Philippines gears up to become a cashless society
A society that does not primarily conduct financial transactions using cash is known as a cashless society. Rather, settlement of purchases takes place electronically through the use of credit or debit cards, mobile or internet payment applications, or even QR codes.
Cashless transactions came in handy during the peak of the COVID-19 epidemic when mobility was severely restricted for safety and health reasons. The use of online banking and digital payments increased as more Filipinos turned to them as alternatives to branch banking.
The Bangko Sentral ng Pilipinas (BSP) sees cashless payments as a way to increase financial inclusion as well as an alternate method of performing banking transactions. It provides a doorway to other financial products, like savings, loans, and insurance, that are not available through regular channels, particularly for unbanked and underbanked Filipinos.
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 prepared its digital banking channels and released the BDO Online and BDO Pay mobile applications not only to meet the unexpected demand for contactless financial transactions during the epidemic but also to make bank services more accessible and convenient in the new normal. BDO Online and BDO Pay enable BDO clients to pay bills, transfer money, and monitor their bank accounts through 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.