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MANILA – The COVID-19 pandemic has accelerated the adoption of digital payments in the Philippines, according to a recent survey by online payment service provider PayPal.
The survey of 500 Filipinos showed that 87 percent of Filipinos increased their use of digital payments during the pandemic, with 9 out of 10 preferring digital payments to cash during this time.
“While cash remains the most dominant payment method in the Philippines, the circumstances brought about by the pandemic have given digital payments a more prominent role in the daily lives of Filipinos,” said Rajkishore Agrawal, Senior Director and Head of SEA sales, PayPal.
The company said that the PayPal 2020 Consumer Information Survey was conducted to measure the impact of COVID-19 on local payment behaviors.
“As the pandemic continues, health and safety must be a critical part of our daily decisions,” Agrawal said. “But when you consider the continued use of digital payments, convenience and security also play a critical role.”
An overwhelming 99 percent of those surveyed said they plan to continue using digital payments even after community quarantines are eased.
Meanwhile, nearly half, or 49 percent of those surveyed said that security was their top consideration when choosing which digital payment platforms to use.
From May to August this year, 61 percent of the survey participants said they bought from international merchants and that 7 out of 10 plan to continue buying from international merchants in the next three months.
PayPal, electronic payments, digital payments, electronic payments, cashless payment, e-commerce
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