Based on the results of Visa’s 2019 Consumer Payment Attitudes (CPA) Study, more Filipinos are embracing cashless payments.
A survey was conducted on 3,000 individuals across eight markets in Southeast Asia. Aside from the Philippines, this included Cambodia, Indonesia, Myanmar, Malaysia, Singapore, Thailand, and Vietnam. There were 500 Filipino respondents and 75% of them said that they prefer card payments over using cash. While cash transactions remain the top payment method in the country, the CPA study data indicates that more Filipinos have a positive outlook towards going cashless
According to Dan Wolbert, Visa country manager for the Philippines and Guam, explained: “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.”
Indeed, the study also highlighted the awareness growth of the Filipino respondents when it comes to contactless card payments which is now at 80%. That’s an 11% increase compared to 2017. When it comes to QR payment interest, there was a 39% spike between 2017 and 2018.
Transportation is a key driver as well when it comes to the current e-payments systems in the country. Almost nine out of 10 of the respondents are backing the use of e-payments in transportation means that include jeepneys and buses, with half of them perceiving the use of credit and debit cards more convenient in paying for transportation fares.
Wolbert said that in light of the strong growth in contactless payments in the Philippines, Visa will continue to engage more merchants and banks to promote the benefits of contactless payments. Visa has already forged partnerships with SM and Robinsons in implementing contactless payments in stores across the country.
“When we look at e-commerce, digital subscriptions, digital music purchases, even ride-hailing apps to name a few, these are great use cases for electronic payment and Filipino consumers are getting more and more comfortable using these types of services,” Wolbert added.