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.
