Mobile Banking embrace by More Filipinos for convenience—survey

  • Page Views 943
  • In 2016, over half of Filipinos with smartphones used mobile banking services at least once a week, with the top two reasons being convenience and availability.

    Every year, the Visa Consumer Payment Attitudes study surveys 500 Filipinos to obtain information on their online payment habits.

    The study also found that almost three in four Filipinos with smartphones have a banking app.

    Among those surveyed, 65 percent made a purchase via their smartphone. Mobile payments are made at least once a week (41 percent).

    A major factor in mobile payment adoption is having a smartphone. This was cited as one of the top three reasons to make mobile payments, the other two being convenience and security of payments.

    On-demand services such as transport network vehicle services (TNVS) like Uber and Grab have contributed greatly to the use of mobile payment.

    Six in 10 Filipinos surveyed said they have used the mobile banking payment to book transportation and to avail themselves of beauty services.

    The number is even higher for the emerging affluent at 70 percent.

    Convenience, efficiency and shopping at their own homes were cited as the main reasons for paying via mobile phone.

    By 2020, the Bangko Sentral ng Pilipinas (BSP) hopes to fulfill its cash-lite program, which means most financial transactions will become digital.

    In 2016, a Brookings report stated the Philippines had the largest improvement in digital and financial inclusion, up by eight points from 2015.

    Smartphone penetration, adoption of mobile money accounts, and the launch of the Philippine National Strategy for Financial Inclusion (NSFI) contributed to the increase in score.

    (N.V. Guno/ ra, Inq)

    Share

    New Posts Recently publish post More

    • 29 July 2021
      5 days ago No comment

      With multiple medals, Tokyo 2020 an Olympic banner year for Philippines

      The Philippines will finish with multiple medals in the ongoing Olympics. This means that the Tokyo 2020 Olympics will represent a banner year for the country. The Philippine Daily Inquirer observed that this will be the first time since the Los Angeles 1932 Games that the Philippines will win ...

    • 22 July 2021
      2 weeks ago No comment

      Lolit Solis hints at Kris Aquino’s possible run in 2022

      Will Kris Aquino run in the national elections in 2022? This was the question of veteran entertainment journalist Lolit Solis who promised to vote for Kris should she decide to run in the national elections next year. But Lolit advised Kris not to run for mayor in Quezon City ...

    • 22 July 2021
      2 weeks ago No comment

      Philippines administers 15.6 million COVID-19 shots

      The Philippines has administered 15.6 million doses against the COVID-19 virus. Harry Roque, spokesperson of President Rodrigo Duterte, shared this number in a media briefing Wednesday (July 21). Of the 15.6 million does administered by the government, Roque said 10,585,261 million persons got their first dose. As well, 5,031,301 ...

    • 17 July 2021
      3 weeks ago No comment

      First Nations peoples condemn tweet on Church burnings

      At a press conference in Vancouver, Pentecostal assistant minister Jenn Allan-Riley, a 60s scoop survivor whose mother attended residential school, called for the wave of church arsons to stop. She adds that “Burning down churches is not in solidarity with us Indigenous people. As I said, we do not ...

    • 17 July 2021
      3 weeks ago No comment

      Paki-Ayos: A New Service for Filipinos in Canada

      Paki-Ayos Services Inc. will do errands for you in the Philippines Do you need something done in the Philippines, but air fare, accommodations, and pasalubong cost too much for you to go back home? A new service, Paki-Ayos, is here to help. Forget about going on a very expensive ...

    %d bloggers like this: