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When cash is no longer king

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Sure, paying with cash provides ease and convenience to consumers, not to mention it is universally accepted. But, here come credit cards and digital wallets joining the scene. Cash may be the king, but cashless payment is the descendant to the throne.

During the latter part of February, Dan Wolbert, Visa country manager for the Philippines, said the company sees a lot of opportunities in the country when it comes to digital transactions which resulted to Bangko Sentral ng Pilipinas (BSP) raising the cashless transactions in the country by 20 percent.

Visa is the leading global company that provides payment solutions worldwide through its advanced and innovative technologies. The company serves a different kind of industry such as consumers, businesses, banks and governments.

“We are well aware of the numbers from the central bank in terms of electronification of payments. Given what that overall opportunity, there’s just tremendous cash conversion,” Wolbert said.

With the emergence of various digital wallets in the country such as PayMaya, GCash, Coins.ph, PayPal and GrabPay to name a few, consumers are left with a question: Is the world ditching cash?

More and more consumers are opting to transact through digital wallets rather than physical money. Why? Well, there’s a lot on the list.

By using credit cards and digital wallets, a consumer may be entitled to some warranties when a product they bought has some defects. Moreover, when properly used, credit card providers will increase credit standing thus, improving your credit worthiness.

But what consumers unconsciously want from credit cards is the fact that they can buy something now and pay later.

Credit cards are also easy to use because they are accepted as payment to almost every part of the world. Just with one swipe and you’re done with your transactions.

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