Pandemic shows that PH is ready to be a cashless society
When the pandemic reduced in-person transactions, the country was forced to rely on cashless transactions, and these are done electronically through credit or debit cards, online or mobile payment apps, and even QR codes. This is what a cashless society is, and going cashless proved to be reliable. If trends are a sign, then the country is on the path to be a cashless society.
Online banking and digital payments saw a spike in usage during the pandemic (and are the new normal) because they’re the alternative to visiting your nearest bank. You can do them just with a mobile device or computer, Internet connection, and a registered account in the apps you use.
Cashless payments, according to the Bangko Sentral ng Pilipinas (BSP) is a gateway for unbanked or underbanked Filipinos to consider other products such as savings, loans, and insurance aside from those offered through traditional channels. Going cashless promotes financial inclusion.
BDO offers a path to a cashless society
“Cashless payments can actively promote financial inclusion if they are easy to use and are accessible to everyone,” said BDO Consumer Banking Group Digital Banking Head Roy Villareal. “BDO offers solutions for those who wish to do their financial transactions digitally.”
The company has launched BDO Online and BDO Pay mobile app not just to address the sudden rise in demand for contactless financial transaction during the pandemic, but also to make banking services more accessible and convenient in the new normal.
BDO Online and BDO Pay lets BDO clients pay bills, transfer money, and monitor their bank account using their computers or mobile phones.
“BDO wants to integrate financial wellness into the growing digital lifestyle of Filipinos. Mobile connection in the country is more than 100% of the country’s total population. Aside from widening our network of branches and ATMs across the country, BDO provides digital banking solutions that are accessible to Filipinos via their smartphones,” said Villareal.
BDO’s mobile apps lets clients have the financial info they want right at their fingertips; and let them have control over their finances. BDO wants to assist the BSP promote cashless payments and push further the need for financial inclusion in the Philippines.