By Rommel Bong R. Fuertes Jr.
Ecommerce or electronic commerce has been the norm for the better part of last year and it still is a huge draw until now. In hindsight, with electronic commerce comes electronic wallets.
PayMaya and GCash are online wallets that accommodate individuals to buy and pay for services without the need for physical money. It has linked with banks such as BDO, Metrobank and many more.
GCash and PayMaya may be used for e-commerce purposes, arguably an essential these days since establishments are slowly moving away from physical currency to avoid the spread of the COVID-19 virus.
Grab, Shopee and Lazada have collaborated with e-wallets to establish online paying methods such as GrabPay, ShopeePay and LazWallet.
This eliminates the decreasing use of physical money by using digital wallets to pay for their services, I.e. you can transfer money from your banks to these applications to buy items, book a ride, or pay bills without the hassle of the physical of face-to-face payment.
This also helps to decrease physical interaction of riders in the Cash on Delivery method.
An admirable thing about these electronic wallets are their accessibility. To be verified with these online fund applications, all you need is one government backed identifications cards.
Postal I.D., National I.D., Driver’s License and Passport are accepted for verification.
Hand in hand with transportation
The transportation issue is also being fixed by modern day e-wallets.
Other than Grab, another transportation necessity are the highways such as NLEX, TPLEX, SCTEX and SLEX – paving the way for the emergence of RFIDs.
The DOTr heavily promotes the use of RFID to decrease the use for physical money.
The hassle of paying in toll fees can easily fixed at home with the help of online payment platforms.
Digital banks and e-wallets like China Bank, BDO, GCash, Paymaya and Unionbank offer services of paying or loading your vehicles’ RFID to obtain the allowance of passing through expressways.
With a few clicks, you can load up your RFID with the money from your e-wallet in the comfort of your own home.
Digital wallets may be used by consumers but it can also be a big help for small business owners.
With a number of people open to the idea of starting their own businesses, GCash supports their cause by having their earned money given to them in realtime.
GCash also offers the GInvest feature, wherein one could easily invest from 50-1,000 pesos to a stock of their choice.
Paymaya has also come to the aid of Micro, Small and Medium Enterprises. To enable MSMEs to accept QR, bank transfers, and e-wallet payments via mobile phones, Paymaya introduced its Paymaya Negosyo App, which also allows these small firms to become community outlets for bills payment and digital goods like telecom load and gaming pins.
Today, PayMaya provides financial services to over 38 million Filipinos, with customers being able to pay, add money, cash out or remit through its more than 300,000 digital touchpoints across the country.
