MANILA (Philippine Daily Inquirer/ANN): A recent study by Visa Philippines called “Consumer Payment Attitudes, ” have shown Filipinos to be generally interested in cashless transactions.
A cashless transaction refers to an electronic transfer of money enabled by store and online payment systems. Examples are debit and credit cards, e-wallets, mobile wallets, and online transfers.
The study also finds that seven in 10 Filipinos are already using contactless payment methods more often than they did two years ago. Three out of four Filipinos have tried going cashless over varying lengths of time. Nearly half have expressed confidence that they can do away with cash transactions for a month. Three in five are confident of lasting without cash transactions for three days.
What really helped cashless transactions gain traction in the Philippines is the rising popularity of one business platform: e-commerce or business transactions made through the internet. Forty-nine percent choose cashless transactions on supermarket purchases and 45% on fast food purchases. The difference in spending in e-commerce does not vary much across different payment modes.
The prospect of Filipinos going cashless is promising and there is much room for growth. Organisations such as Visa Philippines understand the need for consumer research, to chart development on this front and come up with ideal solutions that can advance systems of payment in the Philippines.
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