It looks like Filipinos are ready lessen the use of physical cash and dive deeper in cashless transactions.
In a study called Consumer Payment Attitudes by Visa Philippines, 4 out of 5 respondents, who already have debit and credit cards, are willing to try other forms of transactions like online money transfers, mobile or e-wallets, and more.
Cash is still the most common way of transacting and paying for anything in the Philippines. However, Filipinos are willing to try contactless payment options, thanks to its convenience, speed, and the fact that innovations are a way to move forward.
Filipinos’ growing interest in contactless payments is reflected in the study as 7 in 10 Pinoys are using it more than what they did two years ago.
However, it appears that cashless payments are failing to gain momentum since a lot of places where Filipinos are spending their money on only accepts cash. Thankfully, the e-commerce scene is booming and is carrying contactless payments with it.
Popular e-wallet apps in the Philippines such as GCash and PayMaya have given Filipinos easy access to contactless and online payments, especially for those who don’t have access to a debit and credit cards.
Both services have also matured over the years — they let you transfer money to almost all banks, pay bills (electric, internet service, water, etc.), earn points, buy prepaid load, and more — all without leaving the app.