Visa commissioned a secondary research on the global emerging middle class, with a particular focus on three markets—Nigeria, the Philippines, and Peru. The research uncovered key customer insights to help Visa design a go-to marketing strategy in the global emerging economies.
MSC studied the sources and uses of cash by these segments. Our teams worked on understanding consumer needs, behavioral dynamics, and emerging trends. We assessed and analyzed opportunities for the use of digital financial services and products.
There has been a significant growth in consumer preference for digital payments in each of these countries over the past three years. According to the National Bureau of Statistics of Nigeria, retail digital transactions have grown by 202% in terms of volume between 2015 and 2018. Of these, card-, internet-, and mobile-based transactions have grown nearly 600% during this period (report). Likewise, according to a consumer survey by Visa in the Philippines, 57% Filipinos mentioned a preference for electronic payments in 2017, compared to 46% in 2015.
The report is available here.