In the Philippines, cash is still king.
Just one in 10 Filipinos transacts online via bank accounts, although half the nation's population of 102 million are already using the Internet. Out of 2.5 billion bank payments worth US$74 billion (S$104 billion) each month, only 1 per cent, or about US$740 million, are electronic and most payments involve small amounts.
A boom in mobile phone use, though, could soon change things.
The Philippines is the fastest- growing smartphone market in South-east Asia. There are currently 40 million Filipinos with smartphones and that number is forecast to hit 90 million by 2021.
Using Apple, Android and Facebook apps, and "digital wallets", mobile phone users can open credit and debit accounts that they can use to transact online, without needing a bank account or even an Internet access; just the SIM card is needed.
Voyager Innovations, a unit of telco Smart Communications, currently has over 11 million customers using its smartphone apps to pay for Internet and in-store purchases, transfer money and even secure loans. It declined to give exact growth figures, saying only that they were in the "triple digits".
Smartphone apps have proved appealing because they free up people from having to use bank accounts to make payments or indeed even having a bank account.