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  © Reuters

Telcos and banks battle over Philippines cashless payments

Cashless transactions growing, but compatibility and security issues remain

| Philippines
  • The latest FTCR survey showed more Filipinos use credit and debit cards to make payments than those who use only cash.
  • A fragmented industry composed of competing telecom companies and banks has hindered the growth of cashless transactions.
  • Government regulations that encourage more players as well as collaboration will boost both cashless transactions and financial inclusion.

Banks and telecom companies are taking advantage of Filipinos' growing use of digital payments.

Our third-quarter survey showed respondents who used debit and credit cards as well as cash outnumbered those who use only cash. Among respondents, 39 per cent used debit cards in the previous three months and 34 per cent used credit cards. Just 31 per cent used only cash. Filipinos don't only use cashless transaction to pay bills; online shopping was cited as the most common reason (see chart).

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