PayPal survey: 87% of Filipinos increase use of digital payments amid COVID-19

Global online payments provider PayPal said that the majority of Filipinos have increased their use of digital payment platforms as the COVID-19 compelled many to stay at home.

“The COVID-19 pandemic has undoubtedly accelerated the adoption of digital solutions for many Filipinos, having a profound impact on how they live, work, and pay,” PayPal said in a statement.

An online survey conducted by PayPal revealed that 87% of Filipinos, who were polled, have increased their usage of digital payments during the pandemic and nine in 10 preferred digital payments over cash during this time.

“While cash remains the most dominant method of payment in the Philippines, circumstances brought on by the pandemic have given digital payments a more prominent role in the everyday lives of Filipinos,” said Rajkishore Agrawal, senior director and head of Sales for PayPal Southeast Asia.

The 2020 PayPal Consumer Insights Survey was conducted with 500 Filipinos via online survey with the objective of identifying the impact of COVID-19 on local payment behaviors.

In a recent study by the World Bank and the National Economic Development Authority (NEDA), it was suggested that the use of digital technologies such as digital payments, e-commerce, telemedicine, and online education has helped the Philippine economy cope with social-distancing measures, business continuity, and public service delivery.

Almost half or 49% of the respondents identified security as the topmost consideration when choosing which digital payment platforms to use and an overwhelming 99% said they plan to keep using digital payments even after community quarantines are eased, according to PayPal.

Majority of Filipino respondents used digital payments to pay for bills (44%) and groceries (36%).

“Usage of digital payments opens the door to global e-commerce markets for Filipino shoppers,” said Agrawal.

“Once they experience the benefits—mainly convenience and security, it opens a wide array of options for them in terms of shopping choices,” he added.

From May to August this year, PayPal said 61% of the survey participants said they purchased from international merchants with the most common purchases being for Fashion (41%) and Technology (34%).

The survey also found that seven in 10 plan to continue purchasing from international merchants in the coming three months.

When it comes to payment platforms for cross border purchases, 77% of respondents cited PayPal as their most preferred method.

The digital payments platform has an estimated 361 million account holders in over 200 markets across the world.

It is also available for different currencies, giving users flexibility to make international payments.—AOL, GMA News