MANILA - A recent study indicates a significant shift in the payment habits of Filipinos, with a growing number embracing cashless transactions. According to the Annual Visa Consumer Payment Attitudes Study, 37 percent of respondents believe that the Philippines could become predominantly cashless by 2030.
According to Philippines News Agency, The report, released on Thursday, shows a decline in cash payments from 96 percent in 2022 to 87 percent in 2023, with a corresponding increase in the use of mobile wallets and cards. Visa's country manager for the Philippines, Jeffrey Navarro, noted the narrowing gap between cash and mobile payments, reflecting a more significant comfort level with digital transactions among Filipinos.
The study also highlights an increase in cashless payment acceptance across various sectors, with supermarkets leading at 88 percent, followed by food and dining, and bills payment. This trend is supported by the convenience and perceived safety of cashless payments, suggesting a strong momentum towards achieving a cashless society in the Philippines.