As more Filipinos shop and transact online, they have also started to look for more convenient and secure payment options.
While consumers have been using online and mobile shopping apps for several years now, the preferred mode of payment tended to be cash-on-delivery until COVID-19 lockdowns and concerns over handling cash made card and e-wallet payments more common.
“While only 1.9 percent of Filipino adults have a credit card, over 32 percent have deposit accounts with financial institutions.
Most of them would have debit cards, the latest versions of which have the functions that a typical customer would need for their everyday banking needs, including online purchases,” said Jenny Lacerna, BPI Head of Unsecured Lending and Cards.
Due to the rise in fraud attempts and cybersecurity issues, some bank account holders may be hesitant about using their debit cards for their online purchases.
