FILIPINOS have shifted to going digital with transactions with cash for payments in the Philippines easing out last year.

This is with the growing acceptance of cashless payment methods with the retail categories.

This is according to the to results of a study done by the global payments solutions giant Visa.

Visa country manager for the Philippines Jeff Navarro made the presentation of their findings of the latest Visa Consumer Payment Attitudes Study.

It said that the said study, conducted in October to November 2023 surveyed 1,000 Filipino consumers ages 18 to 65 years old.

Navarro said that cash usage among Filipinos declined to 87% in 2023 from 96% in 2022.

He said that the study showed that 43% of Filipinos carry less cash in their wallets “mainly due to the growing consumer habit of using cashless and contactless payments, alongside the increasing acceptance of cashless payments among stores and merchants.”

“Filipinos are becoming more comfortable with cashless payments, and we are confident that they will continue to embrace new innovations in the digital payment landscape,” said Navarro.

“With growth attributed to increasing payment acceptance across merchants for cards, both dip and contactless, as well as mobile wallets, Visa remains committed to ensuring a seamless transition to a cash-lite society by providing secure and convenient digital payment solutions,” he added.