Digital Banks - They have changed the landscape of the banking industry. With higher interest rates than traditional banks at 2.5-6%, consumers get more with their savings. It's also a nice hedge for inflation in the Philippines. Creating an account is also simple and could be done in just 10 minutes. Some notable Digital banks are CIMB, Tonik, Komo and ING.
E-Wallets - I never thought that GCash would become a super app. Now, it has become a one-stop shop for everything. From paying your mortgage and bills to investing and getting a life insurance. On top of that, you can start planting trees using GForest. I've never used Paymaya, but I've heard good feedback about like cash backs.
Banko Sentral ng Pilipinas' National Retail Payment System - Launched in 2017, BSP has embraced the idea of digital transformation and created a framework that supports it adoption. Because of BSP's Real Time Gross Settlement System (PhilPass), I was able to send money from abroad to the Philippines within minutes as long as it's within operational hours! All those digital transaction products like PesoNet, Instapay and E-Wallets are based off of this infrastructure.
I'm really excited for what's in store over the next few years to come!
Comments