Download our report: From Peso to Crypto The Rising Trend of CryptocurrencyPayments Among Freelancers in the Philippines
As the gig economy continues to grow in the Philippines, more and more freelancers are choosing to be paid for their services via alternative payment methods like crypto.
Why are Filipino Freelancers choosing to get paid in crypto? How is the freelancer market benefitting from crypto payments? In this article, we break it all down.
Unpacking the Philippine freelance boom
Coming in sixth place among countries with the fastest-growing market for freelancers, the Philippine freelance community is making its mark on the gig economy. Over 1.5 million Filipino freelancers offer a wide range of skills and services to clients both locally and globally, with their main suite of services including:
- Web development
- Graphics design
- Content writing
- Content creation
- Social media
- Chat support
- Customer support
- Virtual assistance
What is the reason for their thriving growth?
These remote workers have set themselves apart from other freelancers by demonstrating an openness to new technologies and innovations, particularly in blockchain and cryptocurrency.
The use of cryptocurrencies in the freelance economy has been on the rise in the Philippines, with many freelancers accepting crypto payments for their services. A study conducted in April 2023 among Filipino freelancers, revealed that over a third of the respondents receive crypto payments from their clients on a regular basis.
In this article, we break down the essential role crypto payments play in the Philippine freelance market.
Crypto & freelancing – a match made in Web3
Many independent creators and developers are actively exploring the emergence of Web3. Powered by blockchain technology, Web3 is defined by innovations such as cryptocurrencies, decentralized applications (dApps), and non-fungible tokens (NFTs).
These innovations take out the need for intermediaries and offer an autonomous system that provides more control and ownership for users – a system that is very much aligned with the characteristics of freelance work.
As freelancers pivot towards the in-demand skills in this area, they have embraced the use of cryptocurrencies to exchange and transfer value within these systems.
So why are Filipino freelancers choosing to be paid in crypto?
Crypto payments hold certain advantages over traditional payment methods. These advantages include customer demand, faster transactions, and greater access to the global market.
Clients are increasingly requesting to pay in cryptocurrencies, which offer more secure and private transactions. In fact, 61% of respondents claimed client demand as the top reason they embarked on accepting crypto payments for their services.
As more clients adopt crypto as a payment method, freelancers strive to keep up with their preferences and expectations. Filipino Freelancers choosing to get paid in crypto are able to cater to a wider range of customers and increase their income potential.
Accepting crypto payments can significantly speed up the payment process compared to traditional payment methods, with transactions being completed in just a few minutes.
As backed by survey results, 58% of the Filipino freelancers cited quicker transactions as a primary reason for accepting cryptocurrency payments. This benefit is particularly important for many of them who rely on a steady stream of income to support them and their families.
Access to a Global Market
With cryptocurrencies, 51% of freelancers believe they can receive payments from clients all over the world, without having to worry about currency conversions or transaction fees. They wish to expand their client base and tap into new markets, which can lead to increased revenue and opportunities.
This is key for Filipino freelancers as Triple-A’s study pointed out that over a third of these remote workers have clients from other countries.
The only way for crypto is up ⬆️
As the gig economy continues to grow in scale and popularity, more and more freelancers will look to accept crypto as a payment option. In fact, Triple-A’s survey findings highlighted that over a third of non-adopters expressed a strong willingness to accept payments in crypto. The numbers speak for themselves – these Filipino remote workers have shown that they are savvy enough to adapt and leverage the benefits of getting paid in crypto.
Crypto payments are not only a convenient and efficient way to get paid, but also a gateway to a new world of possibilities.
So what does this mean for mainstream freelance platforms, social media, and for the creator economy as a whole?
As all parties become familiar with cryptocurrencies, we can expect to see continued growth in the use of these digital assets in the freelance economy. Hence, freelance platforms have the opportunity to facilitate these transactions and stand to benefit from them as well.
If you want to know more about how crypto payments are reshaping the freelance market in the Philippines, download our April 2023 report below. It highlights the growing acceptance of cryptocurrency payments among freelancers in the Philippines due to the advantages it offers over traditional payment methods. This guide also provides a comprehensive overview of:
- Latest trends in crypto payments
- Insights into Filipino Freelancers’ attitudes towards crypto
- Reasons for accepting crypto payments
- Freelancers’ future outlook on crypto
You can pick your local currency as the settlement option without having to hold or convert cryptocurrencies.
Download our report: Why are Filipino Freelancers Accepting Crypto Payments?
Start paying freelancers in cryptocurrency
with Triple-A, a licensed crypto gateway.
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By entrusting Triple-A to handle all the conversion and transfer processes, you will:
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This means that you can enjoy the perks of accepting cryptocurrencies as a form of payment without the trouble of managing crypto.