NextGen Day

MANILA, Philippines — Following the epidemic, the growth of digital payments is projected to continue as more people understand the convenience it provides, as well as the launch of more innovative services.

Following the travel limitations enforced to combat the spread of coronavirus illness 2019, Visa Country Manager for the Philippines and Guam Dan Wolbert said in a virtual briefing on Tuesday that the importance of cashless transactions and digital payments was appreciated throughout the pandemic (Covid-19).

People used it to buy basics during the lockdowns, but it was later used for convenience, he said at the introduction of the Visa Consumer Payments Attitudes Study for 2021.

“As a result, we expect this trend to continue.” And consumer behavior will not only persist, but will accelerate as additional services and capabilities become available, making these types of transactions simpler, easier, and more functional,” he said.

Last year, 60 percent of 1,000 respondents from Manila, Cebu, Cavite, Rizal, and Bulacan said they carried less cash in their wallets and 84 percent tried going cashless, according to Visa’s annual online Consumer Payments Attitudes Study.

According to Wolbert, 64 percent of respondents prefer mobile wallets, 52 percent prefer card payments online, 44 percent prefer card payments at physical retailers, and 31 percent prefer quick response (QR) payments.

“While cash is still widely used in the Philippines, the trend toward cashless transactions is certainly gaining traction. As cashless payment options expand, more Filipinos are confident in their ability to get by without cash for longer periods of time, with more than half believing they can get by for a week or longer,” he said.

According to Wolbert, the rise of cashless payments in Asia is at various degrees, with the Bangko Sentral ng Pilipinas (BSP) advocating for a greater increase in digital payments transactions in the Philippines, among other countries.

He referred to the business sector’s collaboration with the central bank on digital payments as a “unifying and north star” for the Philippines and its stakeholders.

“So, we’re really focused on developing and achieving, and we’re particularly focused on driving for more electronic payments,” he stated.

Even after the epidemic, financial literacy and consumer education, according to Wolbert, are crucial aspects that will increase people’s adoption of this payment mode.

“The e-commerce (electronic commerce) trend will continue, and face-to-face (transactions) will complement e-commerce” (it). We see continued possibilities for digital payments, as well as an acceleration in their uptake,” he added.

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