PayPal wants to help SMEs future proof their digital business
PayPal has been enabling business payments around the world for years. Despite the rise of new payment methods, PayPal feels they still have an important role to play in helping businesses achieve the best outcomes.
In Asia, the final quarter of the year is often filled with shopping festivals. Despite the pandemic disrupting retail sales in shopping malls, e-Commerce sales continue to see tremendous success due to the change in consumer behaviors.
Yearend shopping festivals like 11.11, Singles Day, Black Friday, Christmas, Boxing Day, and such not only bring more sales but also increase the risks of cybercrime among some businesses. While e-Commerce platforms have been benefiting from these, SMEs account for 96% of all businesses in Asia and need to future proof their digitized businesses.
In fact, the Cyber Security Agency of Singapore reported that ransomware cases spiked by 154% in Singapore alone last year, affecting mostly SMEs in sectors like retail and healthcare. Another report flagged that Asia’s users are 1.7 times more likely to encounter ransomware than in the rest of the world.
At the same time, consumer preference in payment methods and the user experience in platforms from start to checkout has also evolved. Customers want a seamless experience when shopping online and SMEs need to do their best in delivering that.
To understand more about how SMEs can not only secure their business but also their customers as well deliver what customers really want, Tech Wire Asia spoke to Jim Magats, Senior Vice President for Omni Payments at PayPal to get his insights on the industry.