Most Filipinos still prefer to pay their bills in cash despite the growing adoption of digital payment platforms over the past two years amid mobility restrictions, according to a survey conducted by The Global Filipino Investors (TGFI).
Floi Wycoco, president of TGFI, said about 71% of respondents said they always pay their bills in cash, which may be due to reservations about using online portals, as threats cybersecurity have increased amid the pandemic.
But he observed that banks had stepped up their protection, citing the launch of authentication initiatives such as one-time passwords.
“There are still some of us who are not comfortable. Some of them are from… remote provinces. They are just beginning to understand how these online banking services [and] technology helps them [pay their daily expenses]“Wycoco explained.
He also cited potential problems with a lack of internet connectivity, which prevents them from paying their bills online.
Additionally, Wycoco said some Filipinos find it difficult to open a bank account because they do not have identification documents, which are required by banks. Others don’t have much money yet, he said, explaining that’s why they choose to hold on to their funds in the meantime.
Still, there is a growing adoption of digital payments.
“The transition is here. Filipinos already have the confidence to use these online banking services,” Wycoco explained.
—Tyrone Jasper C. Piad
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