If one goes into stores, there are multiple ways of paying one’s purchases. Here in the Philippines, the traditional means is through cash and debit or credit card. Cash still accounted for 99% of local transactions as of 2018 said BSP. A survey was even conducted in February 2019 among 1,760 respondents by data insights company TheNerve confirmed that cash remains the preferred payment mode of Filipinos.
However, in the first half of the year Electronic money transactions went up by 22.4 percent to P628.9 billion from P513.8 billion in the same period last year and is expected to further rise as the Bangko Sentral ng Pilipinas (BSP) continues to accredit more electronic money issuers (EMIs).
E-money is a monetary value electronically stored in convenient payment instruments that consumers can use to buy or pay for goods and services, to transfer or remit funds, and/or to withdraw funds. E-money instruments include cash cards, e-wallets accessible via mobile phones or other access device, stored value cards, and other similar products.
With electronic money, people can send mass payments to freelancers, remote workers, and others. It can also be used to pay for utilities, cell phone services, and internet access, transfer money to others, pay for goods and services online and offline, trade and much more.
Digital cash saves not only time but money as well. All transfers within one payment system are available at a little to no cost. By using electronic money you stay anonymous and you are the only person who has access to your personal data.
With digital money, you have access to your account from anywhere and at any time. You’ll need only internet access to control your funds and perform operations. The number of services that accept electronic money is constantly growing.
E-wallets provide convenience in terms of seamless transactions. Given this advantage, it is only a matter of time until it replaces the traditional means of payment.
The Bangko Sentral ng Pilipinas (BSP) regulates Electronic Money Issuers (EMIs). Here are the guidelines list of Supervised Electronic Money Issuers as of August 2019.