Is PH ready to leave the traditional mode of payment?
The Filipinos are known for their love for traditions. They like to keep it that way. They hated change. Especially older people or the “baby boomers”. Technology for them seems like a whole lot of process and it takes time to learn since they are used to the manual method or they believe that one can only succeed if they work hard. However, in today’s time, everything can be achieved if you work smart and if you know how technology works.
Who would have thought that all those imaginations and stories in the past about these futuristic things are already present in this time, right? Let’s look at Gcash for example. Gcash was first introduced in the Philippines last 2004 and we can see that at first, everybody seemed to be hesitant to use it, given that it is online, hackers are everywhere, and in an instant you can be fooled. Moreover, Filipinos are afraid to take the risk of giving all this personal information online since anyone can have access to it if they have enough knowledge to use the technology. As in my case, I can relate to this. That is why at first, I don’t want to risk it as well, since it requires you to upload your valid ID. I have also heard some news about these banks who were hacked and when their customers asked them to bring back their money, they said that they were not responsible for that loss. So you can sense the fear and anxiety from their customers and you cannot blame those people who have developed trust issues when it comes to online banking and systems.
Now, here comes 2020, where pandemic surges and little by little Filipinos have no choice but to adapt to the advancements in technology and the beauty of it. If you know how to use it and research about it at first. As stated by Monteiro (2020), there was an exponential increase among Filipinos who are using GCash as their mode of payment. Specifically it went from 20 million last January 2020 to 46 million in June 2021. Furthermore, GCash has quickly catered to the needs of the Filipino people by becoming a digital payment needed for individuals and entrepreneurs, especially during the pandemic, with its clear objective of encouraging financial inclusion for all.
So, here’s my take away. Change is not that bad at all. Because sometimes, in life, change is what we need to be able to survive this evolving world.
(2022). Digital: GCash breaks barriers to further boost financial inclusion in PH. Adobo Magazine. Retrieved from https://adobomagazine.com/digital-news/digital-gcash-breaks-barriers-to-further-boost-financial-inclusion-in-ph/?fbclid=IwAR2sfwz1aYce0TZtH-Cs30_Y6dR39LD94BJ5pl68OCvQ7L18esSV_WXRMnc
Monteiro, L. (2020). GCash cements its position in the Philippines FinTech industry.IBS Intelligence. Retrieved from https://ibsintelligence.com/ibsi-news/gcash-cements-its-position-in-the-philippines-fintech-industry/