Connect with us

Hi, what are you looking for?

HEADLINES

8 in 10 Filipinos interested in using digital banking services – Visa study

Top interest drivers for Filipinos to use digital banking services include access to banking services anytime of the day (68%), time saved from not having to queue at bank branches (68%) and convenience (67%).

Photo by Cup of Couple from Pexels.com

Visa, the world’s leader in digital payments, today released new findings from its Visa Consumer Payment Attitudes study, that show over eight in 10 Filipinos (83%) are aware and interested (81%) in using digital banking services.

However, only 32 percent of respondents are currently using services offered by a digital bank.

Top interest drivers for Filipinos to use digital banking services include access to banking services anytime of the day (68%), time saved from not having to queue at bank branches (68%) and convenience (67%).

The study also showed that Filipinos are most keen to work with a financial services brand for digital banking services (93%) and traditional banks (92%), followed by new start-ups with digital banking services (72%).

Filipinos interested in banking with digital banks are keen to use services such as paying bills (84%), transferring money locally (78%), making deposits and withdrawals (76%), and making payments for purchases at local retail locations (71%). However, the preference of using digital banking for traditional bank services such as investments (52%), international transfers (48%) and loans (46%) is lower.

Advertisement. Scroll to continue reading.

In addition, 86 percent of Filipino respondents would switch current banking services to digital banking services if the bank provided better rewards and 85 percent would do so if they can benefit from lower costs for their banking transactions. Filipinos’ interest to use digital banking services increased to 80 percent compared to 70 percent in the previous year when the same research was conducted.

“As more digital-based solutions and trends emerge in the market, Filipinos are more open to new innovations that make payments and banking more convenient, accessible and seamless. There is opportunity in the country for traditional banks and new players to launch digital banking services in the country that will better serve the needs of underserved and underpenetrated segments. We believe this will transform the banking and payments landscape in the country and at Visa, we are keen to work with all our partners to help them create better user interface and experience when they create and enhance their digital banking solutions,” said Dan Wolbert, Visa Country Manager for the Philippines and Guam.

Interest in Biometric Authenticated Payments

Awareness of digital solutions such as biometric authenticated payments grew to approximately 80 percent in 2020 from 60 percent in 2019. Almost eight in 10 Filipinos express high awareness and interest in using biometric authenticated payments, especially the Gen Z and affluent segments. Biometric payment is perceived as a quick (62%) and innovative (61%) way to pay. In addition five in 10 Filipinos (55%) think it is a more secure way to pay. However, usage is low at 23 percent since its accessibility depends on market availability.

Finger scan as one of the biometric authentication methods is most popular amongst Filipinos (59%) especially for making bill payments or purchases at the convenience stores. This is followed by facial recognition (31%) and retina scan (16%).

Advertisement. Scroll to continue reading.
Advertisement
Advertisement
Advertisement

Like Us On Facebook

You May Also Like

HEADLINES

The tripartite collaboration aims to empower over 100,000 retailers in Ultra Mega’s distribution network by providing access to financing, digital tools, and connectivity solutions that...

HEADLINES

This partnership allows Maya users to seamlessly pull funds from foreign-issued Visa cards and load them directly into their Maya accounts, expanding payments flexibility.

HEADLINES

Kaya Mo is UD’s commitment to reimagining banking for the 37.6 million Filipino adults who remain unbanked. The movement aims to make digital banking...

HEADLINES

A secure payment system is needed as 33% of SMEs that accept cards cited fraud prevention as a key concern. Additionally, other hurdles include...

HEADLINES

CIBI’s Business Credit Solutions empower businesses with data-driven insights. These solutions deliver valuable, reliable information that supports smarter decision-making across key operational activities.

HEADLINES

GCash, through GSave, partnered with microfinancial services provider Cebuana Lhuillier Bank to offer a savings account designed to provide higher interest rates, accessible through...

HEADLINES

Online blogs (31%) and online newspapers (24%) have emerged as the top choices among readers, surpassing traditional books (22%) and printed newspapers (17%). 

HEADLINES

There are more ways to pay; no more frantic ATM searches in an unfamiliar destination or awkward bill-splitting moments with your friends.

Advertisement