Young Filipinos no longer expect to use cash in their transactions in the near future, but will utilise credit and debit cards, according to a study by Visa. The study entitled ‘Connecting the Millennials’ indicated that eight out of 10 Filipinos between 18 and 28 years of age believe that they could use their electronic cards to pay for their bills online, reports The Manila Times. In addition to this, 68% of those surveyed believe that they could use online payments using their mobile phones.
“These young people are growing up in a digital world, and they are the early adopters of new technology like contactless and mobile payments that make our lives easier. For Filipino Millennials, they look to digital currency as the future, offering a better and more secure way to pay,” said Visa country manager for Philippines and Guam, Iain Jamieson.
Visa’s study also showed that Filipino Millennials, born between 1982 and 1992 are still more comfortable using cash when making payments. 70% of Filipinos use cash, which is the most among Asian countries. Moreover, seven in 10 consumers have chosen cash as their preferred payment method. As a result, ownership of debit and credit cards is lower than their neighbours with an average of 1.51% and 0.96% cards per person.
Filipinos are also cautious of using credit and debit cards because of the general lack of awareness of the benefits of electronic payments. Many Filipino Millennials believe that they may be mischarged or not be able to use their electronic payment cards at shops.