When it comes to paying bills, cash still king, survey says
Most Filipinos still prefer to pay their bills in cash despite the increasing adoption of digital payment platforms over the past two years amid mobility restrictions, according to a survey by The Global Filipino Investors (TGFI).
Floi Wycoco, president of TGFI, said that some 71 percent of the respondents claimed they still settle their bills in cash, which may be due to reservations about using online portals as cybersecurity threats have been rising amid the pandemic.
But he observed that banks had been stepping up their protection, citing the launch of authentication initiatives such as one-time passwords.
“There’s still some of us who are not comfortable. Some of them are from far-flung … provinces. They are just starting to have an understanding on how these online banking [and] technology help them to [pay their daily expenses],” Wycoco explained.
He also cited potential concerns with lack of internet connectivity, which are preventing them from paying bills online.
Also, Wycoco said some Filipinos find it difficult to open up a bank account because they have no IDs, which are required by banks. Others do not have a big amount of money yet, he said, explaining this is why they opt to hold on to their funds in the meantime.
Still, there is an increasing adoption of digital payments.
“The transition is there. Filipinos are already having that confidence to use that online banking,” Wycoco explained.
