Visa study reveals higher payment card usage among Filipino consumers

10/28/2014

Pinoys still rely on cash, but more open to digital payments

 

Four out of ten Filipino consumers carry more payment cards in their wallets than five years ago, with almost half of survey respondents wanting to do away with cash from everyday life altogether, according to Visa’s latest payment behavior study.

The Visa Consumer Payment Attitudes Study 2014 [1] highlights the growing trend of payment card usage across Asia-Pacific markets. More than 2,000 respondents from Singapore, Philippines, Malaysia and Thailand were surveyed on their spending behaviors throughout the region.

“The Consumer Insights Study shows that consumers in the region are seeing the value in using payment cards instead of cash. The Philippines, in particular, sees 64% of its people carrying more than one credit card with them” said Stuart Tomlinson, Visa Country Manager for the Philippines and Guam. “This trend will help develop the electronic payment industry in the country, which in turn will provide Filipinos with convenient payment technologies through their payment cards.”

The attitude towards using payment cards is a positive sign for the country’s electronic payments landscape. The study reveals that presently, an average Filipino has at least one debit card, one credit card, and one ATM card available in their wallets.

The study also shows that on average a Filipino carries about PHP 1,500. When asked if they are also willing to eliminate cash in their wallets, almost half of the study’s respondents agreed (46%). Young adults, between the ages of 18 to 24, display the strongest desire to eliminate cash from their everyday life (55%), yet they are the most cash-dependent. 
Electronic payment usage is also seen higher among the elder age groups, with about 4 out of 10 consumers (36%), aged between 45 years old and above preferring to use their payment cards over cash.

“Filipinos can benefit from their strong appetite to displace cash in their everyday life. Not only can they enjoy more convenient and secure transaction, the increased adoption of payment cards in the Philippines will enable local businesses to enjoy more efficient operations. This will allow financial institutions and merchants to provide better services and seamless payment experiences to Filipino consumers,” added Tomlinson. “Visa is committed to help promote growth in the Philippine economy,” he concluded.


 

[1]  

The Visa Consumer Payment Attitudes Study 2014 was conducted in July 2014 by BlackBox Research on behalf of Visa. Demographics of the respondents were male and female credit card holders above the ages of 18 year olds and holders of at least one general purpose card (credit card). There were 500 respondents in each of the four markets and interviews were conducted online with representative quotas of gender and age. The study surveyed 2000 consumers in Singapore, Malaysia, The Philippines and Thailand.

 

About Visa

Visa 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 47,000 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, ahead of time with prepaid or later with credit products. For more information, visit corporate.visa.com