In recent years people have been reliant on cash. They like to be paid in cash, they like to have cash in their wallet and they like to spend cash, and get cash in the change.
But now, in the NEW NORMAL, cash is becoming a lot less popular and people are finding so many different alternatives that are better and more convenient.
You can use GrabPay to pay for your taxis. You can use GCash to pay for online goods and services and home entertainment. You can use your credit card and debit card to swipe for payments, and pay the exact amount. Lazada, Shoppee, GrabFood and other online shopping markets are moving to non-cash based transactions and Cash on Delivery is getting banned in numerous places across the Philippines.
There is a Digital Boom in the Payment Industry that I am sure that you have seen, tried and enjoyed in recent months.
If you can pay the exact amount, it saves you money. There is no more "Keep the change" or Double tipping people providing a service. You are more in control of what you spend and your personal accounting. Businesses can not give the wrong change if it is all digitally calculated and the correct amount is transacted.
You can load your eWallet from your bank account, you can transfer money seemlessly and quickly between accounts, pay your staff, pay for goods and services, and monitor your balance all at the touch of a button.
In the Philippines the average person has 1.2 Mobile phones and is connected to the internet for at least 4hrs a day. This can be even higher in the big cities. All you need is a Smart Phone and an eWallet so you can take advantage of cashless payments.
Online lending and digital payments will improve and benefit. Cash based money remittance services will suffer, and have to change and adapt to the new normal of the digital revolution.
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