More Filipinos using their smartphones for mobile banking and payments – Visa Study
Nearly three in four Filipinos have a banking app on their mobile phones, and more than half of them use mobile banking services at least once a week according to the Visa Consumer Payment Attitudes study. Convenience and availability of smartphones were the two top reasons why Filipinos are using mobile banking apps more frequently.1
The most common reasons for using banking apps are to check account balances (85 per cent); pay bills (63 per cent); and transfer money (59 per cent). In fact, 80 per cent of Filipinos highlighted that they would prefer using the mobile app for checking balances and paying bills over visiting a physical branch.2
Sixty-five per cent of Filipinos have also used their smartphones to make purchases. In terms of frequency, 41 per cent of them make mobile payments at least once a week. The top reasons for making mobile payments are convenience, ownership of smartphones and security of mobile payments.3
The study showed that six in 10 Filipinos have used on demand services such as booking transportation, ordering beauty services using apps in the Philippines. The trend seems to be higher for the emerging affluent at 70 per cent. The key reasons why Filipinos like using on demand services are due to convenience and efficiency, and they like shopping in the comfort of their own homes.
“Filipinos are embracing mobile phones in their everyday lives and taking advantage of the influx of mobile apps such as Uber to transform the way they pay. We believe that as more Filipinos move towards becoming more digital, our country will accelerate its pace in becoming a cashless society,” says Stuart Tomlinson, Visa Country Manager for the Philippines and Guam.
1 SEA Consumer Payments Attitude Survey 2016– Report for the Philippines. Conducted by Toluna on 500 Filipinos to gain insights and assess their attitudes towards cash and card usage, mobile banking, contactless payments, online shopping etc.
2 SEA Consumer Payments Attitude Survey 2016– Report for the Philippines.
3 SEA Consumer Payments Attitude Survey 2016– Report for the Philippines.
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit, or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit www.visa.com.ph, http://visaapnews.asia/ and @VisaNews.