by Visa found that the Philippines was well on its way to becoming a primarily cashless economy. In 2022, only 6.4 out of 10 purchases were facilitated through cash, much lower than the 7.8 out of 10 purchases the previous year.
Though physical cash is still likely to remain the single most popular payment method for some time, so-called “cashless” payments through payment cards, wire transfers, e-wallets, and other similar methods may cumulatively overtake it in the coming years.
For instance, top payment gateway provider Maya offers two different POS terminals: Maya Terminal and Maya Terminal Lite. While both devices are portable and have similar features, the first payment terminal machine is more suited to a static POS and can be integrated into existing electronic cash register systems. The second one is designed as an ultraportable mobile POS solution, making it appropriate even for businesses like food trucks and delivery services.