Monday, April 22, 2024

Future of payments in PH now slowly taking shape

We’re living on the cusp of a revolution in how we handle finances and make payments. This does not necessarily mean, as some might interpret, that fiat currency is going to disappear and cryptocurrency is going to take over the world. However, it does mean that now is a good time to take a pause and consider how the evolution of payments may affect things in the Philippines. 

Recent trends in finance and fintech have demonstrated that plastic debit and credit cards probably aren’t going away just yet — but they are evolving and being modernized.

You may actually have read at this very site about the recent announcement of PayMaya’s new EMV-powered payment card, which is essentially designed to appeal to newer and younger audiences.

Armed with a minimalist design, optimized for the social media generation, and incorporating the EMV standard and contactless payment, this card is an example of what we’ll likely be seeing more of in the near future. 

In a world in which just about everyone has an Internet-connected mobile phone, the idea of passively paying for services is more and more appealing. And it can be done in a number of different ways.

The standard practice at this point is for users to connect bank accounts or other means of payments to their phones such that they can then subscribe to services or buy products merely by clicking a button or submitting a fingerprint.

Another method that’s gaining popularity largely through digital casinos based in the UK is that of paying via phone bill. In this case the idea is to accumulate costs that aren’t paid in the moment, but which appear on a monthly bill and are thus easy to pay in one fell swoop. 

We specified above that cryptocurrencies don’t seem likely to take over the world of finance anytime soon. However, they are steadily progressing in a number of ways. There are more opportunities to use cryptos, the prices are stabilizing, and the public is, slowly, becoming more knowledgeable about what exactly cryptos are.

The Philippines haven’t necessarily been friendly to crypto development on a consistent basis, but more exchanges are being approved, which is laying the groundwork for fairly widespread integration. It may not be too much longer before opportunities to use cryptocurrency become more visible, and a greater portion of the public embraces the idea. 

Even these changes might not fully represent what the next decade or 15 years in payment technology will look like, in the Philippines or elsewhere. But these are all relatively new developments, and they’re giving us a peek into a world in which payments become more secure and more seamless.

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