MANY of us have heard the saying 'Cash is king.' However, recent developments have led me to think that times are changing.
MANY of us have heard the saying 'Cash is king.' However, recent developments have led me to think that times are changing.According to a survey conducted last year by Visa on Filipino payment behaviors, cash usage declined to 87 percent in 2023 from 96 percent in 2022. With more Filipinos transitioning to different payment methods, signs point to credit card usage rising as well.Recent data from TransUnion also shows the upward trend in credit card usage.
As more Filipinos embrace going cashless and using credit cards, is the formal financial sector doing enough to ensure every Filipino enjoys the benefits of responsible credit usage?Younger Filipinos need creditLooking further into the data, opportunities have emerged to engage younger Filipinos further. Gen Z Filipinos are becoming significant contributors to the increase in credit card originations.
Opportunities To Grow Credit Access
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