Business and Economy
Innovation, convenience boost e-payments in PH: survey
Tomlinson said the latest survey showed a 15 percent year-on-year jump of digital payments by Filipinos using their cards. He attributed this to technological innovations and consumers’ realization of its benefits on their payment options.
(Pixabay photo)
MANILA — The electronic payment mode continues to grow in popularity as more Filipinos experience the convenience and safety of using this method, a study revealed.
Results of the Visa Consumer Payment Attitudes Study, an online survey done in July 2017 and participated in by 500 Filipinos with monthly income of Php12,000 and above, showed that 59 percent of the respondents identified settling their utility bills as the primary reason for using electronic payment, which was unchanged from last year’s survey.
Payments for fashion products came in second at 43 percent and was followed by travel services, 40 percent, and beauty products, 36 percent.
Citing the study, Visa Country Manager for the Philippines and Guam Stuart Tomlinson, in a briefing Thursday, said more Filipinos are now into online shopping and are actually buying more items than before.
“In fact, based on our data, they are spending almost 30 percent more on online purchases as compared to a year ago,” he said, noting that online shopping accounts for about 20 percent of total spending using Visa cards.
Tomlinson said the latest survey showed a 15 percent year-on-year jump of digital payments by Filipinos using their cards. He attributed this to technological innovations and consumers’ realization of its benefits on their payment options.
Results of the survey also showed that respondents are willing to use other payment methods, with 71 percent aware of contactless payment technology, which allows customers to just wave their cards or put their mobile phones on top of a contactless terminal for any payment.
The Bangko Sentral ng Pilipinas (BSP) has instituted a program that will increase digital payment usage to 20 percent to total payments by 2020.
Tomlinson said the central bank’s program is helping bring down cost and increases efficiency of payment network. He said the central bank’s goal is a “lofty target” but stressed that all stakeholders are doing their best to contribute to this.
He explained that “there are enormous amount of work going on now in the background with the industry to help drive towards that. It’s what the industry is embracing.
I’m confident that electronic payments in the Philippines will grow very quickly. On whether we’ll hit 20 percent by 2020 I’m not sure but the industry is vested on making that happen.”
