May 15, 2020 – Fintech will play a big role in defining a new normal for the Philippines. Digital payments will become the “bedrock” of digital services as the need to limit social interaction and reduce contact from common surfaces like paper money become a necessity, said Gcash in a statement.
In a press release sent to BitPinas, Gcash highlighted how the pandemic, as well as the community quarantine in the Philippines, limited the mobility of people and forced businesses to close down. Filipinos are encouraged to observe hygienic practices to avoid transmission of the virus. These alternatives, Gcash said, will remain in the post-COVID world.
Gcash thinks cashless transactions/digital payments are not going to be a matter of convenience anymore. It was found out that paper money can transmit the virus. This led to something peculiar, some people actually thought of washing the paper bills and coins with soap to kill the virus. It led to a point that the Bangko Sentral ng Pilipinas (BSP) had to remind the public that washing the paper bills will destroy it, and destroying paper bills is a crime punishable by law.
Even if the threat of getting the virus from bills is very small, it does help to be very careful. For example, both the World Health Organization (WHO) and the BSP recommended people to wash hands after handling paper money. In addition, the BSP also recommended the use of e-payments as an alternative to further reduce the handling of paper bills.
Gcash went further and said even the use of credit and debit cards in physical transactions poses risk as well. The company said exchanging cards and receipts would violate social distancing rules even in a matter of seconds.
“GCash, the leading mobile wallet in the Philippines, provides a better alternative to cash as it offers reduced costs and efficiency of transactions, better transparency and security, offers greater convenience, and promotes financial inclusion. “
Gcash can be used to pay for utilities, bills, and online shopping transactions. It also provides credit, insurance, and investment services. Here are some specific bills you can pay with Gcash:
- Electric bills like Meralco
- Water utilities like Clark Water, Maynilad, and Laguna Water
- Credit card bills
- Government dues
- Cable and Internet
- School Tuition Fee
Globe Fintech Innovations Inc. (Mynt), which operates GCash, is part of the portfolio companies of 917Ventures, the largest corporate incubator in the Philippines wholly-owned by Globe Telecom Inc.
This article is published on BitPinas: Gcash: Fintech Will Drive New Normal as Cash May Pose Health Risks