PayPal says preference for digital payments surged during pandemic
Digital payments firm PayPal said 93% of consumers in the Philippines indicated in a survey that they preferred digital modes of payment over cash during the public health emergency.
In a statement, PayPal said its online survey had 500 respondents and sought to determine the impact of the pandemic on payment behaviors.
The company found that between May and August, 93% of respondents “preferred digital payments over cash” while 87% said they “increased their usage of digital payments” during the crisis.
PayPal also said seven of 10 respondents “expect to shop more from international online stores in the next three months.”
Rajkishore Agrawal, PayPal’s senior director and head of sales for Southeast Asia, said: “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.”
Citing a recent study by the World Bank and the National Economic Development Authority, PayPal noted the use of digital payments, e-commerce, telemedicine, and online education “has helped the Philippine economy cope with social-distancing measures, business continuity, and public service delivery.”
Mr. Agrawal said health and safety should still be a “fundamental part” of business decisions, as the public health crisis continues.
“But when you consider continued usage of digital payments, convenience and security also play vital roles,” he added.
He said that the usage of digital payments opens the door to global e-commerce for Filipino consumers.
“From May to August this year, 61% of the survey participants said they purchased from international merchants with the most common purchases being for fashion (41%) and technology (34%),” PayPal said. — Arjay L. Balinbin
