With the results of the latest survey by financial services company Visa, it is safe to say that Filipinos have embraced digital payments with 70% of respondents saying that they don’t have plans of reverting back to cash after adopting digital payments in recent months.
About 78% of respondents in the Asia Pacific (APAC) share the same sentiments. The figures on the continent are higher than the global shoppers who 68%.
These findings come from a Visa survey of consumers from across 40 countries worldwide, including the Philippines. The fear of contracting the highly contagious virus that causes the COVID-19 pandemic could be the main driver for the increase of digital payment adoption.
“We approached the study with the intention to gain a timely, deeper, and clearer understanding of how Filipino consumer behaviors are changing in the current environment,” said Dan Wolbert, Visa country manager for the Philippines & Guam. “In this new normal, we’re seeing a shift – Filipinos are becoming more digital, and the COVID-19 situation has forced consumers to adopt this change in behavior.”
Based on the findings, 73% of Filipino consumers said they are most likely to increase or sustain their current online shopping, similar to global shoppers (72%).
“Based on our data, we see that 1 in 6 active Visa cardholders who have never made an e-commerce transaction in 2019 are shopping online for the first time this year,” Wolbert said. “They are shopping for essential goods and services such as groceries, drugs and pharmaceutical goods and making bill payments for their telecommunication services. They are also making purchases for business services, showing a shift in small business owners making eCommerce purchases for business-related services.
When it comes to the shopping experience, 37% of Filipino respondents said online shopping is a more positive experience than shopping at a physical store, higher than the global response (35%).
“The shift to e-commerce means that it is even more crucial that we work with our partners to streamline the online shopping experience for Filipinos in the country,” Wolbert said. “Currently, we are working with new partners, including SMEs who have onboarded eCommerce platforms to enable digital payments acceptance and help drive a seamless and secure online shopping experience for Filipino consumers.”
The study also shows cashless habits are forming across the globe with 42 percent of Filipino respondents saying they prefer paying with cashless methods. This trend for the Philippines is slightly lower than in APAC (61%) and global (59%).