According to Manila Bulletin, Shopee saw an increase in the number of digital payments made on the platform since the beginning of the coronavirus pandemic. Besides, this trend will continue as more Southeast Asian households embrace digital payments during and after COVID-19, a Boston Consulting Group report reveals.
Therefore, Shopee outlines the following observations regarding digital payments acceleration in the Philippines:
Increased adoption of digital payments among older users – 70% of the total number of purchases made using digital payments were made by users between the ages of 18 to 34. However, older users are also starting to adopt digital payments when shopping online, as Shopee discovered a 100% increase in the number of ShopeePay transactions among users over the age of 50.
Men’s adoption of digital payments is higher than women, as men increasingly value the convenience and security of digital payments. Therefore, the rate of growth in the adoption of digital payments is 80% higher for men than for women.
Digital payments are more prevalent in urban cities, while the National Capital Region (NCR) has the highest digital payment adoption. Larger cities, which are drivers of the Philippines’ economic growth, have better connectivity and a more developed IT infrastructure. Therefore, individuals in these cities also have better accessibility to smartphones, contributing to the adoption of digital payments.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now