Step aside, Cash. A new successor is bound to get crowned.

‍

While the whole world was put on a sudden pause, the new normal introduced a different routine as people worked around safety guidelines implemented by the government and health sectors all over the world. One thing we noticed is the transition to cashless payments. In the recent PayPal 2020 PH Consumer Survey Results, 93% of the consumers surveyed preferred digital platforms over cash and 87% of those surveyed increased their usage of online payments during the pandemic.

‍

Before closing your doors to digital transactions, here are some of the reasons why going cashless might be the best option:

‍

Pandemic. COVID-19 still poses a health threat as the virus is still lingering around us. With Community Quarantine still in place, it has bred new online sellers and has pushed e-commerce to thrive more; many are now inclined to shop online from clothes, toiletries, and even fresh produce. Goods are being sold online through exclusive buy-and-sell groups, marketplace, and even through live selling. We are now living at a time where we can book house-cleaning and massage services online. Delivery apps have broadened their services and with some evolving to an all-around errand servicing company–from the usual food delivery to going as far as offering services like personal assistants and waiters and their modes of payment are now not only limited to COD or cash on delivery.

‍

To maximize time and energy, going cashless is the new way to go. There are multitudes of online payment gateways that use QR codes, e-wallets, and wire transfers.

‍

Increased efficiency. One of the most frustrating things after shopping and spending in cash is keeping track of expenditures. By going cashless, you save yourself from the headache of backtracking your expenses as digital receipts and proof of purchases will be sent through SMS and/or your email address and will reflect on your respective mobile banking apps. Not only will you see how much money was spent, but also which online mode of payment was used. The ease of accessing this data cuts back on time and improves efficacy. For providers, sales-tracking and verifying of payments are definitely some of the tedious tasks in business, but with the use of online payment gateways, it alleviates the hassle for the most part since online transactions are automated.

Convenience. Gone are the days when people have to suffer long queues at the bank or squeezing bank errands and sacrificing a good chunk of their lunch break. Online payments, fund transfers, and receiving of money are quick and easy that it only takes a couple of taps and clicks. It’s so convenient that it can even be done at the back seat of a car while stuck in traffic or while multitasking. One of the added bonuses is that there is hardly room for lost and stolen money. It is high time to say goodbye to heavy wallets and bulky coin purses!

‍

Benefits. With the rise of digital banks that let its customers do complete banking transactions online, traditional banks have also improved their capabilities and came up with mobile banking apps that let account holders wire money to pay bills and transfer funds real-time. Some have added features that include transferring of funds with just the use of QR codes as well as having customizable limits. Digital banks, on the other hand, allow users to deposit checks online and have no minimum required balance.

‍

Advanced Technology. Just because it’s done on the internet, doesn’t mean it’s less safe. Financial technologies follow rules that safeguard their customers’ information and some of the measures include, but not limited to, fingerprint recognition, security pin, one-time passwords, security questions, and follow strict compliance with the Data Privacy Act of 2012. Digital banks are also under the supervision of Bangko Sentral ng Pilipinas. Another perk is that customers may see their transaction history on their apps going as far as 90 to 180 days back and even over a year depending on the online payment gateway used.

‍

In the same survey by PayPal, 99% of the surveyed Filipinos plan to keep using digital modes of payment even after the community quarantine is lifted. The Philippines has been gradually adapting to cashless transactions with top quick-service restaurants (QSRs) accepting ‘One by PayMaya Point of Sale’ (POS) devices for in-store and drive-thru transactions and having GCash tapped by the Department of Transportation on equipping taxis with scan-to-pay systems. It’s clear that in today’s new-normal, we are finally warming up to going cashless.

‍

Here’s a service that can jumpstart your shift to be cashless. Efficiency and convenience are at the core of payment integrators like GiyaPay! This is a service that provides a lot of benefits and makes payment transactions so much easier for everyone. GiyaPay is an easy-to-use online payment solution that unifies a variety of online payment gateways into one payment button. It aims to provide easy set-up with a simplified user journey for the payor and consolidated reports for the business.

You can learn more about the service by going to https://giyapay.com. GiyaPay can be your complete payment solution!

‍

GiyaPay Blog

Reasons Why Cash is No Longer King

Step aside, Cash. A new successor is bound to get crowned.

‍

Step aside, Cash. A new successor is bound to get crowned.

‍

Related Posts

Moving towards a Cashless Society

LGU’S Go All-Out Digital!

Why Do Customers Abandon Their Online Shopping Carts?