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A recent study by Visa Philippines called “Consumer Payment Attitudes,” have shown Filipinos to be generally interested in cashless transactions. A cashless transaction refers to an electronic transfer of money enabled by store and online payment systems. While the most common manner of payment is still with cash, the study finds that most consumers, who already use traditional credit cards, are likely to try other contactless payment methods.
The viability of going completely cashless is there. Majority of respondents in the study have tried going cashless at some point or are combining it with other modes of payment. Three out of four Filipinos have tried going cashless over varying lengths of time. Most cashless transactions in the Philippines are currently made on travel, supermarket, and retail purchases.
At this point, the study shows that it may not be so much about what is spent, but where it is spent that is propelling the cashless payment system.
There are several measures that can be observed to ensure safety in one’s online transactions, such as setting up biometric authentication methods on phones and banking apps, like fingerprints or facial recognition; ensuring a secure connection by looking for an “s” (as in https://) in the URL when paying online; and signing up for transaction alerts.
For optimum protection, card users are advised to install the latest software on their gadgets to help protect their information and be aware of phishing scams—suspicious and unsolicited emails or phone calls requesting personal information.
Contactless payment methods are being used and explored more than ever. This can quickly shift cashless transactions from a payment trend to the go-to and preferred payment method of the future.