In an interview, Visa Country Manager for the Philippines and Guam Jeff Navaro said that Filipinos are showing an increased reliance on cashless payments in 2022 as it’s more convenient and easier to use.
According to the Visa Consumer Payment Attitudes Study 2023, 7 out of 10 Filipino consumers now prefer settling payments using their e-wallet accounts instead of cards.
The same Visa study also revealed that 50% of consumers were carrying less physical cash in 2022.
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Navarro said that they are seeing momentum for Filipino consumers shifting to cashless, with a dropping reliance on cash for making payments. They also saw that Filipinos are now more open to adopting cashless payments available to them.
The Visa executive said that they saw at least 82% of Filipino consumers attempt to go cashless last year and the growth is spotted across different age brackets or generational bands.
Source: ABS-CBN News