Philippines Lags in Developing Cashless Transactions

13 Oct, 2020 . 4 minutes

The Philippines’s population was estimated at 109.5 million in 2020. Most online spending was by those aged between 25 year and 34 years - accounting for 27.3 percent last year. With the second-largest population in Southeast Asia, ecommerce can expect steady year-on-year growth. B2C ecommerce users are growing 12.5 percent year on year and are expected to increase to 38.9 million users in 2020.

Internet penetration was 67 percent in January 2020 - up 8.6 percent from 2019. The average transaction value of B2C ecommerce users is US$214.4 per user and total transaction value will rise to US$8.34 billion by the last quarter of 2020.

The Covid-19 outbreak gave the Philippines momentum to develop cashless transactions. Some micro, small and medium enterprises - especially travel, supermarket and retail - have upgraded online services including digital payments. Cashless transactions make up half of all ecommerce transactions. Cash on delivery is falling. More shoppers have reduced the use of cash and moved to online banking and e-wallets.

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