Filipinos Are Ready to Go Cashless, According to Study
Going cashless has been pushed forward since the 1990s. So far, the country closest to being cashless is Sweden, but the coronavirus pandemic might just change that. And according to a study, one of the countries ready to be a cashless society is the Philippines.
In fact, 70 percent of Filipino have already gone cashless. The Visa study says that Filipino online shoppers have increased greatly from 71 percent in 2016 to 92 percent in 2017. Instead of going to banks, 65 percent of Filipinos have also used apps to check their accounts.
"Technology has transformed the way consumers shop and pay for their purchases. Clearly, Filipinos are seeing the benefits of electronic payments in their lives, and this leads to a change in behavior, where they become confident in leading a digital lifestyle. In the country, we are seeing more Filipinos using digital payments, and Filipinos are spending about 15 percent more on their cards as compared to a year ago," says Visa country manager Stuart Tomlinson.
Additionally, another study, "Intelligent Payment Experiences Driven by a Technology Dominant Lifestyle", confirms the findings, with "64 percent of consumers in Southeast Asia confident of going cashless for a full day, and almost half (48 percent) believing they could go cashless for three days."
In case you need more proof: The report says 70 percent of Filipino consumers are also most likely to pay for public transport with a debit or credit card. While 50 percent of consumers in the Philippines already have more than two mobile wallets.
Since there's a definite need for safer payments, the world's current situation might just push the Philippines into a cashless society sooner than thought. Still, there are many implications that need to be taken into account.