More Filipinos are using contactless payments, according to the Visa Consumer Payment Attitudes Study 2015(1). The study revealed that three out of 10 Filipinos (29 percent) have completed transactions using contactless payments over the past year, compared to only 21 percent in 2014(2).
Cardholders cited the convenience of cashless transactions, security and ease of use among the many reasons for using contactless payments.
The Visa Consumer Payment Attitudes Study 2015 identifies trends in payments behavior and openness to using contactless payments among consumers in six Southeast Asian markets, including the Philippines. Contactless payments are conducted by simply waving one’s credit card, debit card, or smartphone over a point of sale (PoS) terminal, eliminating the need for cash, personal identification number (PIN), or signature for transactions under P2,000(3).
“The study reveals that as more Filipinos learn about the convenience, security and speed contactless payments, such as Visa payWave, bring to their everyday lives, they are more willing to use them on a regular basis,” said
Stuart Tomlinson, Visa country manager for the Philippines and Guam.
Filipinos’ awareness for contactless payments is on the rise from 62 percent in 2014 to 66 percent in 2015. More awareness led to usage, which has grown from 21 percent last year to 29 percent this year.
Filipinos see many benefits to using contactless payments. Nearly eight in every 10 respondents (78 percent) said that contactless payments help them save time (up from 58 percent in 2014). A further 78 percent said they eliminate the need to carry cash (up from 58 percent in 2014).