th images menu user export search eye clock list list2 arrow-left untitled twitter facebook googleplus instagram cross photos entrep-logo-svg

Going Cashless: 75% of Pinoys Have Banking Apps on their Phones While 65% Have Tried Buying Stuff Online

BSP wants a fifth of all payments to be electronic by 2020 from less than 1% in 2015
By Lorenzo Kyle Subido |

 

 

More and more Filipinos are turning to their mobile phones in order to avail of banking services rather than go to a physical branch, according to a study by global financial services provider Visa.

 

According to the SEA Consumer Payments Attitude Survey 2016, 80 percent of Filipinos “prefer using the mobile app for checking balances and paying bills over visiting a physical branch.”

 

That explains why nearly 75 percent of the respondents have installed a banking app on their smartphones, citing “convenience” and “availability of smartphones” as the biggest reasons why they were using these apps more frequently.

 

As well, more than 50 percent of the respondents who use banking apps do so at least once a week. The survey detailed that the most common uses of these apps were to check account balances, pay bills and transfer money.

 

The same trend was seen in e-commerce, as 65 percent of respondents have used mobile phones to make a purchase. Of these, 41 percent did so at least once a week. The respondents brought up similar reasons for using their mobile phones to buy stuff online: “convenience,” “ownership of smartphones” and “security of mobile payments.”

 

For Stuart Tomlinson, Visa country manager for the Philippines and Guam, these metrics show a step in the right direction in promoting electronic payments and cashless transactions in the country.

 

The Bangko Sentral ng Pilipinas has stated that it wants to make 20 percent of all transactions electronic by 2020—a big jump from only one percent in 2015. Tomlinson believes that with Filipinos turning to mobile for their banking and purchasing needs, this would make the adoption of cashless modes of payments much quicker.

 

“Filipinos are embracing mobile phones in their everyday lives and taking advantage of the influx of mobile apps such as Uber to transform the way they pay,” said Tomlinson. “We believe that as more Filipinos move towards becoming more digital, our country will accelerate its pace in becoming a cashless society.”

 

 

Related story: PH E-Money Transactions Soar Past Php1 Trillion in 2016 

 

 

*****

 

 

Lorenzo Kyle Subido is a staff writer of Entrepreneur PH

Latest Articles

What Opportunities are Investors from Other ASEAN Countries Seeing in the Philippines?

A look at the biggest projects registered by Southeast Asian firms with the gov't in the last 6...

byPauline Macaraeg | November 19, 2017 09:00:00

10 Commandments of Successfully Managing a Business Crisis

Commandment number one is beginning preparing before anything has gone wrong

byTor Constantino | November 19, 2017 08:00:00

Help Is on the Way! (for 5 Common Obstacles Every Entrepreneur Faces)

A little creative thinking can solve big problems

byThomas Smale | November 19, 2017 06:00:00

10 Ways You're Being Tracked Without You Knowing It

Everything we do online and with technology leaves a footprint

byNina Zipkin | November 19, 2017 02:00:00

How to Teach Your Daughter Girl Power, According to This Self-Made Billionaire

Teach these lessons to your girls so they can grow up to be strong, confident and happy

byKitty Elicay for SmartParenting.com.ph | November 19, 2017 00:00:00

How Much Does it Cost to Review for the Bar Exams in the Philippines?

The fees vary but are roughly equivalent to new college graduates’ average starting monthly salary

byElyssa Christine Lopez | November 18, 2017 09:00:00

The 3 Types of People at Work Who Waste Your Time and How to Deal With Them

Do any of these time suckers work at your company? Here's how you can avoid them

byDan S. Kennedy | November 18, 2017 08:00:00

by |

5 Big Mistakes Young Entrepreneurs Just Keep Making

The reality of running a high-growth startup is that the company is your boss

byDeep Patel | November 18, 2017 06:00:00

Entrepreneurs Aren't Risk-Seekers -- They Just Handle Risk Better

Managing risk is in entrepreneurs' DNA

byJohn Suh | November 18, 2017 02:00:00

Billionaires Are Teaching Their Kids Mandarin and You Probably Should, Too

There's a reason Mark Zuckerberg learned Mandarin

byYsa Singson for Cosmo.ph | November 18, 2017 00:00:00

Hershey Hilado, Homeless Ilongga Turned Aussie Millionaire, Topbills Speakers at Nov. 18 Entrepreneurship Conference

Event in Miriam College Quezon City is part of Global Entrepreneurship Week celebration in the...

byPauline Macaraeg | November 17, 2017 10:00:00