E-cash services are being widely used by Filipinos amid the digital boom, the latest study has pointed out.
The Philippines has the highest number of “e-cash adopters” among 10 countries in the Asia Pacific region.
RELATED STORY: OFBank raises Php 10.2M through retail dollar bond
The study by global cybersecurity firm Kaspersky showed the Philippines recorded the highest percentage of new e-cash adopters at 37 percent and was followed by India (23 percent), Australia (15 percent), Vietnam (14 percent), Indonesia (13 percent), and Thailand (13 percent), and Singapore (11 percent).
The countries of China, South Korea, and Malaysia, on the other hand, saw the lowest number of first-time online payment users.
Chris Connell, managing director for Asia Pacific at Kaspersky, said that while cash is still being used for day-to-day transactions, however, mobile payment and mobile banking applications are not far behind with 58 percent and 52 percent users utilizing these platforms at least once a week up to more than once a day for their finance-related tasks.
READ ON: OFWs can benefit from branchless digital OFBank
In the Philippines mobile wallets have seen a spike in their user base.
The Kaspersky study which was conducted in July was based on interviews with 1,618 working professionals aged 18 to 65 across the 10 countries. (AW)
