Manila, Philippines – As more and more Filipinos are using digital banking services, a large part of this new breed of users are now also showing a heightened interest in exploring the use of biometric-authenticated payment systems, a latest study from digital payment company Visa shows.
According to the study, awareness on using these types of digital payment services rose to 80% in 2020, in contrast to 60% in 2019. Furthermore, around 8 in 10 among Filipinos showed interest in biometric-authenticated payment systems, with a greater inclination to the younger and tech-savvy generation demographic in the country.
Biometric payment is perceived as a quick (62%) and innovative (61%) way to pay. In addition five in 10 Filipinos (55%) think it is a more secure way to pay. However, usage is low at 23 percent since its accessibility depends on market availability.
Finger scan as one of the biometric authentication methods is most popular amongst Filipinos (59%) especially for making bill payments or purchases at the convenience stores. This is followed by facial recognition (31%) and retina scan (16%).
“As more digital-based solutions and trends emerge in the market, Filipinos are more open to new innovations that make payments and banking more convenient, accessible and seamless. There is opportunity in the country for traditional banks and new players to launch digital banking services in the country that will better serve the needs of underserved and underpenetrated segments,” said Dan Wolbert, country manager for the Philippines and Guam at Visa.
The study also noted that over eight in 10 Filipinos (83%) are aware and interested (81%) in using digital banking services. However, only 32% of respondents are currently using services offered by a digital bank. Top interest drivers for Filipinos to use digital banking services include access to banking services anytime of the day (68%), time saved from not having to queue at bank branches (68%) and convenience (67%).
The general status quo of the Filipino digital payments scene
The study also showed that Filipinos are most keen to work with a financial services brand for digital banking services (93%) and traditional banks (92%), followed by new start-ups with digital banking services (72%).
Filipinos interested in banking with digital banks are keen to use services such as paying bills (84%), transferring money locally (78%), making deposits and withdrawals (76%), and making payments for purchases at local retail locations (71%). However, the preference of using digital banking for traditional bank services such as investments (52%), international transfers (48%) and loans (46%) is lower.
In addition, 86% of Filipino respondents would switch current banking services to digital banking services if the bank provided better rewards and 85% would do so if they can benefit from lower costs for their banking transactions. Filipinos’ interest to use digital banking services increased to 80% compared to 70% in the previous year when the same research was conducted.
“We believe this will transform the banking and payments landscape in the country and at Visa, we are keen to work with all our partners to help them create better user interface and experience when they create and enhance their digital banking solutions,” Wolbert added.
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