THE country could become a cashless society earlier than expected because of the increase in the use of digital payment schemes during the pandemic, according to the latest study of Visa Philippines.
“Covid has accelerated the transition of the Philippines to a cashless society by at least three years,” Navarro said. “With digital and contactless payments becoming more of a norm for many people, Visa continues to work hard and work with each of you and with the organization CCAP to increase adoption and usage in its various forms and methods towards our shared cashless society.”
Another 9 percent are expected to go cashless between 2031 and 2035 while 12 percent are projected to go cashless beyond 2035. Only 7 percent are expected to never go cashless. He noted the intention of going cashless cuts across generations from Boomers to GenZ. It also cuts across socioeconomic classes as both mass and affluent Filipinos have tried going cashless.
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