Pandemic hastens the era of digital payments
COVID-19

Pandemic hastens the era of digital payments

May 13, 2021, 3:44 AM
Monica Otayza

Monica Otayza

Writer

Although Covid-19 has somewhat forced the Filipinos to shift to online banking as it is the best way to minimize physical contacts and face –to-face transactions, it’s becoming clear that digital transactions is now the new normal and will be here to stay even after the pandemic has long been eliminated.

ALTHOUGH digital banking was already slowly becoming popular even before the unwelcome advent of Covid-19, economic observers and analysts are one in saying that the pandemic has significantly increased the number of digital banking users in the Philippines.

In the past months alone, there has been an appreciation and rapid acceleration of cashless payments both for online and offline transactions.

To avoid the spread of Covid-19, online banking applications and e-payment channels are being used by consumers in paying for goods and services, or settling bills.

Given this trend, businesses have adapted by making sure online channels are available for customers.

UnionPay, a leading payment enabler that uses an EMVCo-based chip technology for contactless payments, has been expanding its scope by partnering with local banks.

Through their technology, cards with chips no longer need to be swiped, but rather, just placed near the payment terminal.

Another popular way of payment nowadays is through Quick Response (QR) codes, which is gaining popularity around the country.

It is now used for several banks and e-payment platforms, and can be used by individuals and businesses alike.

As more people are relying on online payments amid the pandemic, banks have also stepped up their mobile applications to cater to customer concerns.

More banks have made it easier to apply for an account online, and have offered new features such as depositing checks online, paying to different banks and e-payment companies, and paying bills online among many others.

Although online banking became a trend amid the Covid-19 pandemic, it seems it is here to say.

No longer do people have to bear with long queues just to do banking transactions, as everything can easily be done in a few taps.

What the country should work on now, however, is helping those without smartphones or stable data connections to adjust to this new mode of banking.

While cashless payments have been a goal for years, it is still inaccessible to a majority of the population.

Hopefully, telecommunications companies, banking companies, and the government would work harder to ensure that every Filipino is included in this new digital age.

(Monica Otayza)

Tags:

#bankingandfinance

#digitalbanking

#onlinetransaction


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