But more open to digital payments
Four out of 10 Filipino consumers carry more payment cards in their wallets than five years ago and about five in 10 want to do away with cash from everyday life altogether, according to Visa’s latest payment behavior study.
The Visa Consumer Payment Attitudes Study 2014 highlights the growing trend of payment card usage across Asia-Pacific markets. More than 2,000 respondents from Singapore, Philippines, Malaysia and Thailand were surveyed on their spending behaviors throughout the region.
“The Consumer Insights Study shows that consumers in the region are seeing the value in using payment cards instead of cash. The Philippines, in particular, sees 64 percent of its people carrying more than one credit card with them,” said Stuart Tomlinson, Visa country manager for the Philippines and Guam.
“This trend will help develop the electronic payment industry in the country, which in turn will provide Filipinos with convenient payment technologies through their payment cards.”
The attitude toward using payment cards is a positive sign for the country’s electronic payments landscape. The study reveals that currently, an average Filipino has at least one debit card, one credit card, and one ATM card available in their wallets.
The study also shows that on average, a Filipino carries about P1,500 cash. When asked if they are also willing to eliminate cash in their wallets, almost half of the study’s respondents agreed (46 percent).
Young adults between the ages of 18 and 24 display the strongest desire to eliminate cash from their everyday life (55 percent), yet they are the most cash-dependent. Electronic payment usage is also seen higher among the elder age groups, with about four out of 10 consumers (36 percent), aged between 45 years old and above, preferring to use their payment cards over cash.
“Filipinos can benefit from their strong appetite to displace cash in their everyday life. Not only can they enjoy more convenient and secure transaction, the increased adoption of payment cards in the Philippines will enable local businesses to enjoy more efficient operations. This will allow financial institutions and merchants to provide better services and seamless payment experiences to Filipino consumers,” added Tomlinson.
“Visa is committed to help promote growth in the Philippine economy,” he concluded.