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Philippines
Friday, March 29, 2024

3.9 million Filipinos use cashless transactions

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Filipinos utilizing cashless transactions reached 9.3 million out of 49 million who do money transfers, according to a 2019 study by The Nielsen Company.

The Nielsen report also said GCash was the top mobile wallet used by Filipinos for cashless transactions, comprising 4.9 million out of the overall 6.4 million mobile wallet remitters in the country.

Cashless transfers are defined as the use of any device or tool to send and receive money online, including bank transfers

“There are 39.7 million who are still into exclusive cash-to-cash transfer and who have not tried a cashless solution. There are 2.9 million non-mobile wallet cashless remitters as well,” Mynt president and chief executive Anthony Thomas said.

“These present a lot of potential for mobile wallets to expand and capture large, untapped segments,” he said.

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Sending allowance for children and family members is the top reason for money transfers, and e-wallets are seen to become increasingly relevant and attractive as it provides more functions and benefits. 

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