According to the recent results of a Visa study, cashless transactions in Southeast Asia are progressing rapidly, as more citizens in the Philippines reap the benefits of cards and digital apps in place of cash.
Both awareness and usage of contactless payments in the Philippines have spiked, compared to two years ago. Awareness of contactless transactions jumped by 11%, or roughly 80% in 2019 compared to last year, the Visa Payment Attitudes study revealed. Furthermore, 84% of participants have shown keen interest in utilising non-cash payments.
The study also showed that 75% of participants are now seeking card transactions. In the Philippines, two out of three participants tried going cashless and almost 60% were reported to have abandoned cash for at least a few days. Respondents have cited growing convenience, hassle-free and the lack of obligation to carry as much cash as reasons for preferring contactless payments.
The findings also documented the way Filipinos are willing to delve into new ways of using technology, including apps and digital wallets, to pay for goods and services. Six out of 10 participants have shown keen interest in the use of AI chatbots to order online and make payments for purchases.
Roughly 90% of the people also expressed interest in using self-service checkout kiosks over traditional cash counters, while 72% opt for cards, contactless or biometric payments in order to conduct transactions.
Particularly in the transportation industry, digital payments are flourishing. The research reveals that nearly nine out of 10 Filipinos generally welcome the idea of using cashless payments for public transportation, including jeepneys, buses, trains, taxis and private car hires. Over half the participants have stated that they believe it is more convenient to pay for transportation fees using credit or debit cards, rather than cash.