In the Philippines, cash is predominantly used for everyday purchases. Most people across the country’s social classes still like transacting with paper bills and coins because doing so feels safe and familiar. But now that we’re in the digital era, and financial technology has generally become more accessible, many Filipinos now rely on their e-wallets.
E-wallets allow customers to store digital currency on a platform, and then use that platform for instant and touchless transactions. In that sense, they are very much like credit cards or debit cards, but don’t even require the customer to open their real wallet. Instead, customers can simply link their existing cards or “top up” their e-wallet using funds from their bank accounts or from other sources. Immediately after, they’ll be able to use their e-wallet to make a variety of purchases—and all from their own laptop, smartphone, or tablet!
If you haven’t gotten around to maintaining your own e-wallet, now is a great time to do so. You’ll be able to use it for a lot of transactions, now that so many Filipino businesses support digital payments for their goods and services. Find one of the best e-wallets Philippines customers like you can use for everyday purchases. Here are the top five reasons to do so!
It’s Safe, Secure, and Convenient
Many still gravitate towards using cash because it seems like the safest and most convenient option for payment. But if you own a smartphone or tablet and have a reliable Internet connection, cash isn’t the only good option you have. In fact, it may be safer, as well more practical, for you to load money and link your payment cards to your e-wallet. It’s definitely more convenient—and less worrisome—than withdrawing large amounts at the ATM, and then carrying a lot of cash bills on your person.
For those who are worried about their cyber-security, most e-wallet platforms in the Philippines have stringent security measures in place against hacking and phishing. That ensures that no one except you will have rightful access to your e-wallet. So all in all, an e-wallet will provide very secure and protected means to do your online payments.
It’ll Reduce Your Waiting Time to Pay for Items
Yet another good thing about using an e-wallet is that it allows you to pay in an instant, and from virtually anywhere with an Internet connection. When you use your e-wallet in brick-and-mortar stores, sometimes paying for your items is even faster than taking out cash money or your payment card. And in many cases, you don’t even need to be at the store’s physical location in order to transact with your e-wallet. You can do instant bills payment by linking your e-wallet to your billing company. Or, you can use your e-wallet funds to pay for purchases in an online store.
Before, going to a physical establishment and lining up for long periods just to pay for an item was the norm. But with e-wallets, it no longer has to be. Filipinos can pay for essential goods and services in a snap, all without expending additional time and effort waiting in line!
You Can Do a Variety of Transactions with an E-Wallet
The beauty of having an e-wallet is being able to do all sorts of transactions from just one platform. Off the bat, you can use your e-wallet to pay for everyday items such as groceries, medicines, and electronics. But you can also pay for basic utilities, like telecommunications and electricity, if your biller supports the e-wallet platform.
You aren’t limited to simply buying things, either. It’s just as easy to use your e-wallet for online banking and to remit money to your loved ones. The Philippines’ biggest e-wallet platforms also have partnerships with the country’s top banks and remittance centers. Imagine being able to deposit money into your bank, send weekly remittances, and treat yourself to items from your favorite retailers all on one platform!
A Number of Filipino and International Merchants Support Digital Payments
Part of what makes e-wallets so successful is the wide network of merchants that now support digital payment. Perhaps earlier in the decade, you could only pay with cash, credit, or debit card at a Filipino retail store. But a number of Filipino companies have since realized their earning potential from customers’ e-wallets. When customers have more options for payment, they are more likely to push through with their purchases. As such, you may have noticed how many Filipino merchants have adopted digital payment systems—and how many choices you have for your own payments.
This doesn’t apply solely to Filipino merchants. Many e-wallets also support transactions made with foreign merchants. For example, you can link your MasterCard or VISA card to your e-wallet and use the funds to pay for food in a restaurant when you’re overseas. You just have to be aware of the additional fees you may be charged per transaction.
It Will Continue to Evolve as a Mode of Payment
Using physical cash or money is something people will likely do for as long as human civilization exists. But digital payments is a sector of technology that is slated to grow even better as the years pass. In the near future, e-wallets that are already quite good will run on improved systems and be equipped with even more features.
Those who work in fintech are always on the move to increase customers’ satisfaction with their e-wallets. As the customer, you can expect for future payments with your e-wallet to be even easier, faster, and more inclusive.
Conclusion: One E-Wallet, Infinite Solutions
Being on an e-wallet platform will help you manage your everyday transactions with ease. From just one e-wallet, you can take care of everything from your daily bills to your monthly banking activities. Level up your finances by using an e-wallet, and pay for goods and services from all over the Philippines!