CREDIT card usage grew by 46 percent as of end-June 2017 from a year earlier, Visa said on Wednesday, on the back of growing safety and security concerns by consumers.
Citing a study, Visa said that six out of 10 Filipinos preferred to make electronic payments than fork out cash, and 62 percent said they believed carrying cash was unsafe.
The preference for cash transactions has dropped since 2015 as cards—either credit, debit, or prepaid—are more convenient, transact quicker, and most importantly, offer more safety and security, users of Visa cards said.
Seventy-one percent of Filipinos prefer shopping online at least once a month, an 11 percent increase.
“Filipinos are moving towards electronic payments and when they move to electronic payments they continue to adopt them,” Philippines and Guam Visa Country Manager Stuart Tomlinson said in a briefing.
The top categories for online transactions are bill payments, personal electronic gadgets, fashion and accessories, cosmetics, and travel. The study revealed an enormous growth in the transport sector, especially with a peak in payments for transport network vehicle services firms like Grab and Uber.
Of the 7.5 billion world population, 3.1 billion carry Visa cards. “[This] is quite a significant penetration. It’d be a struggle to find many other companies who have that kind of penetration globally,” Tomlinson said.