Are we ready for a cashless society in the Philippines? Studies have shown a growth in the utilization of card payment in the country primarily due to the security and convenience they offer. As per Visa’s 2015 Consumer Payment Attitudes Survey, the figures of card payments preference in Southeast Asia has swelled, with 61% carrying less cold cash due to card usage and 55% due to unsafe carrying cash. According to Visa country manager for the Philippines Stuart Tomlinson, Filipinos exhibited “a huge appetite for new technology that bring convenience and security”.
Nowadays, more Filipinos are making cashless transaction online. As the e-commerce in the country continues to flourish, electronic payments are done to fulfill bills, fines, as well as purchasing consumer electronics, fashion, travel, and beauty products. In relation to that, there has been a rise of utilization of transport network vehicle services (TNVS), and a boost in travel-related purchases such as plane tickets overseas items.
The advantages of going cashless
- Avoid queuing at ATMs and inconvenience of offline mishaps and use card to checkout items.
- No need to waste time and effort going to different establishments just to beat cut-offs and pay bills. Recurring bill payments can also be automatically charged.
- You have a backup in cases of emergencies and you don’t have cash.
- Enjoy great deals, discounts, and exclusive offers for shopping, dining and travel.
- You don’t have to worry about carrying cold cash from loss and theft.
- Protected purchases from identity theft through bank protection coverage.
Below are the most common cashless payment methods available in the country that you can use for your safety and convenience.
Debit card & credit cards
Credit card, as the name suggests, allows you to make purchase, get charged monthly and even choose a certain time frame to pay. Debit card offers the same convenience and purchase perks except the amount is automatically deducted straight up from your bank account.
Prepaid & reloadable cards
The Beep card is primarily used by many commuters to pay for the country’s mass transit systems. The contactless card system is also now accepted at premium point-to-point buses in Metro Manila, toll payment for expressways, as well as at FamilyMart convenience store. YAZZ card from Metrobank, and other dining and retail cards like Starbucks card is also another example, which has the same function as debit and credit card, except you just reload it when needed. PayMaya, for instance, is reloadable in any 7-eleven branches nationwide. BDO and UnionBank users can easily load their PayMaya accounts using ATMs.
Giving gifts and rewards has also morphed to adopt the current trends. e-GCs allows you to set a budget while giving the receiver the power to choose their present. it also frees you from the burden of thinking about the perfect gift ideas and provides safety instead of just handing out monetary gifts in cold cash.
Mobile wallet & e-wallet
Coins.ph, not only serve as an online wallet but it also allows users to exchange their money for bitcoins. Users can conveniently transfer your peso wallet to your bitcoin wallet, and vice versa. Globe’s GCash mainly caters to people who want their online purchases charged directly to their accounts. It is also recommendable for shopping in US online marketplaces such as Amazon and eBay and have your items shipped directly via MyShoppingBox.