Monday, June 3, 2024

My Wallet From Cash to Pixels


            


Then, Seiko Wallet, "Ang Wallet na Maswerte."  
  
             

Back in the day, my Seiko wallet was bursting at the seams with cash. It was a hefty companion, always full of paper bills and coins, making my pocket bulky and sometimes a hassle to manage. Carrying cash was essential because almost everything required it—from paying bills at payment centers and buying groceries to sending money to family members across provinces.



Sending money was no small feat either. It involved trips to remittance centers, waiting in long lines, and paying steep fees. Banking wasn’t much better; standing in endless queues at bank branches was standard, and many Filipinos didn’t even have bank accounts. Saving money meant physically going to the bank, and getting a loan often meant dealing with informal lenders charging sky-high interest rates.



Financial management tools? Practically non-existent. Budgeting, saving, and investing were all manual processes, with little guidance and access. Small businesses faced significant hurdles in growth due to a lack of accessible financial services.


 
Now, Mobile Wallet and Digital Wallet - Ang Modernong Solusyon!


Everything changed with the rise of FinTech. Now, I feel lighter and more agile because most transactions have gone digital. I use digital wallets like GCash and PayMaya for almost everything—paying bills, buying groceries, sending money, and even shopping online. These apps have made financial transactions quick, easy, and secure. For international transactions, PayPal is my go-to. With the rise of remote work, PayPal has become an integral part of many Filipino workers' lives.


"Digital wallet is another term used interchangeably with mobile wallet or mobile payments. However, they are implemented differently even though they both store payment information. Digital wallets are mostly used for online transactions and may not necessarily be used on mobile devices. Mobile wallets are used by people who would rather not carry a physical wallet when making in-store purchases. For this reason, these wallets have to be used on mobile and easy-to-carry platforms. Apple Pay, Samsung Pay, and Google Pay are examples of mobile payments that can be installed on a handheld or wearable device. A regular PayPal account is a form of a digital wallet, but when used in conjunction with mobile payment services and mobile devices, it functions as a mobile wallet."

Access to financial services has expanded dramatically. Many Filipinos who didn’t have bank accounts now use mobile wallets for their financial needs. This has made saving, investing, and borrowing money more accessible to everyone.


The convenience of online payments has fueled the growth of e-commerce. Filipinos can now shop online securely, helping small businesses expand their reach. Remittances, a crucial income source for many Filipino families, are now easier and cheaper to send and receive thanks to services like Remitly and WorldRemit.



Entrepreneurs and small business owners have more opportunities to access capital through microfinance and peer-to-peer lending platforms, often offering better terms than traditional banks. This helps businesses thrive and innovate.



There are also many apps available to help with financial literacy and teaching about budgeting, saving, and investing. This has empowered more Filipinos to take control of their financial futures.



While challenges like improving digital literacy and cybersecurity remain, the transformation brought by FinTech has undeniably made life easier and more financially inclusive. I’m no longer just a container for cash; I’m part of a smarter, more connected financial ecosystem.



Stay informed and updated on our blog for more exciting insights into the financial future. Reach out with a comment below!

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