September 25, 2017, 1:42 am
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6 in 10 Filipinos use e-payments

Six in 10 (57 percent) Filipinos prefer using electronic payments as opposed to cash, up from 46 percent in 2015, according to Visa’s Consumer Payment Attitudes Survey. 

Compared to five years ago, 49 percent of Filipinos are carrying more cards and 29 percent are carrying less cash. 

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 survey showed. 

Based on VisaNet data, eCommerce in the Philippines is growing at more than 30 percent year-on-year

“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,” said Stuart Tomlinson, Visa country manager for the Philippines and Guam.

“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 added.

The study further showed that 71 percent of Filipinos shop online at least once a month, an increase of 11 percent compared to last year. 

Half of respondents said they are shopping more on their mobile phones, but 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. 

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. In addition, nearly three in four Filipinos said they would prefer to use contactless payments over cash where it is available.  

Eighty-two 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,” Tomlinson said.

“We’re working closely with our banks and merchants to expand the footprint of Visa payWave contactless payments across the country and are committed to accelerating the nation towards a cashless society,” he added.
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