment processor for their online shop. One of the trusted payment gateway that has successfully protect a lot of e-commerce businesses across Southeast Asia is MOLPay. Along these lines, Thailand is also included in their wide coverage of services.
In short, the results from the survey is expected to see future improvements from both commerce players and payment solution provider. Thus, both parties have to underline the security measures that they have taken in order to develop the trust.