From online shopping to money management, consumers increasingly depend on digital channels to make their banking and payments operations quicker, easier and more accessible. The issue of data privacy and security has never been more pressing as businesses like banks and retailers race to find solutions that will keep their customers’ personal information safe.
Cybersecurity at a tipping point
Cybersecurity is estimated to inflict damages worth $8 trillion USD globally in 2023 — becoming the world’s third-largest economy after the U.S. and China.
Many well-known brands have had their cybersecurity systems compromised and exposed to the public in the past year, exposing sensitive consumer information. Some, like Optus’ massive breach, impacted millions of consumers, while others caused public relations disasters and shook consumer confidence.
Cybercriminals are outsmarting enterprise security and getting better at stealing data. It is a never-ending battle between businesses that want to protect their customers’ data and hackers who want to access this data. In the end, the consumers suffer since their data is the prize hanging in the balance for either side.
Consumers are becoming more ‘privacy conscious’
On the flipside, consumers are becoming increasingly concerned about their privacy but often feel like they have little control in the age of digitisation. Many people use applications that are not privacy-first because they are engraved in our society, and switching to an alternative can take time and effort.
According to a study by Aplauz, 23% of the population are made up of consumers who are concerned with protecting their privacy online. Specifically, the results found that:
1. 77% are concerned with their payment information being stolen
2. 70% are concerned about their information being misused
3. 30% reduce their online spending as a result of their concern for online privacy
A significant market opportunity exists with 51% of the respondents saying that they would increase their spending if a prepaid payment option were available.
How do prepaid vouchers overcome these concerns?
Customers need access to solutions that provide seamless experiences without compromising their personal information.
Prepaid vouchers are a type of alternate payment that’s gaining traction for its ability to make online payments a fast, convenient and secure process. Flexepin for example, is readily available and can be purchased anywhere in the world – online or physically at thousands of selected in-store locations.
The customer’s privacy is protected because unlike other payment options such as credit or debit cards, prepaid vouchers keep their identity and financial transactions separate and therefore reduce the risks of online fraud and identity theft.
The Flexepin prepaid voucher can be used to directly top up on any merchant website that accepts Flexepin transactions worldwide, or can also be loaded onto prepaid cards and e-wallets. An additional benefit of the prepaid feature is that it helps users stay within their budget, which can be useful for online shopping or gaming.
Arm yourself with prepaid vouchers
When it comes to the alternatives and possibilities for making payments, discretion and convenience are equally important considerations. There is always a cost associated with any information that you choose to share online or with a company. It could be about your spending habits, your favourite brands, or the name of your family members.
Prepaid vouchers, along with other prepaid payment solutions, will continue to fulfil customers’ demands for privacy and security online and become an integral part of the global digital payment ecosystem.