FILIPINOS have shown increased reliance on cashless payments in 2022 as it has become more convenient and easier to use.
Seven in 10 consumers prefer making payments with their mobile wallets instead of cards, according to the Visa Consumer Payment Attitudes Study 2023.
Fifty percent of consumers also carried less cash in 2022, the VISA study showed.
“We see there’s momentum now for Philippine consumer shifting to cashless. We see a decreased reliance on cash in terms of payment and Filipinos are more open in terms of accepting and embracing cashless payments available to them,” said Visa Country Manager for the Philippines and Guam Jeff Navarro.
At least 82 percent of consumers have attempted to go cashless in 2022, and the growth is seen across different generational bands, he added. (ABS-CBN News/ANC)
