Technology behind cashless payments isn’t new to the Philippine market. Long before the country is struck by a global health emergency that is the coronavirus disease 2019 (COVID-19), the Bangko Sentral ng Pilipinas (BSP) along with private fintech firms have been actively pushing for more Filipinos to be introduced to cashless transactions not only to drive the Philippine economy but to also promote financial literacy.
Cashless payments gained traction these past few months especially that most are left with no choice but to remain productive and keep things going even while stuck inside their homes. This led to an increase in people downloading e-wallet apps like PayMaya, GCash, and Moneygment.
There’s also a significant spike in the usage of online banking platforms either through the web or via mobile, as this helped in continuous bank transactions even amid the community quarantine where most banks are closed due to lockdown restrictions.
This is a matter of health concern, too. During the early days of COVID-19, authorities have recommended the use of contactless transactions as the virus causing the disease is proven to be capable of surviving on surfaces like that of banknotes for days.
Convenience is and will always be a selling point of cashless payments. This allowed people to attend to ‘adulting’ stuff without actually queueing in payment centers, and to buy home essentials even without going to physical stores.
Another thing that frequent users of digital payment apps appreciate is safety and security not just of their personal data but more so on the actual method of receiving and sending money. Before proceeding in any transaction done using mobile wallet apps, a one-time password (OTP) is required to authorize payments.
Amid COVID-19, the government also found a way to expedite cash aid to thousands of constituents through digital payment applications. In the coming months, the public can expect even wider use of cashless transactions as even sari-sari stores and jeepney and taxi drivers are projected to utilize this as a payment option.
The pandemic has proven that technology has indeed become a necessity more than a luxury, and with this, the goal of the BSP to turn the Philippines into a digitally-enabled country when it comes to financial transactions draws closer to reality.
Karina is not your ordinary supermom. She juggles her time bonding with her three amazing kids while being in the loop on the latest happenings in the tech and lifestyle scene. Follow me on Instagram (@digitalfilipina) regularly visit www.digitalfilipina.com for daily dose of updates not just for moms but for everyone!