Saturday, June 25, 2022

Philippines Gears up to Become a Cashless Society

A cashless society is one where cash is not the primary mode for financial transactions. Instead, transactions are settled electronically using credit or debit cards, mobile or online payment apps, and even QR codes. 

At the height of the COVID-19 pandemic, cashless payments proved useful when mobility was greatly limited due to health and security reasons. Online banking and digital payments saw growth in usage as both became options for branch banking for many Filipinos.

The Bangko Sentral ng Pilipinas (BSP) considers cashless payments not only as an alternative mode to perform banking transactions, but also to promote financial inclusion. It serves as a gateway especially for unbanked and underbanked Filipinos, to other financial products such as savings, loans, and insurance aside from those offered through traditional channels.

Making Filipinos financially and digitally savvy

“To make cashless payments an active tool to promote financial inclusion, it needs to be easy to use and accessible for everyone. With our online banking and cashless payment platforms, BDO provides alternatives for those who wish to do their financial transactions digitally,” said BDO consumer banking group digital banking head Roy Villareal.

BDO primed its digital banking channels and launched its BDO Online and BDO Pay mobile apps not just to address the sudden demand for contactless financial transactions during the pandemic, but to make bank services more accessible and convenient in the new normal. BDO Online and BDO Pay allow BDO clients to pay their bills, transfer money, and monitor their bank accounts through their computers or mobile phones.

“BDO wants to integrate financial wellness into the growing digital lifestyle of Filipinos. Mobile connection in the country is more than 100% of the country’s total population. Aside from widening our network of branches and ATMs across the country, BDO provides digital banking solutions that are accessible to Filipinos via their smartphones,” said Villareal.

“BDO’s mobile apps allow our clients to have the financial information they need right at their fingertips.  More than the convenience, what these digital solutions offer is control over one’s finances,” he added. 

With its new mobile apps, BDO aims to help the BSP promote cashless payments and advance financial inclusion in the country.  

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