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Simoun Ung, CEO, OmniPay, Inc.

Managing cybersecurity risk in the digital payments sphere

In this Global Platform video, Simoun Ung, CEO of OmniPay, Inc., unpacks the opportunities and challenges facing both regulators and financial technology (fintech) players as societies around the world accelerate the shift towards digital payments. With fintechs looking to expand their service offering beyond the upper echelons of society, successfully managing cybersecurity risk and promoting consumer awareness will be crucial for sustainable and equitable growth, ensuring that the benefits of cashless payments can be shared more broadly.

Transcript:

Cashless payments have a huge impact on society.

If you think of the example, let’s say, of a bill payment. Somebody clicks a few buttons on their mobile phone or their laptop and pays the bill in a few seconds. But if you don’t have access to those services, you may have to take time off work, you may have to commute, line up, pay, and then commute back.

All of those are costs associated with paying that one bill, whereas on digital,  that might not have cost you anything beyond a few seconds of your time. 

Simoun Ung, CEO, OmniPay, Inc.

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