What is the easiest way to transmit COVID-19 virus? One is human contact! The other is through money exchanges!
And when it comes to money, everybody is guilty using trading commodity for basic purchases like paying for basic necessities, domestic billings such as electricity, water or monthly phone subscriptions.
Either way, each time you take money out for transactions, we are exposed to all kinds of germs, bacterias and the deadly COVID-19 virus. Disgusting, right!
Now, tell me, would you still want to use or even stack money in your wallet! I will certainly have seconds thoughts, especially with government imposed COVID-19 community quarantine in place.
But before going into panic mode, there is a way getting around this spectacle through digital cashless payment systems. It is a product of what digital experts call Financial Technology (FinTech), which makes it easier transacting money digitally – everything cashless.
Process works with a designated application like GCash, which your can download through Android or Apple devices. While remaining contact free, which is good in preventing any kind of virus or bacterial exposure, let us look at how cashless technology can actually help meet all your day-to-day financial transacitons.
What is good about cashless payments?
Cashless payments lets you do money transactions real time. It allows you to cash in or transfer money between people using same FinTech applications. GCash, which is operated by the start up turned tech financial company Mynt, gets around usually pricey banking transaction process.
It simplifies financial services, which normally requires bank account holders to be present in banks, to do simple things like transfer, send (or receive) money from another transaction. While banks require paperworks just to open a decent savings account, GCash lets you open a GCash account easily from your mobile devices. It simplifies account verification process in accordance with Bangko Sentral financial or banking transaction policies.
GCash lets you purchase or pay for services with just a touch of screen. Everything is done with a functional application that allows you to make digital purchase or pay for billing and domestic utilities without ever having to get out the house. It is a perfect companion during the COVID-19 quarantine period, where human contact is strictly prohibited to contain virus.
There is zero human contact, but you get to safely purchase or shop for items digitally. A practical example is on-line shopping, where consumers are presented with product catalogues browsable from any broadband active smartphone, tablet or laptops. Payment is secured, after choosing items to buy on-line, through real time cashless debit. GCash extended cashless purchasing option to scanning or generating QR codes to buy all kinds of goods and services – including simple things like paying for a tricycle or bus ride fee, purchasing fresh food in the wet market or sending your kid’s weekly allowance.
With transactions remaining purely cashless and real time documented, FinTech consumer apps like GCash have extended non-contact payment solutions to include utility fee payments like water, electricity to subscription billings. Transactions are entirely rendable from any mobile devices bearing FinTech applications. Again, the only contact you can do is through your mobile devices, through the GCash app.
Payments are digitally debited from your GCash account. And to a certain degree, GCash can be treated similarly to a secured bank transaction. It is designed to work like a debit money card, in which case account holders have option to cash in money from your actual bank ATM account. Process require more verification. But it is one time process that allows you to do things you would never have to line up, meet bank clerk for money transactions.
Getting around community cash payment practices
Did you know even communities business establishments like the neighborhood sari sari stores or your favorite barangay talipapa (wet market) can benefit from cashless transactions. While remaining human contact free, any small business can simply open a GCash account to receive purchase payments or make one.
Ther are three options you can avail for business with GCash. First, you can store money in the app. There are no charges to worry about, so you can sleep on it without worrying of getting slap with miscellaneous fees. While there is a limit to how much money you can store in app, any amount, with verification, is transferrable to another GCash account.
For people irritated with purchase with change, GCash transactions allow only exact payments when buying or even paying domestic bills like water or electricity. And there is cashback promotions. That goes for mobile loads, which is popular with sari sari stores, which includes discounts.
While most Filipinos do not have savings account, FinTech apps like GCash provides option for Filipinos to save up through GSavings. It offers a decent interest rate for deposits. It is that simple and easy, and you get to do it independent of any human contact – keeping account holder healthy and productive with either business or pesonal financial transaction needs.
QR Coding: Preventing Scams
Another way to pay is through QR Codes. QR Codes are digitally rendered scanned codes to execute digital debit payments. It lets you pay only exact billed amount, which is convenient for shopping or paying for utilities. Another is to app generate specific QR Code that can be scanned from the cashier. Process takes seconds to render with zero human contact. All you need to input after scanning code is the actual price of bought goods. Purchase transactions are exact. Imagine having that cashless purchase when you buy fresh fish, meat from a talipapa without any kind of cash exchange.
Real time mobile accounting
FinTech apps llike GCash details with accounting booking features. It keeps tract of your expense transactions. Whether its cashing in or cashing out, apps like GCash conveniently keeps you informed real time. It sends sender and transactee real time SMS detailing time and location of transaction. A printable digital receipt is recorded on app. It is printable for documentation. Bank account transactions is possible, but option requires verified networking with your GCash account for security prurposes.
Secured cashless transactions
FinTech apps like GCash provides roud the clock security, particularly for real time financial transactions. What it does is keep tract of your account 24/7. In cases of account breach, system notifies account user, who can block his account with consent. Security details call center GCash service to report or block GCash accounts suspected of technical breach, on-line information thefts like phising. It is particularly useful in cases of phone thefts, allowing user to block GCash account on purpose.
Mobile phone provide personal protection for transactions normally requiring human contact to render. FinTech apps provides practical and secured options to transact money digitally. It lets you shop, pay for billings or send money without stepping inside a bank or going to a bayad center. Transactions are rendered anytime with your mobile digital devices. FinTech transactions are constantly monitored, providing user apt and real time information through process of financial inclusion.
Human contact free financial transactions provies a healthy options for people to conduct financial transactions without human contact. FinTech apps like GCash, which is free and can easily be downloadable from any broadban functional smartphone, tablet, or laptops, is providing that healthy options to get on with their lives amidst the community quarantine lockdown the Philippine government is strictly imposing to safely guard public health against widespread virus infections.