Go Cashless!
The Philippines | There’s no doubt that Cashless and Digital are the new normal.
In today’s world, it’s no doubt that convenience is king, and with everything happening in the world — the social distancing requirements, the rise of new technology, the growing population — going cashless might not just be an option but a necessity. Whether it may be tapping a card, scanning a code, or pressing a button, it’s certainly easier than carrying a purse or wallet with cash.
How to Go Cashless?
There are multiple ways now to get the most out of your buck with the perks and promotions of going cashless. Here are some of the common ways to benefit from them.
Bank Cards — Debit and Credit Cards
In recent years, banks have been upgrading credit cards and debit cards to the new EMV cards (EMV meaning “Europay, Mastercard, Visa” originally). These cards have higher security and transact more effortlessly than swiping; just insert the card and some even have the capability to transact just by a tap. (Learn more about EMV)
Credit cards also come with special discounts and perks in certain establishments. Banks are giving promos now just for applying and getting a card.
Mobile and Online Banking
Banks also offer mobile and online banking. Before, online banking only had the capabilities to show transactions and make bank-to-bank transactions, but now, you can pay bills, shop online, and even access an ATM without your card.
Transferring money via Instapay is free for a limited time.
E-Wallets
Mobile wallets and e-wallets are gaining popularity because of various transactions you can do, among are: send and receive money; pay bills, government contributions, and taxes; buy mobile prepaid load; save and invest money; buy and sell cryptocurrency; donate to charity; and shop online and in stores by just scanning a QR Code. Now that’s social distancing.
I’ve listed some of the apps I personally use and their promo codes in this post.
Transportation
In terms of transportation, getting the cashless option is truly the most convenient. It’s literally having an express lane for you. For train commuters on the MRT and LRT, dedicated fare gates for Beep Cardholders pass effortlessly through the long queues. Some bus companies also accept fare payments via Beep. For motorists driving through expressways, dedicated RFID toll gates can save you a lot of travel time. The Ride-hailing app and delivery app, Grab, also has its own mode of cashless payments — GrabPay. More and more cashless options are emerging in transportation systems.
A new company was recently announced by the Office of the President that will handle cashless fare collection. (Find more information about SquidPay)
Tip: You can top up your Easytrip and Beep Card using the Coins.ph app.
My Apps + Promo Codes
These are some of the e-wallets I use. They offer not only the convenience of making transactions in just a few clicks but also perks and promos exclusively for using the apps.
· GCash — One of the most widely accepted. It has a lot of features but the most notable for me is its integration with CIMB Digital Bank using the GSave feature. Interest rates can go up to 4% p.a. using GSave.
P70 worth of freebies by signing up with this referral link: https://gcsh.app/r/UHMPmcy
· Paymaya — Slightly less features than GCash. Some stores accept PayMaya rather than GCash like Mcdonald’s via McDelivery PH app. Still very useful to have.
· Coins.ph — The Pinoy cryptocurrency e-wallet. It can store, buy, and sell crypto like BitCoin (BTC), Etherium (ETH), and Ripple (XRP), and can even convert them directly to Philippine Peso. Coins.ph also has features that most e-wallets don’t have like reloading expressway toll RFID accounts, and checking the balance and topping up Beep Card using the phone’s NFC.
Link: http://www.coins.ph
· GrabPay — From the ride-hailing and delivery app, Grab, this is the cashless feature integrated into the app. The advantage of GrabPay is mainly when using Grab such as in getting a ride, ordering food, and having something delivered. Although, GrabPay is expanding to stores who accept payments via GrabPay by scanning a QR Code, and also having its own Mastercard.
Link: https://www.grab.com/ph/
· Paypal — The most internationally recognized online financial service. Most freelancers and people who work online jobs know about this. You can also create invoices in Paypal.
Link: https://www.paypal.com/ph/webapps/mpp/invite
· Payoneer — Another online service. The most notable feature of Payoneer for me is the Global Payment Service.
Security
The biggest threat when going cashless is security. Passwords are usually the main security feature in most programs. However, for convenience, several ways of accessing accounts have been developed such as pattern unlock, fingerprint identification or biometric data, face identification, and even voice recognition. But they still have some drawbacks.
It’s better to create complex passwords with uppercase letters, lowercase letters, numbers, and symbols. Also, having different passwords in different accounts reduces the risk of getting hacked on multiple platforms. Password managers and physical ledgers are starting to gain the approval of people for being convenient and more secure. (Learn more about password managers)
When it comes to security, it’s better to have redundancies and 2FA allows that. Two-Factor Authentication (also called 2FA, two-step verification, or dual-factor authentication) is a security feature that essentially requires the user to have two modes of accessing the account. Usually, it’s a password or pin code, and an item or information. For ATMs, the two factors are the PIN code and the actual card. For online accounts, they are usually a password and a one-time PIN (OTP) that is sent to your mobile phone number. This PIN expires in a certain time period. To be safe, always enable two-factor authentication whenever it is an option. (Learn more about 2FA here)
Cashback Apps + Promo Codes
The perks and discounts from cashless transactions can also be combined with rewards and cashback apps, a great way to earn a bit of money every time you shop. As they say, “A little goes a long way,” and you might not notice that you’ve already earned a few thousand from cashbacks and rewards. Here are some of my most recommended:
· ShopBack — When it comes to online shopping, booking hotels and flights, ordering food, ShopBack is the cashback app to have. You can even earn money by just signing up for a bank account. ShopBack is the thrifty app to have.
Get P100 when you sign up with this referral link: https://app.shopback.com/phl?raf=FnxTrg
· Storewards — Don’t throw away grocery and drugstore receipts. With Storewards, points can be collected in exchange for rewards.
· Snapcart — Snapcart has a lot of good reviews but I personally have not used this app yet. I’ve tried signing up but the app said my registration is put on queue due to the high demand they’re getting. I guess that must be a sign that it’s a must-have. If you wish to try with me, here’s the link: https://m.snapcart.global/
I prefer to go cashless whenever practicable. The most significant advantage I see, at least in my experience, is having no more need for change. Also, in our current situation, the contactless option reduces health risks.
How about you? Have you started going cashless? How is it? I personally would like to have an app that can integrate all of these, removing cash and also cards.
