Contactless payment system gaining traction — Mastercard

Contactless payment methods are now widely recognized by Filipino consumers even though cash remains the main payment mode in the country, according to a report.

Rowell Del Fierro, country manager of Mastercard Philippines, said the global technology company is committed to drive contactless solutions and digital payment usage among Filipino consumers and businesses.

This is in support of the thrust of the Bangko Sentral ng Pilipinas to promote the digitalization of payments and to convert 50 percent of the total volume of retail payments into digital form by 2023.

According to the report, over 70 percent of those with contactless cards used their card in-store in the past year with 40 percent making a contactless payment purchase at least once a week.

Additionally, 40 percent who did not use contactless card payments cited security concerns as their reason for not using the payment method more often.

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