Although cash is still primarily the preferred method of payment, more Filipinos are embracing cashless payments based on the findings from the latest Visa Consumer Payment Attitudes study. This is the fifth edition of the Consumer Payment Attitudes Study conducted on 3,000 individuals across eight markets in Southeast Asia.
Findings from the study highlighted that 75 per cent of respondents plan on using more card payments instead of cash. In addition, two out of three respondents in the Philippines tried going cashless and close to 60 per cent have gone cashless for at least a few days. Top benefits cited by respondents on why they use cashless payments include increased convenience, hassle-free and not carrying as much cash.
“It is heartening to know that more Filipinos are seeing the benefits of using digital payments based on the findings from the study. Visa’s data also shows a similar trend, where we continue to see good double-digit growth in terms of spend and transactions made by Filipino cardholders. There is still a lot of opportunity for cash displacement in the Philippines and we continue to work on a few priorities in the Philippines such as grow digital payments usage in the country and expand merchant acceptance footprint for digital payments,” said Dan Wolbert, Visa’s Country Manager for the Philippines and Guam.
Contactless payments awareness and usage in the Philippines have also increased compared to 2017. The study showed that more than 80 per cent of respondents are aware of contactless card payments, an increase of 11 per cent compared to 2017. In addition, 84 per cent of respondents have also indicated that they are interested to use contactless payments.