SURVEY | Positive trends in e-wallet adoption persist despite challenges

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The survey provides insights into consumer behavior, shedding light on their resilience and continued reliance on e-wallets.

Survey data photo

A recent survey conducted by NRI Singapore-Manila Branch reveals that Filipino consumers remain positive about e-wallets, displaying a robust preference for these digital payment solutions despite encountering issues in the first half of 2023. The survey, involving 477 e-wallet users in Metro Manila, provides insights into consumer behavior, shedding light on their resilience and continued reliance on e-wallets.

Survey highlights:

Resilient adoption despite issues

Encountered Issues: Among the respondents, 41% (195 users) reported encountering issues in the last six months.

Types of Issues: Technical challenges, including multiple downtimes (53%), difficulty in receiving one-time passwords (44%), and app accessibility issues (38%), were the primary concerns.

Intent to Continue Usage: Despite challenges, 100% of the respondents expressed their intention to continue using e-wallets in the next six months, suggesting a strong commitment to this digital payment method.

Primary use cases for e-wallets

Sending Money to Family and Friends: 87% of respondents cited sending money to family and friends as the primary reason for using e-wallets.

E-Commerce Transactions: 83% used e-wallets for online purchases, indicating the significant role of these platforms in facilitating e-commerce.

Cashless Everyday Transactions: 61% viewed e-wallets as an alternative to carrying cash for daily purchases.

Transaction values and preferences

Transaction Limits: The survey indicated that typical transaction values ranged from PHP 1,000 to PHP 5,000.

Preferences: Convenience (70%) and accessibility of cash-in features (59%) were cited as key reasons for choosing e-wallets over traditional payment methods.

Trust and perception

Trust Levels: Despite issues, 97% of users expressed absolute trust in e-wallets as a digital financial platform.

Impact on Trust: While 71% of those who encountered issues stated that it affected their perception, 95% maintained trust in e-wallet platforms.

Security Concerns: Security-related concerns ranked lower among issues, with 43% of a small subgroup expressing it as a reason for reduced usage.

Government support and consumer sentiment

Insufficient Government Support: 57% of respondents felt a lack of government support, citing difficulties in filing complaints against e-wallet operators (71%) and the absence of advanced tools for tracing online criminals (67%).

Security Concerns: 60% believed that there were no penalties on e-wallet operators in cases of money loss, theft, and fraudulent activities.

User expectations and impact on operators

Preferred Features: Users expressed a strong preference for insurance against loss/theft of money (68%) and enhanced security policies and features (55%).

Impact on Operators: The findings suggest that robust protection against financial loss and stringent security measures are essential for meeting users’ needs and expectations.

Despite challenges, Filipino consumers’ positive sentiments toward e-wallets persist, driven by the convenience and integral role these platforms play in daily life. Challenges, including technical issues, have not diminished consumer reliance on e-wallets. Users express a growing preference for stronger security measures, indicating a demand for more robust financial loss protection. The government’s role in providing support and regulation is seen as crucial, highlighting the need for improved mechanisms for complaint filing and tracing online criminal activities.

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by TechSabado.com editors
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