Rides, movies and music are weaning Filipinos off cash

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Streaming and ride-hailing services have become an entry point for cash-reliant customers in the Philippines to try electronic payments, according to a report by Visa Inc.

Three out of four Filipinos planned to use cashless methods more often in 2018, up from 47% a year earlier, according to Visa. That’s the most significant rise since Visa started its payment behavior survey in 2014.

The shift is driven by the rise of e-commerce in a country where seven out of 10 customers still prefer to use cash. Filipinos become more comfortable with electronic payments after using it to buy music, watch movies and book ride-shares, Visa Country Manager Dan Wolbert said at a briefing in Manila.

Bloomberg News