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April 12, 2024

Beyond convenience: Cashless payments surge, study predicts dominance by 2030

A recent study conducted by Visa indicates a growing inclination among Filipinos towards cashless transactions, with 37% of respondents envisioning a cashless-dominated landscape by 2030.

Released on Thursday, the annual Visa Consumer Payment Attitudes Study unveiled a notable decline in cash usage, plummeting from 96% in 2022 to 87% in 2023.

The study highlights a surge in mobile wallet adoption, reaching 87%, alongside a significant increase in card usage, which climbed to 70%.

Jeffrey Navarro, Visa’s country manager for the Philippines, said: “Filipinos are increasingly embracing cashless payment methods. These trends corroborate the survey’s assertion of Filipinos’ confidence in a cashless future.”

The shift towards cashless transactions is attributed to the growing acceptance of such payment methods at various establishments, coupled with concerns regarding the security risks associated with carrying cash.

Furthermore, the study unveiled a preference among Filipinos for QR code payments over contactless cards for contactless transactions.

Supermarkets lead in cashless acceptance at 88%, followed closely by food and beverage establishments (86%) and bill payment services (82%).

“The momentum for cashless payments continues to gain traction. Confidence is on the rise, and the proliferation of cashless acceptance points is evident,” Navarro said.

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