Visa: 6 in 10 Filipinos shifting to e-payments

The Philippines is increasingly shifting toward a cashless society, with six in 10 Filipinos saying they prefer using electronic payments as opposed to cash, according to Visa’s Consumer Payment Attitudes Survey.

Stuart Tomlinson, Visa country manager for the Philippines and Guam, said 57 percent of the respondents prefer e-payments last year from 46 percent in 2015 as 49 percent of Filipinos are carrying more cards and 29 percent are carrying less cash compared to five years ago.

“Our study shows the majority of Filipinos prefer to use electronic payments, so we’re focused on driving greater education, merchant acceptance, and introducing new payment innovations, to help them make this preference a reality,” Tomlinson said.

The respondents cited convenience and safety as the main drivers for preferring electronic payments, with 66 percent saying using cards was safer than cash.

The study showed that 71 percent of Filipinos shop online at least once a month and 50 percent of Filipinos are shopping more on their mobile phones. However, desktop and laptops remain the dominant devices for eCommerce.

The top categories for online purchases included bill payments, personal electronics, fashion and accessories, travel and beauty and cosmetics. Based on VisaNet data, e-commerce in the country is growing at more than 30 percent.

“Electronic payments only account for around nine percent of consumer spending in the Philippines. This means we still have a significant opportunity to displace cash and provide people with faster, safer and more convenient payment methods,” he added.

More than a quarter of Filipinos said they have used contactless payments such as Visa payWave, while 68 percent said they are keen to try it.

Nearly three in four Filipinos said they would prefer to use contactless payments over cash where it’s available. About 82 percent of Filipinos also expressed interest in using mobile payments such as Samsung Pay.

“It’s clear that Filipinos are becoming more digitally savvy and are starting to move away from cash. We see contactless payments as a catalyst for this shift especially for everyday purchases and small value items,” he said.