CASHLESS payments have grown steadily in the Philippines, a new study by American multinational payment card services firm Visa has found. 

Released on Thursday, the annual Visa Consumer Payment Attitudes Study showed that cash payments in the Philippines dropped to 87% in 2023 from 96% in 2022. 

Meanwhile, mobile card and wallet usage rose to 70% and 87%, respectively.

The data came from an online survey in October and November 2023 of 1,000 Filipino customers in various cities and income ranges, ages 18 to 65.

The study also said that 43% of Filipinos carry less cash in their wallets, mostly because of the growing trend among consumers to use contactless and cashless payments, as well as the increased adoption of these payment methods by retailers. 

Cashless payment adoption is rising among Filipino customers, especially in supermarkets (88%), food and dining (86%), and bill payment (82%).

In addition, one in three customers thinks that the Philippines will be a cashless society by 2030.

“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,” Visa country manager for the Philippines Jeffrey Navarro said.

“We are moving closer to achieving a cashless Philippine society, but we still have some way to go,” he said.