cashless

According to Visa’s latest Consumer Payment Attitudes Study, cash usage in the Philippines saw a notable decline in cash usage to 87% in 2023 from 96% in 2022.

The company said amid reports that cash is still king when it comes to the preferred payment method for online shopping, it is seeing a more neck-and-neck comparison among its customers.

Although cash remains a commonly used payment method, the study highlights that a substantial 82% of Filipinos attempted to embrace cashless transactions in 2022.

In 2021, the pandemic continued to be the main driver of online shopping growth, especially digital purchases made via e-commerce apps.

The study from Visa showed that 7 out of 10 Filipinos were shopping more on social media channels compared to websites and apps. In addition, it showed that 61 percent of Filipinos have actually been patronizing online, home-based businesses compared to the 53 percent that shop in large online marketplaces.

Cashless modes of payment have most likely reached a tipping point in 2020.

SMC said it converted all but one of its 66 dedicated “onsite” or toll plaza stations into 24/7 stickering stations.

SMC reported opening a total of 42 new stations in the last two weeks, in addition to the 53 stations it had as of November, bringing the current total to 95 stations.

The Senate adopted on Monday, Dec. 14, Senate Resolution 596 asking the Department of Transportation (DOTr) to immediately suspend the implementation of cashless transactions on tollways.

House speaker Lord Allan Velasco estimated that it would take more than two years for all vehicles using the tollways to be provided with the RFID stickers.