Filipinos are becoming less reliant on cash amid the continuous growth of cashless payments—particularly through mobile wallets and cards—in the country, the latest Visa Consumer Payment Attitudes Study in the Philippines indicated.
According to the study, 50% of Filipino consumers are carrying less cash as they increasingly opt for cashless payments.
While cash remains a prevalent payment method, the study indicates that 82% of Filipinos have attempted to go cashless in 2022, with almost half (40%) succeeding for a few days. Notably, about 9% were able to go cashless for over one month.
Visa’s research further reveals a decline in frequency of cash payments, dropping from 7.8 for every 10 purchases in 2021 to 6.4 in the following year. This shift can be attributed to two significant factors: 62% of consumers increasingly relying on cashless payments and 61% expressing concerns regarding the safety of carrying cash.
Mobile wallets and cards continue to be the preferred cashless payment options among Filipinos. The study reveals that mobile wallet usage has reached 89% in 2022, while card payments are at 70%.
Among mobile wallet users, online and in-app payments are the most frequent, constituting 68% of total usage. QR code payments follow closely at 53%.
For card payments, online transactions hold the most usage at 50%, closely followed by in-store payments through card swiping or insertion at 43%.
Additionally, contactless payments via card tapping have gained popularity, accounting for 37% of usage.
“The data from our latest Consumer Payment Attitudes Study is encouraging, as it brings us closer to a cashless Philippines. We anticipate that cashless and contactless payment methods will continue to gain prevalence in terms of awareness, interest, and usage. Visa is committed to continue educating and ensuring with all stakeholders that Filipinos have secure, seamless, and convenient digital payment solutions readily on hand,” said Jeff Navarro, Visa Country Manager for the Philippines and Guam.
Conducted annually, the Consumer Payment Attitudes Study provides insights into consumer payment behaviors in key markets, including the Philippines. The latest survey, conducted from September to October of 2022, interviewed 1,000 Filipino consumers aged 18 to 65 years old.