The Philippines has undergone significant digital transformation in recent years, largely thanks to a few trends that have been decades in the making. The universal adoption of smartphones, improving internet infrastructure, and the rise of financial technology (fintech) solutions developed by companies like Maya have meant that Filipinos now have more access to digital services than ever.
Today, businesses and government agencies alike depend on digital cash alternatives like e-wallets and credit cards to facilitate a growing proportion of transactions. Though physical cash remains king, for now, government initiatives and wider grassroots demand for digital finance are pushing the Philippines ever-deeper into a cashless economy.
For the most part, this has been overwhelmingly great news, as the trend has enabled better financial inclusion and has connected more Filipinos to a wider global economy. However, many Filipinos continue to depend on cash, even when they already have alternatives like a digital wallet or Maya credit card payment technology for a card like the Landers Cashback Everywhere Credit Card within reach. As more businesses and individuals embrace digital technologies, transitioning fully to digital financial management will become even more desirable for more traditional individuals.
If you’re weighing things for yourself, here’s what you can expect when you move all your finances to the digital realm:
Managing your finances over a phone or desktop app means you are no longer tied to any physical bank branch. Once your finances are fully digitalized, you no longer have to go to a bank or find an ATM to pay bills, transfer money, or check your balance, saving you potential hours each month. If you live in a remote area with limited access to traditional banking services, the digitalization of your finances may lead to a massive improvement in your quality of life.
Unlike traditional cash-based transactions, digital finance solutions enable real-time transactions. While physical cash has to be counted and transported manually, digital payments and fund transfers are processed instantly, saving all parties time. With technologies like biometrics and QR Ph, the time to verify transactions and input accurate details on digital payments is reduced to a bare minimum, making your transactions even faster.
Physical cash may be safe from hackers, but it’s not safe from other criminals. Fortunately, old concerns about digital money have already been addressed by advanced features such as two-factor authentication (2FA), biometric verification, and next-generation data encryption, making digital payments safer than ever. If your digital bank is endorsed by the Bangko Sentral ng Pilipinas (BSP), you can be sure that your digital funds are in safe hands.
Handling finances digitally can actually save you money. We often fail to include the transportation, time, and outside meal costs that often accompany simple trips to the bank. Coupled with the lower service and transaction fees of digital banking, going fully digital is clearly a good choice.
Digital banks now offer user-friendly apps to better help you track and manage your spending across all your savings, credit card, and investment accounts. As these apps automatically log transactions, they can be more convenient and accurate than paper ledgers. You can even use some apps to generate detailed reports that give you new insights into your financial habits.
Gone are the days of waiting in long lines to pay your monthly bills. The best digital finance solutions enable you to settle bills with just a few taps. Many providers may also offer automated email or SMS reminders to help you avoid late fees.
Digital financing eliminates massive amounts of paper statements, receipts, and checks—a huge win for environmental sustainability. Factoring in the reduced need to travel, a move to digital finance may help you minimize your total carbon footprint.
If you’re interested in investing in stocks, bonds, or emerging opportunities like blockchain products, digital platforms make it much simpler to do so. With the right tools and guidance, you can diversify your wealth without the need for multiple middlemen.
The Philippines’ transition to digital finance has been a fascinating journey. Starting from modest beginnings, the country has become a global leader in digital payments, with a population that is more financially included than ever before. But with the speed of the change, it’s not surprising that many remain hesitant.
If you’re considering taking the plunge into digital finance, you’ll enjoy a new world of convenience, efficiency, and savings—as long as you choose the right provider. Be sure to shop around for the best services, since areas like customer service and app quality make all the difference. When in doubt, pick a digital bank that has widespread adoption among both businesses and individuals to guarantee a smooth experience.
P.S. Before you zip off to your next Internet pit stop, check out these 2 game changers below - that could dramatically upscale your life.
1. Check Out My Book On Enjoying A Well-Lived Life: It’s called "Your To Die For Life: How to Maximize Joy and Minimize Regret Before Your Time Runs Out." Think of it as your life’s manual to cranking up the volume on joy, meaning, and connection. Learn more here.
2. Life Review Therapy - What if you could get a clear picture of where you are versus where you want to be, and find out exactly why you’re not there yet? That’s what Life Review Therapy is all about.. If you’re serious about transforming your life, let’s talk. Book a FREE consult call here.
Think about subscribing for free weekly tools here.
No SPAM, ever! Read the Privacy Policy for more information.
