Visa, Inc., the world’s leader in digital payments, said that Filipinos are becoming more confident in going cashless in their payment transactions.
Based on the results of the latest Visa Consumer Payment Attitudes Study, almost seven in 10 Filipinos expressed confidence to go cashless for a day and more than half think they can use only electronic payments for up to three days.
The survey also showed that 70 percent of respondents have gone cashless for at least a few days. Convenience (58 percent) and safety (47 percent) are the main drivers for this digital behavior.
“Technology has transformed the way consumers shop and pay for their purchases. Clearly, Filipinos are seeing the benefits of electronic payments in their lives, and this leads to a change in behavior, where they become confident in leading a digital lifestyle,” said Stuart Tomlinson, Visa Country Manager for the Philippines and Guam.
“In the country, we are seeing more Filipinos using digital payments and Filipinos are spending about 15 percent more on their cards as compared to a year ago,” he added. In 2017, Filipinos who shopped online have increased from 71 percent to 92 percent.
Consumers cite utility bills or fines (59 percent) as one of the top categories paid online, followed by fashion (43 percent), travel (40 percent), and beauty products (36 percent).
“Online shopping is clearly a popular pastime for Filipinos. Besides spending more time shopping online, they are also buying more. In fact, based on our data, they are spending almost 30 percent more on online purchases as compared to a year ago. Currently, online shopping contributes about one-fifth of total spend on Visa cards in the Philippines,” added Tomlinson.