Going cashless is not a new term. In fact, it has been around for quite some time now that even banks have already acknowledged its existence and the convenience it brings to everyone. In the Philippines, going cashless has become easier because of the major strides done in the world of digital banking.
Nowadays, you don't even need your wallet when you go out because wallets now come in the form of apps that you can just load up and use when you need to make a purchase.
Even the Bangko Sentral ng Pilipinas (BSP) is encouraging Filipinos to go the digital route when sending money to others. There are plenty of benefits of going cashless and digital banking.
Convenient
With digital banking, you can send money real-time to anyone in the world. No need to line up at a bank or head to a remittance center. Everything you need to send money to your loved ones is easily within your reach, thanks to your mobile app. It's more convenient because you have access to your money anytime, anywhere.Secure
When shopping in the mall, there’s always a fear of your money being stolen. With digital banking, apps have been designed to be as secure as possible. So, unless the cybercriminal has your One-Time Password (OTP), it’s extremely difficult for them to gain access to your money. You don't have to worry about losing your money or having it physically stolen because it's all in one place and safe from any harm.Eco-friendly
Finally, going cashless is also a great way to help out the environment. This is because it reduces the use of paper money, which in turn lessens the number of trees that need to be cut down in order to produce more money.
If you haven’t gone digital yet with your banking methods, do not worry. Here are three simple steps to maximize the benefits of digital banking in the Philippines.
Know your platforms
The first step to going cashless is familiarizing yourself with the different platforms available. For most of us, that would be through bank accounts. Sign up to your bank’s online banking platform, such as Metrobank Online and the Metrobank Mobile App. Set up your credentials and create a secure password you don’t use in any of your other apps or accounts.
Familiarize yourself with the cashless lifestyle
The second step is to actually start using these platforms and get comfortable with a cashless lifestyle. If you're used to going to the grocery store and buying your items in cash, start using your debit card or e-wallet instead. You can also ask friends and family members to start paying you back for meals and drinks using their own platforms--this will help you get used to not carrying any physical cash around with you. Don’t forget to set up an auto-debit feature on your digital banking app that helps you pay for monthly utilities like your phone bill directly from the app.
Educate others about the digital banking lifestyle.
It's definitely happening soon. The final step is convincing others to go cashless. Most likely, your parents or those in the older generations are not very comfortable with technology. This may be because it is something they are not used to or because they feel anxious about the learning curve when it comes to digital banking. Help them set up their own accounts and guide them through the process. Most digital banking apps are very intuitive and can process transactions with just a few taps on your device.
Next are your friends and family members. Ask them to use their e-wallets when you go out for meals or drinks. Or you can ask them to pay back what they owe you through your digital banking app. The more people use digital banking apps, the easier it will be to transact with everyone. Don’t forget to teach them about the proper security measures to follow in order to fight digital banking fraud!
Because of the pandemic, many people have seen the convenience of digital banking and how important it can be in our daily lives. While we are still a predominantly cash-based country, it is only a matter of time until we transition to being completely cashless.
Enroll in Metrobank Online to get started on your cashless lifestyle!
