Philippines poised for shift to cashless payments

Michelle Ong, ABS-CBN News

Posted at Nov 03 2017 09:04 AM

MANILA - A young population and a fast-growing economy will help the Philippines shift to cashless transactions, a digital payment service provider said Friday.

PayMaya recorded $3 billion in transactions last year from 6 million clients, as the world reaches a "tipping point," away from cash transactions, said COO Paolo Azzola.

Partnering with banks and retailers to ensure interoperability is key to the success of digital payments, he said.

A recent visitor to Manila, Chinese billionaire and technology entrepreneur Jack Ma said the Philippines, with its high mobile phone penetration, can ride the e-commerce wave.