Filipinos Favour Cash
Contrary to a trend of decreased cash usage that accompanied less in-person spending between 2020 and 2021, nearly a third of Filipinos said they made more cash payments in 2021 than previously.
The research, released by Statista in July, found that while 32 percent of people used more cash and 21 percent reported using the same amount. This backs information from CPA Australia that found 80 percent of firms in the Philippines said the majority of their 2021 sales were conducted in cash.
Figures from the 2022 Global Payments Report show cash was the leading payment method for Filipinos last year, used for 48 percent of all point-of-sale payments. It sits well ahead of the next-most-popular options—debit cards and digital wallets—which account for 16 percent of transactions each.
Cash also dominates the home delivery market, with Statista finding 80 percent of people use cash for home deliveries. Alongside cash, advance online payments are a popular choice, with 63 percent of people using them.
E-commerce is an increasingly important market in the Philippines, according to multinational finance corporation FIS, which suggests it will see 17 percent annual growth between 2021 and 2025. Cash on delivery is widely used, accounting for 21 percent of e-com payments, behind only digital wallets that are used for 31 percent. Credit and charge cards are the third most popular option on 16 percent.