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Cashless payments are gaining ground in the Philippines, Visa study finds

Monday 2 September 2019 | 09:55 AM CET

The latest findings of a Visa study on Southeast Asia has revealed that cashless payments are gaining ground, with more Filipinos realizing the benefits of using cards and apps.

Contactless payments awareness and usage in the Philippines have also increased compared to 2017. The Visa Payment Attitudes study showed awareness of contactless payments increased by 11% or about 80% in 2019 compared to last year. In addition, 84% of respondents have also indicated that they are interested to use contactless payments.

The study also found that 75% are now looking into more card payments. Two out of three respondents in the Philippines tried going cashless and close to 60% have gone cashless for at least a few days. Top benefits cited by respondents on why they use cashless payments include increased convenience, hassle-free, and they don’t need to carry as much cash.

The research also shows how Filipinos are open to exploring technology use cases to pay for goods and services. Such technology leverages card-on-file payments or digital payments. Six in 10 respondents express interest in using AI chatbots to order online and make payments for purchases. About 90% of respondents are also interested in using self-service checkout kiosks instead of going to cashier counters, and 72% prefer to use payment cards, contactless payments or biometric payments.

Transportation in the Philippines is a category where Filipinos are keen to use digital payments. Based on the study, almost 9 out of 10 Filipinos are generally supportive of contactless payments for transportation which includes jeepneys, buses, trains, taxis, and private car hires. In fact, more than half of the respondents think it is more convenient to pay using credit or debit cards for their transportation fares.

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