The payment method preferences of Filipinos consumers are nearly evenly split between cash and digital payment options, according to foodpanda.
The online food delivery platform’s parent company Delivery Hero recently conducted a survey that found that Filipinos still use cash as their preferred payment method at a slim 51-percent majority. The remainder consists of various digital payment methods, such as mobile wallet apps at 27 percent, debit and credit cards at 17 percent, and other digital options at 4 percent.
Before the pandemic, cash-on-delivery payment were the clear frontrunner with a staggering 80 percent dominance, whereas digital payments lagged far behind at 20 percent. Daniel Marogy, the CEO of foodpanda Philippines, noted that consumer payment behavior has undergone a substantial and swift transformation within a relatively brief period.
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The choice between COD and digital payments is influenced by various factors. According to Delivery Hero, users stick with COD because of habit, sense of security, and better spending control. Meanwhile, those who opt for digital payment methods cite convenience as their main reason.
Marogy believes cash and digital payments will continue to coexist for the foreseeable future. Nevertheless, he said that foodpanda has seamless integration with reputable payment gateway providers to promote the switch to digital payments while still allowing cash-on-delivery as a payment method to provide flexibility to customer needs.
Via: BusinessMirror