Identifying opportunities to grow credit access

by The Manila Times

Aug 25, 2024 12:07 am

MANY of us have heard the saying 'Cash is king.' However, recent developments have led me to think that times are changing.

According to a survey conducted last year by Visa on Filipino payment behaviors, cash usage declined to 87 percent in 2023 from 96 percent in 2022. With more Filipinos transitioning to different payment methods, signs point to credit card usage rising as well.

According to census data, 45 million Filipinos belong to the Gen Z group and are expected to contribute one-third of the Philippines’ workforce by 2025, creating a sustainable growth engine for the consumer credit market. CONTRIBUTED PHOTO

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