Banking Towards Filipino-Style Cashless Life

LIFESTYLE | August 31, 2017

Cashless Transaction
(Image Source: DehlionWeb)
More Filipinos are starting to embrace and eventually enjoy new trends that are slated to improve their modern life such as online shopping and cashless transactions within the comforts of their own home or during their busy itinerary. It would only be a matter of time before these trends could start a new revolution for Filipinos living and coping in today's modern world. 

Based on what I have read from newspapers and online resources, it is clear that the ongoing advent and evolution of modern technology trends and innovations such as smartphones, streaming services and financial technology models among others play a major role in the future outlook as consumers are looking for something that would not only cater to their own taste but to make their own modern life more convenient. With what I have learned through the years, it seems that the outlook continues to push through.

What makes a Filipino-style cashless life more intriguing for me is from a recently-released report from an world-renouned payment brand where I learned that most Filipinos prefer to pay their bills online while others consider online shopping sites for the things they need. Through the years, people would go by any means to the offices of major utilities, accredited payment centers and customer service counters with their receipts and statements of account just to pay their bills before the due date. Nowadays, online services and ordinary small businesses become the most convenient way for any consumer to pay his or her bills without any worries intact.

On the other hand, online shopping is steadily making progress as a growing trend in the Metro and several parts of the country with many consumers having free time on their computers and mobile devices to choose what they want to purchase without the need to go to malls and department stores before resuming their work schedule. Unfortunately, the rise of e-commerce and online shopping is a minor hindrance to physical stores especially within shopping and commercial centers as they continue to find ways and exert efforts to promote their products to their customers. I can say that traditional stores have more advantages over online shops, and that could be one of them.

So, it seems that more Filipinos still prefer to make their own transactions and shopping the more traditional way. Although the country embraces new trends that provide a convenient and more accessible avenue for Filipino consumers, there are reasons why I think more should be ready for a cashless lifestyle in the near future. There is also a possibility that traditional stores can complement the way online stores offer to their customers which is a definite win-win situation, but it all depends on the consumer and what he or she needs to do whether after work or during free time. Nevertheless, they can consider banking on it if they are ready.

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