July 20

Digital Payment Grows in Philippines Amid COVID-19 Fears

By Jun Endo

Digital payments are fast gaining currency in the Philippines as consumers ditch cash to avoid physical contact on worries over catching coronavirus.

Major wireless carrier Globe Telecom‘s GCash, the nation’s largest provider of mobile money services, said the number of its registered users soared 150% in the month from mid-March. GCash and its main rival, PLDT‘s PayMaya, are in spirited marketing campaigns to position themselves to cash in on the “new normal” in the post-COVID-19 era.

The Philippines have been lagging its neighbors in embracing digital payment, but is now playing catchup.

Photo courtesy of Fiona Graham / WorldRemit.

Source: Nikkei Asian Review (link opens in a new window)

Coronavirus, Finance
digital finance, digital payments, fintech