PH Seen Going Cashless By 2030

The majority of Filipinos are projected to be using cashless payment by 2030 as consumers continue to become more comfortable using mobile wallets and cards than cash in their daily transactions.

Filipinos have more bias in using QR codes than contactless cards.

This projection is based on the results of the Annual Visa Consumer Payment Attitudes Study, which showed that one in three consumers, or 37 percent of the surveyed respondents, believes that the majority of Filipinos could be using cashless payment in the future.

The study also revealed that cash payments in the country declined to 87 percent in 2023 from 96 percent in 2022, while the usage of mobile wallets and cards, on the other hand, increased to 87 and 70 percent, respectively.

Visa country manager for the Philippines, Jeffrey Navarro, emphasized, “In the past, there has been a big disparity between cash, mobile, and cards, but what we’ve seen now is that mobile payment is more or less synonymous with cash at 87 percent.”

He added, “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.”

Navarro highlighted that these trends support the survey’s result, which showed 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 underscored.

He further noted that the Visa study also showed that Filipinos are carrying less cash because more establishments are accepting cashless payments and due to the perceived lack of safety in carrying money.

He disclosed that for contactless payments, Filipinos have more bias in using QR codes than contactless cards.

It was also revealed in the study that among categories, the supermarket has the highest cashless acceptance at 88 percent, followed by food and dining at 86 percent, and bills payment at 82 percent.

“The momentum for attempting to go cashless remains strong, and the confidence has been increasing, (and) the acceptance for cashless points has also increased,” Navarro stressed.

“We are moving closer to achieving a cashless Philippine society, but we still have some way to go,” he concluded. 

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