Chinese Consumers Reluctant To Embrace Internet Banking

According to a recent survey by Chinese marketing and business information services provider iResearch, concerns caused by the prospect of falling victim to identity theft has caused 28% of Chinese consumers to cut back on their use of Internet banking and online payment activities.

According to the survey, 3% of Internet banking users indicated they have given up online banking activities or are planning to do so in order to protect their identity. The research also polled potential Internet banking users, 58% of whom stated they have decided to postpone their intentions of taking up internet banking for personal financial management, while almost 25% of interviewees state they have actually decided to give up on their intentions completely. Moreover, 63% of polled consumers said they are currently exercising more caution regarding the financial activities they carry out online, this in order to avoid identity theft.