Most Filipinos prefer using mobile banking apps over visiting branches

By Rizal Raoul Reyes

More than half of Filipinos have downloaded a mobile banking app on their phones, preferring to use them for some transactions over visiting a physical bank branch.

Visa's Manjit Kaur held an electronic payments workshop for media at the Shangri-La at the Fort.

Visa’s Manjit Kaur held an electronic payments workshop for media at the Shangri-La at the Fort

That’s according to a recent Visa Consumer Payment Attitudes study, which also says that the convenience and availability of smartphones are the top two reasons why they use these apps frequently.

The report also said that 80 percent of Filipinos said they would prefer using a mobile app for checking balances and paying bills over visiting a physical branch. Meanwhile, 85 percent use banking apps to verify account balances, 63 percent use them to pay bills, while 59 percent use them to transfer money, the study said.

While 65 percent of Filipinos have also used smartphones for purchases, only 41 percent make mobile payments at least once a week, citing convenience, smartphone ownership, and mobile payment security as the top reasons for doing so.

Practically the same reasons were cited by six out of ten Filipinos who have used on-demand services such as booking transportation and ordering beauty treatments using apps in the Philippines.

“As more Filipinos move towards becoming more digital, our country will accelerate its pace in becoming a cashless society,” Stuart Tomlinson, Visa country manager for the Philippines and Guam said in a press statement.

Meanwhile, senior director of Visa School of Public Policy Manjit Kaur recently conducted a workshop for the media at the Shangri-la at the Fort in Taguig City.

The workshop provided participants with an overview of electronic payments and its impact to a growing economy. Moreover, Kaur led the discussion on the payment landscape that highlighted the opportunities to bring the unbanked and underserved into the formal economy, create higher efficiencies, safer transactions, and wider options for the stakeholders.

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