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September 22, 2023

E-Wallets gain traction as preferred payment method in the Philippines, TransUnion study reveals

E-wallet usage is rapidly catching up to cash as the preferred mode of payment among Filipinos, according to a study conducted by TransUnion.

The study revealed that 93% of respondents prefer using e-wallets over other payment methods like cash, credit cards, and Buy Now Pay Later schemes.

This indicates a conservative attitude towards credit in the Philippines, with credit card penetration remaining low at 25% compared to the high adoption of e-wallets.

TransUnion also emphasized the importance of improving financial literacy and promoting financial inclusion for unbanked Filipinos to foster a more inclusive financial ecosystem.


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