MANILA - The COVID-19 pandemic has sped up the adoption of digital payments in the Philippines, according to a recent survey by online payments service provider PayPal.
The survey of 500 Filipinos showed that 87 percent of Filipinos increased their usage of digital payments during the pandemic, and 9 in 10 preferred to digital payments over cash during this time.
“While cash remains the most dominant method of payment in the Philippines, circumstances brought on by the pandemic have given digital payments a more prominent role in the everyday lives of Filipinos,” said Rajkishore Agrawal, senior director and head of sales, SEA, PayPal.
The company said the 2020 PayPal Consumer Insights Survey was conducted to gauge the impact of COVID-19 on local payment behaviors.
“As the pandemic continues, health and safety need to be a fundamental part of our everyday decisions,” said Agrawal. “But when you consider continued usage of digital payments, convenience and security also play vital roles.”
An overwhelming 99 percent of respondents said they plan to keep using digital payments even after community quarantines are eased.
Almost half, or 49 percent of respondents meanwhile said security was their topmost consideration when choosing which digital payment platforms to use.
From May to August this year, 61 percent of the survey participants said they purchased from international merchants, and that 7 in 10 plan to continue purchasing from international merchants in the coming three months.