These are the advantages of utilizing cashless payments for one’s everyday transactions.

The future is going digital. More and more Filipinos are embracing digital payments not only for their monthly bills and utilities but for their everyday financial transactions. Interestingly, only 29 percent of Filipino adults had bank accounts in 2019.

However, there was a huge leap in 2020. Basic deposit accounts (BDA) in the country grew by 65 percent, or from 4 million to 6.6 million. Meanwhile, electronic money (e-money) rose by 94 percent, from 17.9 million to 34.7 million within the same period.

The ongoing pandemic has paved the way for more Filipinos to embrace the abundance of digital options in the financial industry. It has served as a catalyst for awareness and provided the necessary motivation for consumers to use digital payments. This is due to the fact that the country was compelled to implement necessary health and social-distancing protocols.

Amid the pandemic, more Filipinos have turned to pay their monthly bills and utilities digitally. With the abundance of e-payment platforms in the country came a lot of convenient choices for people to conduct their transactions without having to leave the safety of their homes.

At the same time, more Filipinos have turned to digital bank transfers for their banking needs. This eliminated the need to go out of their homes to attend to their banking needs. A lot of e-payment platforms have also made it possible for people to invest and subscribe to insurance plans digitally.

While the boost in digital transactions may be attributed to the COVID-19 pandemic, it cannot be denied that there are a lot of advantages of going digital. Here are some of the reasons why turning to digital payments is for the best:

1. Instant payment. You can pay for products and services instantaneously. You are not constricted by banking hours or location. As long as you have internet access, you can make payment transactions wherever you are in the world.
2. Payment security. The most respected e-payment platforms have safety protocols in place for the protection of their customers. Aside from multiple ways of securing payments, customers don’t have to repetitively share their personal information for every transaction.
3. Contactless payment. There is no physical money involved with digital transactions. You can make payments in stores simply by scanning a QR code or dialing a mobile number.
4. Low risk of theft. Physical money can be stolen, and you don’t have to bring huge amounts of money around when you pay for your transactions digitally.
5. Incentives. A lot of e-payment platforms offer incentives, vouchers, and the like for more people to patronize their services. These promotional schemes allow people to save money on their digital transactions.

More and more merchants have embraced the advantages of going digital. Digital payments have provided a safe and convenient platform for people to conduct their business. While the end of the ongoing pandemic is on the horizon, it is apparent that the digital movement will continue on going strong.

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References:

1. Goal to have 70% of adult Filipinos with bank accounts doable [Internet]. PNA. 2021 [cited 9 December 2021]. Available from: https://www.pna.gov.ph/articles/1153742
2. State of digital payments in the Philippines [Internet] Bangko Sentral ng Pilipinas. 2021 [cited 9 December 2021]. Available from: https://www.bsp.gov.ph/PaymentAndSettlement/State_of_Digital_Payments_in_the_Philippines_(2021_Edition).pdf