OVER the last few years, cashless payments have now gone toe to toe in popularity with traditional payment methods such as cash and credit. This definitely applies in a country like the Philippines, where many have grown accustomed to paying for goods and services without exclusively using cash. In fact, in a recent study by Visa, up to 50 percent of Filipino consumers stated that they had carried less cash for daily activities in 2022 and had opted instead for other payment methods like cards and mobile wallets. The same study reported that only 6.4 out of every 10 purchases had been paid for in cash that same year, a significant dip from 7.8 out of 10 purchases in 2021.
Participants in the Visa study asserted that the wide availability of cashless payment methods from the businesses they patronized was what motivated them to take advantage of these methods more frequently. Many also cited a heightened sense of safety and security when utilizing cashless methods instead of carrying large amounts of money on their person. The study concluded that while cash will not go out of fashion in the Philippines anytime soon, customers will demonstrate an increasing preference for cashless payments in the coming years.
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