Rides, movies and music are weaning Filipinos off cash
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.