One in three consumers, or 37 percent of the surveyed respondents, believes that the majority of Filipinos could be using cashless payment by 2030 as consumers become more comfortable in using mobile wallets and cards.
The Annual Visa Consumer Payment Attitudes Study reported on Thursday that cash payments in the country declined to 87 percent in 2023 from 96 percent in 2022.
On the other hand, the usage of mobile wallets and cards increased to 87 and 70 percent, respectively.
"In the past, there has been a big disparity between cash, mobile and cards but what we've seen now, mobile payment now is more or less synonymous to cash at 87 percent," Jeffrey Navarro, Visa country manager for the Philippines, said in a briefing in Makati City.
"Filipinos are becoming more comfortable with cashless payments, and we are confident that they will continue to embrace new innovations in the digital payment landscape," he added.
Navarro said these trends support the survey's result that 37 percent of Filipinos believe that the country will be using cashless modes of payment in six years or sooner.
"I think these are good indicators that really give us the confidence that directionally, it's going cashless," he added.
Source: Manila Times and VISA