Fintech is bedrock of digital services as PH fights pandemic

NOW, Filipinos are advised to leverage digital technologies and smartphone apps in conducting day-to-day activities to reduce their risks of contracting Covid-19 outside their homes. For most, working from home has become the “new normal,” and social interaction is now being done through social networking sites and messaging apps.

Some Filipinos also have turned to online marketplaces for their groceries, medicines and other supplies, and some have also maximized the use of food delivery apps and ordering services to minimize their time outside of their homes.

Suddenly, many parts of the Philippines have become powered by the digital realm, and payments are now being coursed through digital finance. Today, more and more Filipinos

are embracing digital finance, seeing the value that it brings versus conventional cash.

GCash, the leading mobile wallet in the Philippines, alone saw app installations grow by 2x during the community quarantine, while registrations rose by 2.5x, and app referrals increased by another 2x.

“In a world where digital is the new normal, financial technology should be considered the bedrock of digital services. Through digital finance, people have the power to pay for goods and services without the need for physical cash. Aside from the convenience, it is also less risky than cash handling, more efficient than physical payments, and is also very transparent,” GCash Chief Technology and Operations Officer Pebbles Sy said.