A greater number of Filipinos are reportedly less reliant on cash as more are opting to use cashless means, per findings of the Consumer Payment Attitudes Study in the Philippines by Visa.

During a media briefing held in Makati, Visa Country Manager for the Philippines and Guam Jeffrey Navarro stated that half of all consumers have carried less cash in 2022, suggesting that they resorted to making payments using mobile wallets, cards, and quick response (QR) payments.

Comparing the behaviors of consumers based on data gathered from last year and 2021, it showed that cash payment from 2022 is significantly lower than the year prior at 6.4 out of 10 from 7.8 out of 10, respectively.

Speaking on why the change in consumers’ choice of payment method, Navarro cited the “availability of cashless payments” as the probable cause. Additionally, he mentioned “safety and security” as another reason, suggesting the sense of safety that comes with not bringing and using cash for payment of goods or services.

Drawing from the data established in 2022 alone, it shows that 82 percent of Filipino consumers had tried going cashless—with 22 percent succeeding in going cashless for a day and 40 percent for a few days. All in all, the information suggests an increase in comparison to the same data gathered in 2021.

Navarro does not deny that the use of cash remains “very strong” among general consumers. However, the dynamics over the years imply that the use of cashless payment is gaining traction and is increasing.

While Filipino consumers’ adoption of cashless payment is noteworthy, the Philippines is not ahead of other Southeast Asian nations when it comes to the rate by which the people embrace it.

Leave a comment

Your email address will not be published. Required fields are marked *