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87% of Filipinos opted for cashless payment during pandemic, PayPal says
The COVID-19 pandemic has undoubtedly accelerated the adoption of digital solutions for many Filipinos, which has had a profound impact on the way they live, work and pay. A recent online survey by PayPal revealed that 87% of Filipinos surveyed increased their use of digital payments during the pandemic, and 9 out of 10 preferred digital payments over 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 PayPal Consumer Information Survey 2020 was conducted with 500 Filipinos through an online survey with the aim of identifying the impact of COVID-19 on local payment behaviors.
In a recent study by the World Bank and the National Economic Development Authority (NEDA), it was suggested that the use of digital technologies such as digital payments, e-commerce, telemedicine and online education has helped the Philippine economy cope with the problems social. distancing measures, business continuity and provision of public services.
“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.”
Almost half (49%) of those surveyed identified security as the most important consideration when choosing which digital payment platforms to use and an overwhelming 99% said they plan to continue using digital payments even after community quarantines are eased. According to PayPal, the majority of Filipino respondents used digital payments to pay bills (44%) and groceries (36%).
Great appetite for cross-border shopping
“The use of digital payments opens the door to global e-commerce markets for Filipino shoppers,” said Agrawal. “Once they experience the benefits, primarily the convenience and security, a wide range of options opens up for them in terms of purchase options.”
From May to August this year, 61% of survey participants said they bought from international merchants, and the most common purchases were fashion (41%) and technology (34%). The survey also found that 7 out of 10 plan to continue buying from international merchants in the next three months.
When it comes to payment platforms for cross-border purchases, 77% of respondents mentioned PayPal as their preferred method. The digital payments platform has approximately 361 million account holders in more than 200 markets around the world. It is also available for different currencies, giving users unmatched flexibility to make international payments.
“At PayPal, we believe that access to financial services creates opportunity for everyone,” said Agrawal. “Now more than ever, individuals and businesses must stay connected to the online economy, as the pandemic leads to a digital shift in our way of life. For PayPal, this means redoubling our commitment to making payment experiences as simple and secure as possible. “
