Just like the trend that Visa’s Consumer Payment Attitudes Study revealed for 2022, the trend for Filipinos going cashless continues in 2023.
READ MORE:
In its latest infographic, Visa notes that cash payments have went down to 87% in 2023 compared to 96% in 2022, and around 43% of Filipinos carry less cash in their wallets. For comparison, around 50% of filipinos carried less cash in their wallets in 2022.
Some of the factors that helped more Filipinos go cashless is with the higher cashless acceptance in supermarkets, restaurants, and bill payments. More of these merchants have introduced various cashless payment methods that include QR codes and tap-to-pay methods.
READ MORE:
- How to Generate Your Unique QR Code on Gcash
- Scan ‘Em All: Maya Now Supports AUB, GCash, Metrobank, and Unionbank QR Ph Codes
- Huawei Wearables to Support GCash QR Payment Soon
Visa’s study also revealed that 9 out of 10 Filipinos are aware and interested in using contactless cards and QR codes for their transactions. To support that claim, Visa reveals that 32% of Filipinos used contactless cards while 55% of them used QR codes in 2023.
“Filipinos are becoming more comfortable with cashless payments, and we are confident that they will continue to embrace new innovations in the digital payment landscape,” Visa Philippines Country Manager Jeff Navarro said during the press conference.
Contactless payments have their perks which include ease of use and better security since Filipinos don’t need to bring a lot of cash to settle their transactions. There are also concerns with contactless payments, particularly with fraudulent transfers that are often associated with phishing and hacking incidents like what happened to GCash in 2022 and BDO in 2021.
