Going cashless

pocket is not the

services does not necessarily require one to shell out hard cash, can settle the transaction by a mere swipe of a debit or credit card, or the transfer of money value straight

The birth of electronic commerce ( e- commerce) and the proliferation of mobile phones have revolutionized our buying - phones, we are able to do shopping through the internet right in the I pay my electricity bills and even my gym membership fees through - sionally, I would get around the metro via cab-hailing services with Extra-convenient and cashless!

The idea of a cashless society has fascinated many economies the Philippines last week, Jack Ma, founder and executive chair cashless economy before a large au known today as the world’s largest

The current payment system in the Philippines is predominantly - revealed that payment transactions in the Philippines in 2013 reached 1 percent of these payments, how low take-up can be partly explained by the fact that about 86 percent of Filipino households are “unbanked” – meaning, they do not have a for

Traditionally, the payment business is the exclusive domain of increasing competition from nonbank players, such as retailers, telecommunication providers, and management, from peer-to-peer lending to crowdfunding, a new generation of startups is forging new and disruptive business bullish and sanguine about Fintech startups as indicated by massive

Benefits of digital payments

Digitizing the payment ecosystem - ciencies that come with cash transactions can be addressed by digital transactional anonymity of cash, carriers of cash are vulnerable to

Digital payments can be a solu can save precious time and will withdrawing money every now and then, recipients can cash out amounts from their bank accounts at their convenience, or directly transfer funds to pay bills such as water or electricity from their

generation is driving the evolution US, nearly half of the consumers surveyed by PwC skipped the physical bank branch altogether “tech-savvy” customers gravitates toward lower fees, convenience

But the promise of digital payments goes well beyond con edly, digital payments can be an engine in expanding the value of

For the government, going digital in its payment systems can help curb corruption while improving - administration of former President to launch e-payment facilities around the government’s procurement and tax collection processes to fulfill his campaign promise of transparency generally require stringent identi potential to enhance tax collection as governments can trace all transac

Likewise, Fintech innovations Regulators believe that innovative technology will be a key enabler in unbanked sector through secure

The road ahead

It is clear that the payments market is dynamic and there are multiple opportunities for competitive de have to put in place measures to manage security risk and fraud on - tal payments ecosystem to survive and grow in emerging markets, it needs regulators that can balance

On the domestic front, the Bangko Sentral ng Pilipinas (BSP), together with industry stakehold - Framework aims to fast-track the establishment of an effective electronic retail payment system, promote a “cash-lite” economy and ultimately improve the country’s by establishing the Philippine Pay entity registered with the Securities and Exchange Commission last

The journey toward a cashless world can be complicated and even more challenging in emerging Developing the right payment infrastructure that can provide access to all Filipinos across many islands - ippines is branded as the “texting capital” of the world, thanks to the increasing internet penetration and the growing number of mobile phone users despite the rather slow is encouraging as mobile phones now serve as e-wallets that enable many unbanked Filipinos to en

Banks can’t afford to sit on the sidelines when it comes to and other non-bank players are expanding their footprint in the

PwC’s survey reported that 59 percent of respondents expect the importance of - cantly as customers migrate to digital the wrong side of a relentless demo will be the main driver for differ Banks and other industry players must apply this thinking for their