COVID-19 was one of the main factors for that: 70% report that they only started using online payments services during the pandemic. In particular, online payment services helped 58% of the respondents to maintain social distancing. Since acquired habits stay with people, 90% of those surveyed intend to use Internet banking and e-wallet services more often even after the end of the pandemic.

Convenience compelled people in Saudi Arabia most to embrace financial technologies – 86% of those surveyed appreciated the ability to pay whenever and wherever they are. 54% also stated that Internet banking and mobile wallet services make it easier to manage financial information.

Another factor that closely correlates to the popularity of digital payment services is the decrease in financial malware attacks in Saudi Arabia by 64% in 2021 compared to 2020 according to Kaspersky experts. While the decrease in numbers is reassuring, the country also saw an increase in financial malware attacks on Android devices by 30% in 2021 compared to 2020. Given that online services are rapidly growing in size and numbers, new vulnerabilities are welcoming complex cyberattacks.

When asked about their reservations prior to using mobile banking and payment apps, users admitted their fears – afraid of storing their financial data online (45%) and worried that their personal devices are not secured enough (32%). 17% also revealed they do not trust the security of these platforms. 29% don’t have any reservations at all.

“Digital payment services are gaining more adopters despite the concerns and reservations. The pandemic was an opportunity in disguise for people to understand, learn and use digital payments services at their disposal for their own benefit”, said Emad Haffar, Head of Technical Experts at Kaspersky.

“However, as the cashless economy grows and evolves to accommodate the needs of the new normal, it is also important to understand and stay vigilant to the cyber-risks pertaining to online transactions. Since people are becoming increasingly comfortable with accessing digital payment applications, app developers and providers should now look into cybersecurity gaps at each stage of the payment process and build security features that will win the trust of potential users, as well as keep the existing customers protected at all times”, adds Emad Haffar.

J.K. Khalil, Country General Manager, Saudi Arabia, Bahrain and Levant at Mastercard, said: “As the world grows increasingly connected through the power of digital transformation, cyberattacks have escalated, leaving people and businesses at risk of financial or reputational damages. As such, it is more vital than ever for industry leaders to act as the first line of defense to create a secure financial ecosystem. At Mastercard, we aim to stay ahead of fraudsters and to continually evolve and enhance our protection of cyber environments for our bank and merchant customers as we work towards a safer future for all.”