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Key Questions about Cashless Payments

When the economy recovers in the future, contactless transactions are predicted to rise very significantly. Both businesses and consumers are going to trust the overall online processes. Therefore, you need to know some pros and cons of cashless payments.


By In Conjunction

Thursday 9 September 2021, 12:37PM


How to use GCash

How to use GCash

The convenience of being able to buy and pay any bills via e-wallets, Internet banking, and also non-bank payment options will increase from time to time. According to the research done by the Bangko Sentral ng Pilipinas, most Filipinos prefer cash as their favorite mode of payment. You may want to know some pros and cons of GCash mobile payments in the Philippines.

Pros of the Cashless PaymentsC

a. Can help you save a lot of your time

Cashless payments are very useful to help you save a lot of your time every day. You can make all transactions faster because you don’t have to wait for the change when you are paying for any of your purchases. You don’t have to get a long queue when you are planning to pay any urgent bills in the crowded payment center. Every transaction can be done by tapping or swiping your card.

b. Minimal and zero fees for the withdrawal and also currency exchange

Most banks in the Philippines allow you to make any digital payments for free. There is no expensive fee for any cashless transactions you have every day. While overseas payments still need you to pay additional fees, they are not as expensive as the charges from the airport currency exchange. Using contactless payments will reduce the overall cost you have in your company.

c. 24/7 access to your account

With the use of websites and apps, you will keep track of any of your spending. You can have an account that will be updated in real-time. These digital platforms usually offer some interesting offers and features for viewing the transaction history, giving you notifications, and also checking your statements. You can get access to your account from anywhere you are and at any time you want.

d. Ensure accountability and security

Most virtual payment options will record any of your transactions. It will also serve as an additional layer of security that will take place in your account. Most banks also offer backup and security services for all customers who are using their digital or contactless payments. You can find their customer support service when you have any transaction errors, you would like to get refunds, and any other payment disputes.

e. No bulky wallets and purses

This is another advantage that you will get from contactless payments. Bringing cash when you are shopping, enjoying your vacation, and having your dinner will be troublesome in some cases. With a digital app from your payment system, you don’t have to worry to travel around with your money from your account.

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Cons of Cashless Payments

a. Prone to overspending

Going cashless will never eliminate the impulsive buying habit from you. When your account is mishandled, you will end up spending a lot of money for paying anything that you don’t need. Digital payment will give you instant and easy access to your balance. Your fund will be ready for being used for any type of transaction.

B. Payment may not reflect immediately

Transactions will happen pretty fast. In a few minutes, you can check out any items from your card. You can pay your bills from your home. It is very convenient for you to make any contactless payments with your account. However, the payment may not be displayed on your account instantly.

c. System errors

Contactless payment will be prone to any errors. Broken buttons, system glitches, missing details, and any other errors may make you get frustrated. However, these malfunctions may occur rarely. When any of these situations occur, you can contact their customer service at any time you want. They will tell you how you can solve these system errors instantly.

Conclusion

Virtual transactions will play an important role in the economy. The concept of a cashless society will offer a promising future for everyone. It will create long-term impacts on the economy, for example, has less circulation of banknotes, faster disbursement, and more accuracy. These payments will bring more benefits than paying with cash. 

According to Sean Martin D. Plantado, head of Digido.ph Customer Care cash remains the primary method of payment in the Philippines, despite high Internet penetration and smartphone use. However, the pandemic has led to an increase in digital transactions. People around the world are switching to digital payment solutions. And that is the hidden benefit of the pandemic for the growth of the digital economy.

 

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