Visa study shows mobile wallets and cards drive surge in cashless payments in PH
The continuous growth of cashless payments, particularly through mobile wallets and cards, has resulted in a significant decrease in the willingness to use cash among Filipino consumers. According to Visa’s latest Consumer Payment Attitudes Study in the Philippines, 50% of Filipino consumers are carrying less cash as they increasingly opt for cashless payments. While cash remains a prevalent payment method, the study indicates that 82% of Filipinos have attempted to go cashless in 2022, with almost half (40%) succeeding for a few days. Notably, about 9% were able to go cashless for over one month. Visa’s research further reveals a decline in the frequency of cash payments, dropping from 7.8 for every 10 purchases in 2021 to 6.4 in the following year. This shift can be attributed to two significant factors: 62% of consumers increasingly rely on cashless payments and 61% express concerns regarding the safety of carrying cash. Conducted annually, the Consumer Payment Attitudes Study pr
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